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BearChatter v2.0 Offline
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Post: #91
RE: Government Motors
(11-11-2011 03:49 AM)converrl Wrote:  
(11-10-2011 10:25 AM)beck Wrote:  Maybe Rick Perry could eliminate the department of uh......... uhm.... hoohaw..uhm..flip-flop, oh yeah...the department of GM if he is elected.Yeah, that's the ticket.

Perry isn't going to be the Republican nominee...

Romney is..

Romney has 100X the economic acumen that Obama and his entire team possess.

That leaves him in good stead.

Peter Griffin has 100X the economic acumen that Obamanijead and his cronies have.

Of course, he has Stewie and Brian as his advisors.
11-13-2011 04:26 PM
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Post: #92
RE: Government Motors
http://www.detnews.com/article/20111114/...$23.6B


U.S. boosts estimate of auto bailout losses to $23.6B

David Shepardson/ Detroit News Washington Bureau

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline.

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.

The big increase is a reflection of the sharp decline in the value of GM's share price.

The current estimate of losses is based on GM's Sept. 30 closing price of $20.18, down one-third over the previous quarterly price.

GM's stock closed Monday at $22.99, up 2 percent. The government won't reassess the estimate of the costs until Dec. 30.

The government has recovered $23.2 billion of its $49.5 billion GM bailout, and cut its stake in the company from 61 percent to 26.5 percent. But it has been forced to put on hold the sale of its remaining 500 million shares of stock.

The new estimate also hikes the overall cost of the $700 billion Troubled Asset Relief Program costs to taxpayers. TARP is the emergency program approved by Congress in late 2008 at the height of the financial crisis.

In total, the government used $425 billion to bailout banks, insurance companies and automakers, and provided $45 billion in housing program assistance.

The government now expects to lose $57.33 billion, including the full cost of the housing program, up from $36.7 billion. The new estimate means the government doesn't believe it will make an overall profit on its bailouts.

Republican presidential candidates, including former Massachusetts Gov. Mitt Romney, have seized on the auto bailout losses estimates, as evidence that the Bush and Obama administrations "wasted" money.

Matt Anderson, a spokesman for the Treasury Department, said, "Both TARP and the auto industry rescue are still on track to cost a fraction of what was originally expected during the dark days of the financial crisis."

In 2009, the government initially forecast it would lose $44 billion on its auto industry bailout. It revised it down to $30 billion, and later to as low as $13.9 billion earlier this year.The administration and President Barack Obama have argued that any losses on the auto bailout were worth the hundreds of thousands of jobs saved.

"The investment paid off. The hundreds of thousands of jobs that have been saved made it worth it," he said at an appearance last month at GM's Orion Assembly plant. "I want to especially thank the people of Detroit for proving that, despite all the work that lies ahead, this is a city where a great American industry is coming back to life and the industries of tomorrow are taking root, and a city where people are dreaming up ways to prove all the skeptics wrong and write the next proud chapter in the Motor City's history."

The new bailout forecast also represents an increase in the government's forecast in its losses from its $17.2 billion bailout of Detroit-based auto and mortgage lender Ally Financial Inc. The government holds a 74 percent stake in Ally, which has been forced to put its planned initial public offering on hold because of market conditions.


From The Detroit News: http://detnews.com/article/20111114/AUTO...z1dutdITQU
11-16-2011 07:23 PM
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BearChatter v2.0 Offline
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Post: #93
RE: Government Motors
Another stupid move by Obamanijead.
11-17-2011 07:30 AM
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gruehls Offline
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Post: #94
RE: Government Motors
(11-10-2011 10:25 AM)beck Wrote:  Maybe Rick Perry could eliminate the department of uh......... uhm.... hoohaw..uhm..flip-flop, oh yeah...the department of GM if he is elected.Yeah, that's the ticket.

maybe someday your vocabulary and and incessant yammering will exceed that of Doc, Grumpy, Happy, Sleepy, Bashful, Sneezy, and Dopey.

nonetheless, you will always be remembered as the illiterate (no, that doesn't mean mom and dad weren't married) 8th dwarf incapable of anything but juvenile insults directed at your perceived political antagonists.

give me a "uhm," "hah" "mooo," "bahhh," ad infinitum, ad nauseum.

you are relentlessly less than mediocre.
11-18-2011 01:43 PM
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beck Offline
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Post: #95
RE: Government Motors
Less than mediocre? That means I am qualified to be the GOP nominee! Sweet. Now I can dabble in pork, revisionist history and trickle up economics. This calls for a drink!
11-18-2011 06:22 PM
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gruehls Offline
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Post: #96
RE: Government Motors
(11-18-2011 06:22 PM)beck Wrote:  Less than mediocre? That means I am qualified to be the GOP nominee! Sweet. Now I can dabble in pork, revisionist history and trickle up economics. This calls for a drink!

no. those exceed your qualifications, but you could be top 3 for any and all bobobama czar positions newly created or opening soon. just don't ever read the e-mails from subordinates questioning the legality of the programs bobo is force feeding the public. then, you'll move to number 1.
11-19-2011 11:05 AM
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converrl Offline
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Post: #97
RE: Government Motors
(11-18-2011 06:22 PM)beck Wrote:  Less than mediocre? That means I am qualified to be the GOP nominee! Sweet. Now I can dabble in pork, revisionist history and trickle up economics. This calls for a drink!

....I think you mean trickle down economics...unless you know of a massive number of jobs created by the poor...

My impression was that it always worked in the opposite direction...you have to have capital in order to create jobs...

I've never gotten a job from a poor person or a bankrupt company...not once.
11-19-2011 09:29 PM
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SeniorBearcat Offline
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Post: #98
RE: Government Motors
Quote:Treasury: U.S. to lose $25 billion on auto bailout

By David Shepardson
Detroit News Washington Bureau

Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.

On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.

The steep decline in GM's stock price has indefinitely delayed the Treasury's sale of its remaining 26 percent stake in GM. No sale will take place before the November election.

Treasury spokesman Matt Anderson said the costs were still far less than some predicted.

"The auto industry rescue helped save more than one million jobs throughout our nation's industrial heartland and is expected to cost far less than many had feared during the height of the crisis," Anderson said.

The Obama administration initially estimated it would lose $44 billion on the bailout but reduced the forecast to $30 billion in December 2009.

But the recent estimates are not as optimistic as last year.

The Treasury Department said in a May 2011 report that its estimate of auto bailout losses was $13.9 billion. The Congressional Budget Office also estimates a $14 billion loss. The CBO has written off $8 billion of the government's auto bailout as an unrecoverable loss.

Republican presidential candidate Mitt Romney has decried the losses on the auto bailout and insisted that forcing GM and Chrysler Group LLC to go through bankruptcy first would have saved taxpayers money.

But President George W. Bush — who gave the automakers and their finance arms about $25 billion in his final weeks in office in bailout funds — said there wasn't time.

Taxpayers incurred a $1.3 billion loss on the $12.5 billion bailout of Chrysler.

The Treasury also has put on hold an initial public offering initially planned for last year in Ally Financial Inc. because of market weakness. The government holds a 74 percent majority stake in the Detroit auto finance company as part of its $17.2 billion bailout and has recovered $5.7 billion.

GM CEO Dan Akerson told employees at a town hall meeting Thursday that the company was working to take actions to boost the automaker's sagging price.

dshepardson@detnews.com
http://www.detroitnews.com/article/20120.../208130392
08-14-2012 04:52 PM
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QSECOFR Offline
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Post: #99
RE: Government Motors
Didn't JPMC just get dragged in front of Congress for losing $4b of their OWN money?

Will Congress and the President drag themselves in front of Congress for losing an ADDITIONAL $25b of OUR money??????????
08-14-2012 09:04 PM
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rath v2.0 Offline
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Post: #100
RE: Government Motors
It's not real money. It's government money. Its free.
08-14-2012 09:09 PM
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