@maporsche,
maporsche wrote:
Of course this is true, but not for the reason you think.
GM/Chrysler going BK would not have caused the companies to collapse and be forever removed from Americana. They would have gone into BK court and have come out stronger companies
Bullshit. You need to remember that we started bailing them out during the middle of a financial crisis, in which there was practically no credit available and our major banks were all failing. Exactly who do you think was going to buy GM? How would they have financed this without the assistance of the banks?
The truth is the exact opposite: GM would simply have collapsed without our intervention, and there would be even less around today to pick up than there is now. And the suppliers would have collapsed as well, negatively affecting Chrysler and Ford.
Quote:instead, us taxpayers get to spend roughly 100 billion so that we can own 60% of a company who makes -80 billion / year. What a ******* deal!
I will not own a GM/Chrysler for a long time.
I don't know if that company will be making -80 billion a year in perpetuity, and neither do you. I do know, however, than an objective examination of the situation shows a much more perilous picture if we had allowed GM to fail in the middle of the biggest financial crisis in decades than the one you are painting.
Cycloptichorn
