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1027 Comments
- inboxnews, on 05/19/2009, -37/+498They don't call them Government Motors for nothing.
- delton57, on 05/19/2009, -82/+337This is basically just a gift to the Unions to keep their votes next election cycle. Welcome to government subsidized substandard cars. I'll never by a US made car again but it doesn't matter - I'll still get to pay for them whether I use one or not I guess.
- tpmidd, on 05/19/2009, -45/+286"In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said."
Wow. Talk about throwing away $15.4 billion. It's a good thing the President is saving $100,000,000 on his cabinet budget or else we'd be racking up a HUGE deficit. - blorc, on 05/20/2009, -17/+216Haha, please. We were ***** either way. McCain would've done the same thing, because the government always has to "do" something about these crises.
It's funny reading your other comments justifying Bush's extravagant spending spree while simultaneously complaining about Obama.
Pot, meet kettle. - inboxnews, on 05/19/2009, -3/+168Last time I checked, Ford is still a U.S. company, and they did not take any bailout money. Fat chance they are going to take some now.
That said, next time you buy a car, buy the best car you can buy, regardless of where it is made. JMHO. - mrno, on 05/20/2009, -23/+177Is this a joke? Come on let them just DIE, so we can move on. Please, don't prolong this recession. Let it crumble so we can get out of this situation.
- raggsat98, on 05/20/2009, -25/+149When I was a kid I always thought the car of the future would be like the Jetsons, who'd a thought it would be like the Flintstones.
- absolutzombie, on 05/20/2009, -26/+139Um $15B to bailout a company to keep Americans working, or $500 billion on an illegal and unjust war in Iraq... There are hundreds of thousands of people directly afffected by whether GM is in business or not. From the company itself, its factory workers, its part suppliers, dealerships, service departments, etc. etc.
Plus, who the ***** makes the cars for the government? Ford cars, GM trucks.
I think its ***** ridiculous that GM is in this mess in the first place, but you idiots need to pull your heads out of your asses. - Hecubus452, on 05/20/2009, -11/+107Please don't use the word "breaking" on any headlines on digg.
- Skuzzlbut, on 05/20/2009, -35/+129I throw the ***** card.
What they are doing - is illegal by ANY OTHER STANDARD. They are forming a NEW company, wholly owned by the government. They are then moving all of the healthy assets to the new make-believe company. Then GM will file for protection. That is totally *****. They are moving the only value away, so that the people who are owed money (bond and equity holders) get screwed.
Since when is the government responsible for coming up with new and more creative ways of breaking the law!? - Gandalff, on 05/19/2009, -60/+144Another taking from WE THE PEOPLE and GIVING to they the UNIONS.
"The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated..."
The details have not even been worked out in full except for one the union. Of course nobody knows who will own or manage the company but we know for sure the unions are protected. The bondholders are a given since they will be part in parcel to financial obligations to the management, infrastructure and of course the unions. Same thing happened with Chrysler with the unions getting twice as much as the actual bond holders, stock holders, equity holders etc. there is a pattern here. - inboxnews, on 05/19/2009, -58/+137You mean YOU. I didn't vote for these clowns.
- Kidddrunkadelic, on 05/20/2009, -21/+97Why is all the garbage subsidized?
- twiztidsinz, on 05/20/2009, -3/+78OH *****! THE MATRIX HAS YOU!
- freefalll, on 05/20/2009, -58/+130Wow, the anti-obama trolls are all over this one.
Chill people, the Democrats are futher to the right than most right wing parties in other countries.
Please stop spewing the hatred, research a bit into economics, know what buzz words mean (socialism, fascism), stop obsessing about the evil of government and form an informed opinion about this.
Extremism and fundamentalism doesn't help in any form or way - btraxx, on 05/20/2009, -30/+99Just Un-*****-believable.
- gamerbambi, on 05/19/2009, -39/+107Does this mean GM cars will come with hidden come with hidden cameras?
- elliotys, on 05/20/2009, -53/+118Jesus, digg, when did you turn into a paranoid knee-jerk reaction crowd? We go from denouncing the car company executives one week, to being outraged that the government has to take over the company the next. And now taking over one failed company, for a limited time, out of necessity is Socialism?!?! You actually think the Obama administration, and anyone in the government wants this? Lets put back on our thinking caps and stop jumping to extremest conclusions, as far as I know this isn't fox news.
- SkaRude, on 05/19/2009, -79/+134"Socialism in political thought refers to economic theories of social organization advocating collective ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with an egalitarian method of compensation."
Now you tell me they aren't trying to push a full on socialist agenda! - maz2331, on 05/20/2009, -6/+61No, it means you pay for vehicles that you can't drive.
- scamper22, on 05/20/2009, -32/+86government owned banks.
government owned car companies.
Someone tell me the bad story of government banks making large loans to government car companies.
All of course paid for and bailed out with tax payer monies.
Just remember you all voted for a centrally planned economy. Welcome to it. The gang with the best connections gets the prize. If you're not part of the gang, you get the shaft.
Indians had this for years. India is majorly corrupt with family connections being the main gang.
Only difference with the modern US is it's political gangs and union affiliations.
At the end of the day, the average person is hurt just as much.
Government should be limited to making general rules and equal benefits to all citizens. Giving it arbitary legislative powers is a centralized economy and you WILL end up making the mistakes all centrally planned economies have made... leading to failure. Strangely, it is always the 'academics' who push for a centrally planned economy thinking they can create a system to rule over millions of people with their own INDIVIDUAL wants and needs. - flip2trip, on 05/19/2009, -6/+60Guys I hate to tell you this, but on average a Toyota costs more than a similar GM, Ford or Chrysler product. Last I noticed, they were jockeying for position as No. 1 in the world in sales w/GM, or they may have actually overtaken them.
The big three automakers downfall started in the 70's making all kinds of crap w/wheels and selling them as cars. This damage to their reputation has yet to be repaired. While the quality of the American car has improved dramatically, they still are perceived as being inferior to what Japan, and now other countries, are producing.
The US Automakers are an example of what happens when you become fat, happy and complacent. They thought Americans would continue to buy turds--just put them in shiny packages...they were wrong, and are still paying the price for it. - Charun, on 05/20/2009, -3/+54Attention to detail is One of my greatest strengths is attention to detail.
- drstock, on 05/20/2009, -12/+63Yeah, those 15.4 billion dollars could have bought us nearly a whole month of war in Iraq!
- Poco, on 05/20/2009, -6/+55Those suppliers would supply stuff to the other car companies that are still making cars for people. Just because one (big) company goes under doesn't suddenly eliminate the demand for cars in the US. Everyone will still buy cars, they will just go to someone else, who will need to increase production to compensate for the extra demand - and need extra suppliers.
- inactive, on 05/20/2009, -4/+51"Haha, please. We were ***** either way. McCain would've done the same thing."
You hit the nail on the head there...Why does anyone think when one party does something like this the other would not have done the same thing?
- yoderizer, on 05/20/2009, -2/+48Because only garbage needs subsidies.
- seltaeb4, on 05/20/2009, -4/+47Worked pretty well for Volkswagen.
- whyteeford, on 05/20/2009, -27/+70So if the government owns GM, and I pay taxes to pay for the acquisition, does that mean I get free vehicles?
- whyteeford, on 05/20/2009, -39/+79Why is everyone freaking out so bad? You people are hilarious.
"initially owned by the U.S. government"
"The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated"
What it seems like to me, is that the government is doing what it said it would do about over 9000 times, namely, forcing a restructuring of the company in an attempt to save jobs and money. What's so wrong about that? They want to company to be able to sustain itself before letting it run wild - sort of like saving a beached whale. - jjamminjon, on 05/20/2009, -56/+96Don't worry guys, Obama knows what he's doing. Just keep chanting "Yes We Can!".
- manlyandy, on 05/20/2009, -11/+50Look you idiots. This is what happens when large companies declare bankruptcy. It happens EVERY YEAR to a number of banks that inevitably fail and declare bankruptcy. The government takes it over briefly, tries to get rid of the bad, makes the company workable again and the relinquishes ownership. They are the only entity big enough to facilitate this and it is why we have some semblance of stability in this country when big businesses go under. God you people are stupid in ways that can't be quantified.
- inboxnews, on 05/19/2009, -7/+46lol
Yeah, the credit line is an added bonus. Makes you sick, doesn't it? - AndrewRidgely, on 05/20/2009, -11/+48Yes Obama will personally design your next SUV.
You tard, this is a restructuring move for the company. The government is holding the liabilities (union and healthcare obligations), not the production facilities. - Xcel, on 05/20/2009, -10/+46@INDOAZZ Just because inboxnews called this administration clowns, doesn't necessarily mean he voted for the last. I voted for neither the last nor the present. I voted third party because neither the Neocons or the Dems were the best for America in my opinion. I vote for what I feel is best for everyone, not just myself.
- thegrantman, on 05/20/2009, -10/+46The first model should be a "people wagon".
- bugsy187, on 05/20/2009, -13/+48Amtrak isn't supposed to be profitable. It's a service that, at this point, the American public still wants. It could be dismantled if the public voted to do so.
The post office doesn't make a profit, but it still benefits the public, as do libraries, etc. Building a bridge isn't a profitable enterprise, but the benefits to society can outweigh the cost.
Government intervention in the car industry isn't a new thing. Japan, for example, enjoyed a subsidized government directed development of its car industry that produced quality, competitive cars.
You imply that private ownership of car companies is somehow free of tyranny, but corporations themselves are top down socialist structures. There isn't an apparatus of democracy in a corporation. They're also compelled to sacrifice EVERYTHING possible for profit. It's how they work. - greendiggr, on 05/20/2009, -2/+37I thought Obama was going to get us out of Iraq? and close Gitmo? and end the Patriot act?
- Waiting2awake, on 05/20/2009, -9/+43Ever hear of the saying "I'll hit you with so many rights you'll be begging for a left"? Well, they hit America with a lot of dumb rights, and in their confusion they begged for a left - and got it.
Problem - Reaction - Solution.
It truly is what makes the world go around. - SkaRude, on 05/19/2009, -55/+89Don't you mean "We The SHEEPLE"?
- angryfirelord, on 05/20/2009, -23/+54Don't worry guys, JenniferInMO will be here shortly to tell us all the wonders of having a government owned enterprise. Like the wonderful success of Amtrak.
/s - AndrewRidgely, on 05/20/2009, -9/+39This type of restructuring deal has been standard in bankruptcy preceedings for like a century now in the US.
Arguably this deal is better than most, because uncle sam is going to take care of the health care and pension obligations, rather than letting Grandma and Grandpa die destitute of treatable disease after 40 years of hard work. - GoatMonkey2112, on 05/20/2009, -1/+31I don't want any hidden come in my car!
- inactive, on 05/20/2009, -4/+34just tracking devices.
- Amazetbm, on 05/20/2009, -2/+31Nope...just OnStar.
- seltaeb4, on 05/20/2009, -1/+30Volkswagen is a hell of a lot healthier than any American car company.
And get this... they're unionized too! Volkswagen pays their workers more than American auto workers are paid.
They're far healthier too... what does this tell us about American auto executives and their management abilities? - redrabbit, on 05/20/2009, -38/+67So can someone explain to me...do right-wing nuts plan on message boards or something when they will all come and comment on a story or is it just a coincidence that most of the first comments on stories like this are pure retard? I mean:
"I will never buy another GM product again. Last thing I want is to drive around in a vehicle designed by Barack Obama, Nancy Pelosi and Harry Reid."
...come on... - firewall1, on 05/20/2009, -10/+37Hate to admit it (because it's so blatantly true) but you're right. The administration just saved 5 million votes, give or take. If they didn't do this, come 2012 all the union grunts would be looking for heads.
The unions are horrible.
I live near detroit and worked for the bankrupt 3 on various projects. Drunk on the job, sitting around or driving a hi-low for 14hrs earning 100K+ with a HS education, the greatest retirement and health benefits, excellent vacation (2 weeks in summer and 2 weeks for xmas, plus government holidays and 4 weeks+ vacation time.
And can retire when they are 40 with a pension and health for life.
And yet they still complain.
And do a crappy job.
But the auto companies are not without fault in their upper management roles. The whole thing is a mess. Just let them go under. - INDOAZZ, on 05/19/2009, -33/+60FORD now = FOUND ON ROAD DRIVING...After seeing Cry-slur go down in flames like their prized PT cruiser paint jobs, I knew GM was not far behind... Another sad day for the U.S. Automaker...What do they expect when they keep making huge Tahoes and muscle Camaros who no one can afford them except the wealthy...Oh well that is why I have owned a TOYOTA my whole life...Sorry to GM and CRY-SLUR... Who's next...?
- bitORlogic, on 05/20/2009, -15/+42Ok, I'll bite: They aren't trying to push a full on socialist agenda. Such an idea is absurd, and your accusation of it is laughable.
This does not mean that I think the purchase of GM is a good idea. -
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