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Author	Topic: Federal panel: GMAC bailout will cost taxpayers $6.3B	Post a Reply Back to Topics

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Blue48 Champion Author Illinois Posts:2,645 Points:670,770 Joined:Feb 2007	Message Posted: Mar 11, 2010 1:47:41 PM Ignore Blue48 Report Abuse OK??
JXQW All-Star Author Kansas City Posts:838 Points:310,195 Joined:Jul 2008	Message Posted: Mar 11, 2010 6:02:21 AM Ignore JXQW Report Abuse not again, please ...
WyrelessMike All-Star Author Little Rock Posts:966 Points:283,770 Joined:Aug 2008	Message Posted: Mar 11, 2010 5:50:19 AM Ignore WyrelessMike Report Abuse I think it may be important to note that GM divested itself of GMAC. GMAC is not an automaker.
WyrelessMike All-Star Author Little Rock Posts:966 Points:283,770 Joined:Aug 2008	Message Posted: Mar 11, 2010 5:44:13 AM Ignore WyrelessMike Report Abuse I guess we can all say we "lost another loan to ditech."
BigdaddyMA Sophomore Author Massachusetts Posts:159 Points:138,340 Joined:Oct 2008	Message Posted: Mar 11, 2010 5:41:05 AM Ignore BigdaddyMA Report Abuse Guess we should have stuck to something we were good at like invading 3rd world countries!!!!!!
ModelWarships Champion Author Missouri Posts:1,886 Points:455,215 Joined:Jul 2008	Message Posted: Mar 11, 2010 5:36:34 AM Ignore ModelWarships Report Abuse WE already paid to prevent GMC from going bankrupt, only to have them go bankrupt a couple of months later. If GMAC can't make money, let them fail. Don't pump money into a losing business. We can't afford it.
texasvet Champion Author Texas Posts:1,401 Points:160,785 Joined:Jul 2009	Message Posted: Mar 11, 2010 5:34:40 AM Ignore texasvet Report Abuse If GMAC had stuck with car loans, they wouldn't be broke. On the other hand, the government has no business running, bailing out, or financing car companies, either.
techque Champion Author St. Louis Posts:3,882 Points:1,524,340 Joined:Apr 2005	Message Posted: Mar 11, 2010 5:33:37 AM Ignore techque Report Abuse still waiting for my bailout !@! instead of paying for everybody elses.
yukonjack Champion Author Georgia Posts:4,394 Points:1,140,195 Joined:Oct 2004	Message Posted: Mar 11, 2010 5:31:30 AM Ignore yukonjack Report Abuse Maybe if GMAC goes bankrupt I won't have to pay my car note. :)
Hunter114 Champion Author Chicago Posts:2,994 Points:490,420 Joined:Apr 2009	Message Posted: Mar 11, 2010 5:29:41 AM Ignore Hunter114 Report Abuse GMAC should have went bankrupt two years ago. The administration should have never gotten taxpayer money in this mess.
thirstyauto Champion Author Milwaukee Posts:6,154 Points:642,415 Joined:Nov 2008	Message Posted: Mar 11, 2010 5:28:10 AM Ignore thirstyauto Report Abuse It's bad enough that the government randomly takes what ever amount of MY money they deem necessary, but do they have to spend it so foolishly!!!
Jizme Champion Author Lincoln Posts:4,923 Points:1,930,140 Joined:Oct 2004	Message Posted: Mar 11, 2010 5:27:16 AM Ignore Jizme Report Abuse Isn't that the same thing? The company board is the government and GMAC stands for Government Motor Automaker Corporation. Sounds like the same thing to me.
gilfarm Champion Author Alabama Posts:2,142 Points:1,010,335 Joined:Sep 2005	Message Posted: Mar 11, 2010 5:27:02 AM Ignore gilfarm Report Abuse That is a lot of money!
FlyNFool Champion Author South Carolina Posts:3,571 Points:722,320 Joined:Aug 2008	Message Posted: Mar 11, 2010 5:26:48 AM Ignore FlyNFool Report Abuse It's Obamas fault!
seeyardee Champion Author Sacramento Posts:4,358 Points:837,455 Joined:Apr 2008	Message Posted: Mar 11, 2010 5:24:50 AM Ignore seeyardee Report Abuse 6.3 billion? What is that, about 36 hours funding the 2 wars that Bush got us into?
spunky4443 Champion Author Washington Posts:4,009 Points:1,050,245 Joined:May 2005	Message Posted: Mar 11, 2010 5:24:24 AM Ignore spunky4443 Report Abuse If there had been a Public vote on the subject, there would be no GM or GMAC.
Zonk Champion Author Michigan Posts:1,578 Points:1,149,490 Joined:Oct 2005	Message Posted: Mar 11, 2010 5:23:36 AM Ignore Zonk Report Abuse obama motors will stick it to the taxpayers once again.
LilRedWagonIN Champion Author Indiana Posts:2,823 Points:605,105 Joined:Oct 2008	Message Posted: Mar 11, 2010 5:23:29 AM Ignore LilRedWagonIN Report Abuse And GM just said they were paying back the loan with interest. Think Chrysler will? Think GMAC will? Think all the banks, insurance companies, and every other Tom, Dick, and Harry will?
Wolfwings Champion Author Delaware Posts:3,921 Points:817,580 Joined:May 2004	Message Posted: Mar 11, 2010 5:22:02 AM Ignore Wolfwings Report Abuse No big surprise, given that O-BUMMER, Biden and Tom Carper voted to give our Social Security raises to ILLEGAL ALIENS. Just another BAD IDEA by the Dam-O-Craps.
Dale Jr. Champion Author Illinois Posts:11,286 Points:2,259,650 Joined:May 2004	Message Posted: Mar 11, 2010 5:20:57 AM Ignore Dale Jr. Report Abuse I didn't want my tax money given to them in the first place.
Bussman Champion Author Dallas Posts:1,715 Points:522,390 Joined:Nov 2008	Message Posted: Mar 11, 2010 5:18:51 AM Ignore Bussman Report Abuse Wow! Couldn't have said it any better Wizrd03. Can't wait for election day when we will hopefully finally vote for "CHANGE WE CAN BELIEVE IN"!
maske_2222 Champion Author Manitoba Posts:3,118 Points:646,165 Joined:Oct 2008	Message Posted: Mar 11, 2010 5:18:08 AM Ignore maske_2222 Report Abuse What would they do without the taxpayers?
gagal31525 Veteran Author Georgia Posts:423 Points:368,645 Joined:Feb 2008	Message Posted: Mar 11, 2010 5:16:22 AM Ignore gagal31525 Report Abuse They should be require to send the money in America.
condé Champion Author Michigan Posts:1,391 Points:1,315,930 Joined:Oct 2004	Message Posted: Mar 11, 2010 5:15:18 AM Ignore condé Report Abuse Nothing New... the Government couldn't protect the box of screws they use on the tax payers.....
hauler43 Champion Author Oakland Posts:4,819 Points:1,854,830 Joined:Sep 2003	Message Posted: Mar 11, 2010 5:14:50 AM Ignore hauler43 Report Abuse Always the taxpayers.
kyrunner Champion Author Lexington Posts:3,926 Points:724,735 Joined:Aug 2008	Message Posted: Mar 11, 2010 5:14:47 AM Ignore kyrunner Report Abuse I think it is way past time to let GMAC go bankrupt (like it should have a year ago)and let someone buy what is left. I am SO tired of taxpayer money being flushed down the crapper!
JimL1 Champion Author Phoenix Posts:3,138 Points:386,220 Joined:Jul 2003	Message Posted: Mar 11, 2010 5:14:18 AM Ignore JimL1 Report Abuse Bush's bush league bailout program does not work, does it? Even President Obama probably cannot fix this one.
Goatroper Champion Author Dallas Posts:2,061 Points:415,440 Joined:Apr 2004	Message Posted: Mar 11, 2010 5:12:53 AM Ignore Goatroper Report Abuse I thought that Uncle Sam would be the majority stockholder and as such would get the priority dividends. Might take a couple of hundred years to get pay back though.
KNOTTUSLIM Sophomore Author Kansas Posts:171 Points:227,145 Joined:Oct 2008	Message Posted: Mar 11, 2010 5:12:18 AM Ignore KNOTTUSLIM Report Abuse Shut down all divisions of Government Motors and cover them up.Let the winner keep on with business and quit robbing from the taxpayers.
bobsalwaysmt Champion Author Long Island Posts:2,411 Points:155,130 Joined:Oct 2007	Message Posted: Mar 11, 2010 5:10:56 AM Ignore bobsalwaysmt Report Abuse Let's just keep printing money - after all, isn't that what all 3rd world countries do?
smoketown Champion Author Cincinnati Posts:2,880 Points:597,260 Joined:Feb 2008	Message Posted: Mar 11, 2010 5:08:59 AM Ignore smoketown Report Abuse Close them down, final ..............
dabayer All-Star Author New Hampshire Posts:705 Points:225,660 Joined:Oct 2005	Message Posted: Mar 11, 2010 5:08:53 AM Ignore dabayer Report Abuse The article states, "Treasury said a merger between GMAC and GM would be up to the companies' boards, not the government. ... The government owns 56 percent of GMAC after three separate bailouts since December 2008. The oversight panel said bankruptcy was a viable option for the finance company." Treasury, oversight panel: On what planet are you? If the US government owns 56%, YOU ARE THE BOARD!!!! Make it happen, its our money.
Wizrd03 Champion Author Illinois Posts:3,213 Points:659,580 Joined:Oct 2008	Message Posted: Mar 11, 2010 5:08:52 AM Ignore Wizrd03 Report Abuse More lies from the gov't as to what the taxpayers are being put on the hook for by run away federal spending. Figures lie and liars figure and the biggest liar is sitting in the white house.
Cerberus2k Champion Author Phoenix Posts:1,047 Points:646,165 Joined:Apr 2008	Message Posted: Mar 11, 2010 5:08:49 AM Ignore Cerberus2k Report Abuse It was definately worth it considering the thousands of jobs that were actually created. Unfortunately for Americans those jobs were at plants in Mexico & Canada.
misterray Champion Author Oregon Posts:2,132 Points:525,040 Joined:Aug 2008	Message Posted: Mar 11, 2010 5:07:05 AM Ignore misterray Report Abuse Hasn't happened yet.
tazdriver Champion Author Huntsville Posts:4,892 Points:1,180,600 Joined:Jan 2007	Message Posted: Mar 11, 2010 5:06:11 AM Ignore tazdriver Report Abuse Since they used our money, we should be the owners.
niceguytx Champion Author Houston Posts:8,953 Points:1,747,775 Joined:Sep 2005	Message Posted: Mar 11, 2010 5:04:06 AM Ignore niceguytx Report Abuse If they cannot pay it back, shut them down.
TheBruce2009 Rookie Author Massachusetts Posts:86 Points:148,820 Joined:May 2009	Message Posted: Mar 11, 2010 5:03:20 AM Ignore TheBruce2009 Report Abuse Why should there be any cost to us in the end? They should simply pay it all back plus interest. If they can earn profits for themselves and their shareholders then they can certainly pay us all back for saving their bacon...
jmg144 Champion Author Maryland Posts:6,741 Points:2,006,875 Joined:Jul 2004	Message Posted: Mar 11, 2010 5:02:48 AM Ignore jmg144 Report Abuse lparafael thank you for the comment - government gobblygook
NashGas All-Star Author Nashville Posts:654 Points:140,730 Joined:Dec 2009	Message Posted: Mar 11, 2010 5:02:31 AM Ignore NashGas Report Abuse No Surprise
diatzikis All-Star Author Raleigh Posts:718 Points:196,105 Joined:Jul 2008	Message Posted: Mar 11, 2010 5:02:27 AM Ignore diatzikis Report Abuse Bailout, bad idea.
bababooey2 Champion Author Hartford Posts:1,476 Points:324,890 Joined:Sep 2009	Message Posted: Mar 11, 2010 5:02:22 AM Ignore bababooey2 Report Abuse O'Bama is da man.....cough
lparafael Champion Author Ventura Posts:6,118 Points:1,062,855 Joined:Dec 2006	Message Posted: Mar 11, 2010 5:01:03 AM Ignore lparafael Report Abuse "Treasury said a merger between GMAC and GM would be up to the companies' boards, not the government." Since the government owns 56% of GM, as also stated in the article, then the majority owner can influence the GM board to swallow up GMAC once again. It's not rocket science, this happens all the time when the majority owner says something it gets done.
30mpg80 Champion Author Lexington Posts:1,342 Points:510,095 Joined:Nov 2008	Message Posted: Mar 11, 2010 5:00:23 AM Ignore 30mpg80 Report Abuse How many prefer no bailouts, worldwide depression worst in history?
braves89 Champion Author Chicago Posts:2,755 Points:657,420 Joined:Apr 2008	Message Posted: Mar 11, 2010 4:57:08 AM Ignore braves89 Report Abuse everything costs the taxpayers
rippinusoff Champion Author Lexington Posts:2,474 Points:513,490 Joined:May 2007	Message Posted: Mar 11, 2010 4:56:42 AM Ignore rippinusoff Report Abuse why? i though they were paying us back... wait... on second thought, I knew they were gonna steal our money and never pay us back.
captngasTN Champion Author Tennessee Posts:1,735 Points:427,090 Joined:Jun 2009	Message Posted: Mar 11, 2010 4:56:37 AM Ignore captngasTN Report Abuse sadly, as predicted
carrollcreek Champion Author Minnesota Posts:1,495 Points:341,140 Joined:Jun 2008	Message Posted: Mar 11, 2010 4:56:10 AM Ignore carrollcreek Report Abuse My mortgage is with this company, and its crazy how they deal with their customers. If I could get out, I would.
Retowered Champion Author Colorado Posts:4,143 Points:1,723,445 Joined:May 2004	Message Posted: Mar 11, 2010 4:55:41 AM Ignore Retowered Report Abuse When can we get a government bail out??
1006 Veteran Author Birmingham Posts:300 Points:612,235 Joined:Apr 2008	Message Posted: Mar 11, 2010 4:54:44 AM Ignore 1006 Report Abuse It's my money going for this. . where is my stock certificate?