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Thread: GM bailout costs each taxpayer $12,200

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    Member steven's Avatar
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    GM bailout costs each taxpayer $12,200

    You may not have purchased a GM or Chrysler car, but you’re still paying for one, according to a new report by the National Taxpayer’s Union.
    According to the report, every American taxpayer has put up $12,200 for every General Motors car sold through the beginning of 2011 and $7,600 for every Chrysler sold.


    The study, which is based on a November report released by the Government Accountability Office, found that the average American taxpaying family has invested about $800 in the auto bailouts so far. It notes that government funding provided to General Motors, Chrysler and GMAC – the financing subsidiary that supports sales at both – now stands at a $78.9 billion.


    Titled “The Auto Bailout – A Taxpayer Quagmire,” the report was authored by Thomas Hopkins, professor of economics at the University of Rochester.
    "Between this and GM's plan to payback their bailout debt with other taxpayer funds, I wonder if all those Americans without work right now could think of any better ways to spend that money,” said Pete Sepp, NTU vice president for policy and communications, in a news release.


    http://buffalo.bizjournals.com/buffa...l?surround=lfn
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    You may want to add to this that Timmy G thinks we'll never see one CENT of that money back...
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    GM's IPO May Raise Record Amount

    What happen to all the intellectuals, the stock gurus and the naysayers?



    General Motors Co. will increase the size of its initial public offering Wednesday by about 30% to 478 million shares, people familiar with the matter said, which could make it the largest global IPO in history.

    Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday.

    The auto maker has returned $9.5 billion; the Obama administration will seek to recoup the rest through the sale of stock over the next couple of years.

    How many middle class american jobs were saved?? People that can feed their families and put their kids through school? I wonder if it counts too?
    Kiss someone that's different. It helps.
    Lets get the facts first, then go for the jugular!!
    It's all transparent, just read between the lines..

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    Never mind that it was a loan, not a bailout.

    We give more taxpayer money to delinquent arms contractors, oil companies and to farmers to not grow food.

    Gods forbid we save a few million jobs...
    Everyone is entitled to their own opinion. No one is entitled to their own facts.

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    Quote Originally Posted by PickOranges View Post
    What happen to all the intellectuals, the stock gurus and the naysayers?



    General Motors Co. will increase the size of its initial public offering Wednesday by about 30% to 478 million shares, people familiar with the matter said, which could make it the largest global IPO in history.

    Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday.

    The auto maker has returned $9.5 billion; the Obama administration will seek to recoup the rest through the sale of stock over the next couple of years.

    How many middle class american jobs were saved?? People that can feed their families and put their kids through school? I wonder if it counts too?
    That money they "paid back" was paid back with a loan from TARP. The govt wanted to switch the books around.

    Second... who the **** is going to buy that ****ty stock?? I bet very few, if any, unions will put ANY pension money into it!
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Quote Originally Posted by Dougles View Post
    That money they "paid back" was paid back with a loan from TARP. The govt wanted to switch the books around.

    Second... who the **** is going to buy that ****ty stock?? I bet very few, if any, unions will put ANY pension money into it!
    From FactCheck.org:
    * Yes, it’s true that GM paid back its loan from the Treasury Department, in full, ahead of schedule.

    * But the debt was only part of the automaker loan package. Through the Troubled Asset Relief Program, the Treasury gave GM $49.5 billion, most of which was converted into an ownership stake in the form of stock. Through this equity stake, the government still owns 61 percent of GM.

    * Some Republicans, including Sen. Chuck Grassley of Iowa have pointed out that GM used TARP money to pay back its TARP debt. That’s true, but GM simply handed back TARP money it had been lent and hadn’t used. Those funds had been sitting in an escrow account, should the automaker need them. (The company didn’t borrow new money to pay back an older loan.)

    FYI
    Everyone is entitled to their own opinion. No one is entitled to their own facts.

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    Member PickOranges's Avatar
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    You know what get me.. The hypocrites..

    It is OK for big business to go to China to set up shop and also have their government give subsidies to the factories.

    It is Ok for the government of China to look the other way when it comes to environmental issues because it is over there. I must live on a different planet where the wind doesn't blow back my way or where the streams flow into space and not the ocean.


    It is OK for big business to be called a foreign corporation and be taxed differently where they can sell back their products here to the same Americans that lost their jobs. After all, since the big CEOs own stock/options we should also let them continue to enjoy the Bush's tax rates.

    No.. lets not help our own because it is not capitalism but it is OK for COMMUNIST CHINA.
    Kiss someone that's different. It helps.
    Lets get the facts first, then go for the jugular!!
    It's all transparent, just read between the lines..

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    Member NBuffaloResident's Avatar
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    Quote Originally Posted by Dougles View Post
    That money they "paid back" was paid back with a loan from TARP. The govt wanted to switch the books around.

    Second... who the **** is going to buy that ****ty stock?? I bet very few, if any, unions will put ANY pension money into it!
    I dunno, seems to be a lot of people:
    http://www.reuters.com/article/idUSTRE6AB43H20101118

    They jumped 7% already since they went public this morning...
    Raptor Jesus: He went extinct for your sins.

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    Quote Originally Posted by NBuffaloResident View Post
    I dunno, seems to be a lot of people:
    http://www.reuters.com/article/idUSTRE6AB43H20101118

    They jumped 7% already since they went public this morning...
    just wait till tomorrow...
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Member NBuffaloResident's Avatar
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    Quote Originally Posted by Dougles View Post
    just wait till tomorrow...
    I guess you could have said that Tuesday, as well, when GM expanded it's IPO by 31% due to high demand...
    Raptor Jesus: He went extinct for your sins.

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    Quote Originally Posted by NBuffaloResident View Post
    I guess you could have said that Tuesday, as well, when GM expanded it's IPO by 31% due to high demand...
    it wasn't do to high demand, it was worries that they wouldn't get enough money from the IPO for what were giving up...

    FYI, it was announced that the stock has to hit $56 before they can think about selling the last 33% of the stock or the US will lose money on the deal...

    At a 5% increase per year were talking another 14 years before that happens.
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Member NBuffaloResident's Avatar
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    Quote Originally Posted by Dougles View Post
    it wasn't do to high demand, it was worries that they wouldn't get enough money from the IPO for what were giving up...

    FYI, it was announced that the stock has to hit $56 before they can think about selling the last 33% of the stock or the US will lose money on the deal...

    At a 5% increase per year were talking another 14 years before that happens.
    Well, they're off to a good start: 7% in one day.

    And, it was due to high demand:
    General Motors Co. on Wednesday morning confirmed reports that it plans to increase the number of shares sold in its planned initial public offering to 478 million from 365 million shares after the U.S. Treasury and the UAW health-care trust decided to sell more of their stake in the offering.
    Read more: http://www.montrealgazette.com/busin...#ixzz15eR6ZquH

    Why would someone sell low, if they bought high?
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    Quote Originally Posted by NBuffaloResident View Post
    Well, they're off to a good start: 7% in one day.
    A HIGH of 7% in one day... it's already down from that according to Yahoo Finance...
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Quote Originally Posted by NBuffaloResident View Post
    And, it was due to high demand:

    Read more: http://www.montrealgazette.com/busin...#ixzz15eR6ZquH

    Why would someone sell low, if they bought high?
    Because they want out of a worthless company??

    Don't you thinkthose smart unions would rather own part of the "great" company they work for/with? Wouldn't they want to keep a big share of a "profitable" company to provide better benefits for there sheep?


    By the way, we didn't buy high... it was either give them the money or watch the investment failed... and the unions had a lot invested... They have no choice!

    Not to mention your quote said NOTHING about demand for more... only that the Govt and unions wanted to SELL more...
    "I know you guys enjoy reading my stuff because it all makes sense. "

    Dumbest post ever! Thanks for the laugh PO!

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    Member NBuffaloResident's Avatar
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    Quote Originally Posted by Dougles View Post
    A HIGH of 7% in one day... it's already down from that according to Yahoo Finance...
    What the flock are you looking at:
    http://www.google.com/finance?q=NYSE%3AGM

    +7.12%
    Raptor Jesus: He went extinct for your sins.

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