Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh? | Page 4 | TigerDroppings.com

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trackfan
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Member since Sep 2010
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re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

How did Ford survive?

Ford didn't need to be bailed out. It was a GM and Chrysler thing.






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LSURussian
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Member since Feb 2005
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re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


Are you saying Ford Motors went all those months without needing financing?





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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

How did Ford survive?



Ford didn't need to be bailed out. It was a GM and Chrysler thing.


Ford had the benefit of some very fortuitous timing. They smartly/luckily arranged for a significant amount of financing prior to the collapse of the credit markets. Most industry insiders felt it was lucky timing, but luck or not they rearranged their balance sheet in enough time to secure the financing. When GM and Chrysler went looking for credit, the well had run dry. Essentially, all 3 companies had the same union issues and the same pension problems, pre bankruptcy.

There was no appetite in the private markets for capital needed to finance such a massive undertaking as a GM bankruptcy. Anyone saying so now, is just dead wrong. A GM filing would have been the largest and most complex filing in US bankruptcy history. Without taxpayer money, GM had no chance. A managed bankruptcy with private capital might work in today's environment, but it never would have worked in 2009.






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LSURussian
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Member since Feb 2005
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re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

There was no appetite in the private markets for capital needed to finance such a massive undertaking as a GM bankruptcy. Anyone saying so now, is just dead wrong.

Are you forgetting the U.S. government's guarantee of the financing which is what Romney proposed?

I'm assuming you are. If not, you're not very bright.






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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


[quote]Are you forgetting the U.S. government's guarantee of the financing which is what Romney proposed?

Romney wrote an op-ed, he wasn't exactly in a position to influence policy at the time.

Both GM and the Government would have preferred the use of private capital it just wasn't available with or without any government backing. That's not an opinion. That's a fact. I work in the industry, so this issue hits very close to me.





This post was edited on 10/24 at 3:16 pm


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moneyg
LSU Fan
Member since Jun 2006
19859 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

It's the same old shite from the fox crowd.


Letterman is clearly a republican hack.






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moneyg
LSU Fan
Member since Jun 2006
19859 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

I still don't think he's as dumbas Rex, though...



It's easy to give the benefit of the doubt to Rex when he's not in the thread.






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USMCTiger03
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Member since Sep 2007
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re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


It's a shame that actual truth in the media is something we on the Right have to celebrate because it seems so rare.





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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


For the record LSURussian, I'm voting Romney, I just think he is wrong on the GM issue.

There is also no doubt that Obama blatantly misstated Romney's position on the issue in the last debate, and he has been rightly called to task for it.






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USMCTiger03
LSU Fan
Member since Sep 2007
64364 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

It's the same old shite from the fox crowd. Obama didn't kill OBL. Obama didn't save GM, Romney did. Obama;s employment numbers are fixed. The polls are rigged.

You refuse to give the man credit for anything. I wonder why?

Would you like some cheese with your whine?






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GumboPot
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Member since Mar 2009
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re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

LJBurton








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Roaad
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Member since Aug 2006
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 Online 

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

Wait, who's lying? Obama, Letterman, Romney, CNN?
Add NBC/MSNBC, because Andrea Mitchell fact checked it as a lie. . .both times.






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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

GumboPot


Adding a little spice to the GumboPot, baby!







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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
3744 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

Criticizing Obama? I think Lettermans has been drugged.
It's just a ploy to get Romney to appear on his show.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84437 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

Romney wrote an op-ed, he wasn't exactly in a position to influence policy at the time.


Look at the title of this thread.

quote:

Both GM and the Government would have preferred the use of private capital it just wasn't available with or without any government backing. That's not an opinion. That's a fact.

No, that's an opinion.

quote:

I work in the industry, so this issue hits very close to me.

So do I.

I win.






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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

Look at the title of this thread.


I was simply responding to the poster who inquired as to why Ford didn't need government assistance. I understand the title of the thread. You chose to engage me, not the other way around.

quote:

No, that's an opinion


It's actually a fact that GM and the Auto Task force preferred the use of private funds. But, don't take my word for it, take that of Bob Lutz and Steven Rattner. Former GM Vice Chairman Bob Lutz is on record as saying so, as is Steven Rattner, who was the government's point man on the Auto Task Force. Granted Lutz had retired from GM by that point, but one would think he knew what he was talking about. If you know of any bank or private equity source that was willing to provide financing for a GM bankruptcy in 2009, please provide the name. Otherwise, STFU, about me and my opinion.




This post was edited on 10/24 at 4:31 pm


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sparkinator
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South of R-kansas
Member since Dec 2007
1621 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


I'm sure the way the bailout was structured, Obamas cronys wanted the gov't bailing them out. If not, then the unions would lose their pensions and labor union retirement funds.





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imjustafatkid
UAB Fan
Alabama
Member since Dec 2011
4698 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

DA


quote:

I can't link


Sounds about right.






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LJBurton
Member since Feb 2005
972 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


Agreed sparkinator. The bond holders got screwed and the unions were protected throughout the process. The union concessions were minimal and are still an issue for Detroit.





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sparkinator
LSU Fan
South of R-kansas
Member since Dec 2007
1621 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?


quote:

Agreed sparkinator. The bond holders got screwed and the unions were protected throughout the process. The union concessions were minimal and are still an issue for Detroit.


I think that was the difference Romney was trying to convey at the time of the bailout, but he can't really harp on it now, because he doesn't want to offend the union members. He wants to appeal to everyone right now.






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