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LSURussian
LSU Fan
Member since Feb 2005
85178 posts

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

quote:

"The banks were even more broke than we were. Who had the money?" he told the Detroit Free Press in February. "Loan guarantees don't do any good if the banks don't have any money."
You and he are both idiots or you're just doing your usual best to protect Obama.

The "credit freeze" affecting the financial system occurred in September, 2008, when Lehman Bros. collapsed. The Federal Reserve stepped in and guaranteed commercial paper and bank loans for the large banks and corporations.

GM did not declare bankruptcy until June 1, 2009, over 8 months after Lehman collapsed. By then, banks were lending again. A fully federal government guaranteed loan to GM would have been the same as the bank buying a U.S. government treasury security, except the bank could have charged a little more for the operational expense.

Banks were buying U.S. government securities in massive amounts in 2009.

Your belief that banks didn't have money is just idiotic and an attempt to re-write history.


DA
LSU Fan
Member since Sep 2007
16251 posts

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


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
311054 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
let's say there wasn't private money and the injection had to come via the federal government

why not just follow normal bankruptcy procedures and let the government act as a any other company would have?


TROLA
LSU Fan
BATON ROUGE
Member since Apr 2004
7214 posts

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

You're nuts.


Are you suggesting he's wrong?


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gatorrocks
Florida Fan
Lake Mary, FL
Member since Oct 2007
10135 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
DA, you're not going to change anyone's mind here. We all, for the most part, think you're a moron.

You really can't come back from that.


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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
25154 posts

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

GM did not declare bankruptcy until June 1, 2009, over 8 months after Lehman collapsed. By then, banks were lending again. A fully federal government guaranteed loan to GM would have been the same as the bank buying a U.S. government treasury security, except the bank could have charged a little more for the operational expense.
Exactly. It's not like they would have had difficulty raising capital. Anyone not jumping in to buy a piece of a union-free GM would be retarded. I'd have stacked my portfolio with that.
This post was edited on 10/24 at 1:39 pm


DA
LSU Fan
Member since Sep 2007
16251 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
Who should I believe, Bob Lutz, or two goobers on the internet?


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
311054 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
let's say there wasn't private money and the injection had to come via the federal government

why not just follow normal bankruptcy procedures and let the government act as a any other company would have?


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LSURussian
LSU Fan
Member since Feb 2005
85178 posts

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

You're nuts.

That's it? That's your defense of your unintelligent statements?

Prove me wrong with dates and figures. You can't do it.



Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
38412 posts

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


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LSURussian
LSU Fan
Member since Feb 2005
85178 posts

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

Bob Lutz,
Lutz was a government employee at that point. Plus, Romney's plan would have left the unions out. Lutz would not have admitted he wanted that to happen.

quote:

two goobers
Right.....

Frankly, you just surpassed Rex as the dumbest poster on this board.


elposter
Alabama Fan
Member since Dec 2010
9938 posts

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

Who should I believe, Bob Lutz, or two goobers on the internet?


55 billion dollar+ companies went bankrupt in 2009 under normal bankruptcy rules and many of them went Chapter 11 and successfully reorganized with infusions of capital from private sources. There was certainly money available under the right terms (e.g., with a federally insured loan).


LSURussian
LSU Fan
Member since Feb 2005
85178 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
And Ford Motors continued to issue its commercial paper and also borrow short-term bank loans without any direct funding assistance from the government. The Federal Reserve guaranteed its commercial paper issues and its bank borrowings for a while (just like it was doing for all large corporations) and it had no problem getting funding from private sources, including banks.

How dumb must DA be thinking his statements can't be researched on the internet?


CamdenTiger
Member since Aug 2009
29963 posts

re: Letterman: Say, Obama’s kind of lying about this GM bankruptcy thing, huh?
I still don't think he's as dumbas Rex, though...


LSURussian
LSU Fan
Member since Feb 2005
85178 posts

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


los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
55976 posts

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

Frankly, you just surpassed Rex as the dumbest poster on this board


Rex and DA are conjoined twins, joined together in a 69 position. All they ever see are nuts.
This post was edited on 10/24 at 2:10 pm


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GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
30526 posts
Online

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

LSURussian


Thanks for clearing this subject up. I fully admit, I am not up to speed on the various Romney/Obama GM bankruptcy plans.


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DapperDan
LSU Fan
Member since Jul 2012
1226 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.

Maddow interviewing Letterman is the same old shite from the fox crowd?

Why do you post?


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DapperDan
LSU Fan
Member since Jul 2012
1226 posts

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

Who should I believe, Bob Lutz, or two goobers on the internet?


I thought you were all about using google for research. Maybe you should research Russian's claims and refute them with some of your own research. Ill hold my breath.


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