Big Three Bailout?

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MarkP

Well-known member
Apr 23, 2004
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Colorado
Well we have entered the realm of facism.

Obama ask for and receives Wagoners resignation and now the government backs auto warranties. Yes, you the taxpayer will be covering warranty cost.

Prediction under facism - GM gets more government money and fails sooner.
 
M

MarkP

Well-known member
Apr 23, 2004
6,672
0
Colorado
So, are you more likely or less likely to buy a Government Motors vehicle now that you know it comes with a government warrantee?
 
SCSL

SCSL

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Apr 27, 2005
4,144
152
Remember my post on this thread a few pages back- regarding why GM was protected from having to file bankruptcy due to it's huge number of CDS?

Wonder who was underwriting those CDS? Hmmmmm. Who's just been bailed out to the tune of billions upon billions of dollars... dollars that flowed to swap counterparies.

Now that the counterparties have been made whole, the pressure's back on GM.
 
Blue

Blue

Well-known member
Mar 26, 2004
10,080
885
AZ
GM

Government Motors

that's a good one!

I was listening to clips of Obama preaching this morning on Rush and I couldn't believe my ears. Absolutely unbelievable shit coming out of Obama's mouth....
 
az_max

az_max

1
Apr 22, 2005
7,463
2
SCSL said:
Remember my post on this thread a few pages back- regarding why GM was protected from having to file bankruptcy due to it's huge number of CDS?

Wonder who was underwriting those CDS? Hmmmmm. Who's just been bailed out to the tune of billions upon billions of dollars... dollars that flowed to swap counterparies.

Now that the counterparties have been made whole, the pressure's back on GM.
Click to expand...


So you're saying that the bailout money went to pay the outstanding CDs, and that GM is now free(er) to file BK?
 
SCSL

SCSL

Well-known member
Apr 27, 2005
4,144
152
az_max said:
So you're saying that the bailout money went to pay the outstanding CDs, and that GM is now free(er) to file BK?
Click to expand...

In a nutshell, yes. I'm further suggesting that the AIG bailout has been the money laundering mechanism to make CDS counterparties whole. Follow the money trail and see where it leads. It's all public info.

However, regarding GM BK, I'm still not sure it will happen. Obama and the democratic congress* have three main constituencies: bankers, bondholders and unions. The first two are being served. I'm not sure he can let that third one go. However, now that the trillion-dollar CDS issue is being resolved, more direct pressure is now being applied to GM, as evidenced by Wagoner's dismissal.

(*note: I'm not pointing any fingers specifically at Democrats here. I'm an equal-opportunity anti-statist. I'm just mentioning the facts. Republicans have their own constinuency. Bottom line is that both parties share the bankers and bondholders as core constituents.)
 
M

MarkP

Well-known member
Apr 23, 2004
6,672
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Colorado
When you owe the bank a nominal amount the bank owns you.

Whe you owe the bank a very large sum you own the bank.​


..... fast forward to today



The 5 largest banks hold 96% of all US bank derivatives positions in terms of nominal values, and 81% of the total net credit risk exposure in event of default.

JPMorgan - $88 trillion in derivatives
Morgan Chase is followed by Bank of America with $38 trillion in derivatives
Citibank with $32 trillion
Goldman Sachs - $30 trillion in derivatives
Wells Fargo-Wachovia Bank - $5 trillion
Britain 's HSBC Bank USA - $3.7 trillion​

A sum total of roughly $200 trillion



The top 5 banks own the US government


Edit add:

An IMF perspective - The Quiet Coup
 
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M

MarkP

Well-known member
Apr 23, 2004
6,672
0
Colorado
Obama, the car salesman.

Obama wants YOU … to buy a car
Reuters

President Barack Obama is now America’s car salesman.

Obama made his sales pitch on Monday as he laid out White House plans for restructuring the struggling auto giants General Motors and Chrysler. Buy a car, he said, and you might qualify for a tax deduction.

“The IRS is launching a campaign to alert consumers of a new tax benefit for auto purchases made between February 16th and the end of this year — if you buy a car anytime this year, you may be able to deduct the cost of any sales and excise taxes. And this provision could save families hundreds of dollars and lead to as many as 100,000 new car sales,” Obama said. . . . .​

:banghead: or :rofl:

Will I have to also listen to him screaming "Buy the new 2010 Government Motors fuel efficient eco-friendly CO2 absorbing vehicle, backed by your local new Government Motors universal warrantee ......." on the 6 o'clock news?
 
az_max

az_max

1
Apr 22, 2005
7,463
2
Obama said:
? if you buy a car anytime this year, you may be able to deduct the cost of any sales and excise taxes. And this provision could save families hundreds of dollars and lead to as many as 100,000 new car sales,?
Click to expand...

OR I could not buy a new car, save myself the taxes AND the monthly payment!
 
B

bovw

Well-known member
Apr 1, 2006
3,130
13
54
Orange, VA
az_max said:
OR I could not buy a new car, save myself the taxes AND the monthly payment!
Click to expand...
:applause: I'm a few months shy of 40, and have only bought 2 new cars. One in 89 and the other in 02. I like to lets someone else take the depreciation.
 
GotRovr

GotRovr

Well-known member
Jun 16, 2004
377
0
Do these tax incentives apply only to American made cars? if so, what about GM (Government Motors Company) cars assembled in Mexico or Canada?
 
GotRovr

GotRovr

Well-known member
Jun 16, 2004
377
0
az_max said:
That list would be very, very short.
http://www.cars.com/go/advice/Story.jsp?section=top&subject=ami&story=amMade0808
Click to expand...

really.....
"For this particular index, Cars.com surveyed the country's 58 best-selling models through May 31 of this year. Of the 30 trucks, vans and SUVs in that group, 23 are assembled in the U.S. (though not always exclusively; some models are assembled both in plants here and in other countries), but just half of the cars on the list ? 14 of 28 ? are built here."

and......
"Making the opposite trip was the Silverado, whose sagging sales and increased production in Mexico and Canada knocked it down to eighth."
 
Blue

Blue

Well-known member
Mar 26, 2004
10,080
885
AZ
Interesting indeed.....Hondas are now more American than Chryslers....someone remind me why I'm bailing out Chrysler again?
 
noee

noee

Well-known member
Apr 20, 2004
1,887
0
Free Union, VA
pitchforks................and torches..............and ham sandwiches. We've got to get people educated about Ham Sandwiches.
 
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