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| Name: |
Yankee06
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| Subject: |
AS expected....
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Date:
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12/30/2009 9:51:03 AM
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Below is just one of many "updates" on how tax dollars will continue to be spent on Government Motors...
"...GMAC Financial Services needs more money -- and is likely to get as much as $3.5 billion in federal aid, according to The Detroit Free Press. It seems the Treasury, which has been negotiating for months with the car and home lending firm, has little choice but to pony up more cash, whether it wants to or not.
GMAC has already received $12.5 billion from the federal government, which owns over 35% of the company. Government "stress tests" months ago showed the company needed $11.5 billion in capital to protect it from further economic woes. The firm's largest problems are in its ResCap business which provide mortgages to residential homeowners. There has been some consideration of taking the unit into Chapter 11.
While GMAC decides the fate of its home lending operation, it is still the largest provider of financing for customers buying GM and Chrysler cars. GMAC also finances car dealers who use its loans to buy vehicles from the car companies.
A Treasury infusion of $3.5 billion into GMAC should be seen primarily as a way to protect the almost $70 billion the government has put into GM and Chrysler. The two companies are still struggling with weak sales and weak balance sheets. They are also locked in a fierce competition with Ford (F) and Asian automakers for market share in the US. A reduction in financing options for GM and Chrysler customers would severely damage their ability to sell vehicles..."
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| Name: |
Summer Lover
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| Subject: |
What is your problem?
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Date:
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12/30/2009 10:20:14 AM
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Come on Yankee, it is only money - now that the Dumbacrats are in control, there is plenty to go around. Their credit card is kinda like the AMEX - whenever we reach the limit, simply raise it.
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| Name: |
Jim Dandy
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| Subject: |
What is your problem?
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Date:
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12/30/2009 10:51:22 AM
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So now GM is looking to dump cars at 50% off to clear the lots. Wonder who pays for that? Me.
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| Name: |
MAJ USA RET
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| Subject: |
Is there any Connection?
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Date:
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12/30/2009 10:59:52 AM
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Lover... hmmmm... let's put this into perspective:
The government wishes to reward the incompetence at GM / GMAC by throwing taxpayer money at them because the government has to protect its 35% share of a failing company.
-and-
This same government wants to take over healthcare… which isn’t failing. Perhaps the controlling share owners of GM will rectify the best health care in the world by rewarding increased incompetence in health care.
Naw… I must be imagining this.
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| Name: |
rude evin
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| Subject: |
Is there any Connection?
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Date:
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12/30/2009 11:40:11 AM
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Me thinks you are, because the heavy hand of gov't is far better than the invisible hand of Adam Smith...........
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| Name: |
MartiniMan
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| Subject: |
AS expected....
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Date:
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12/30/2009 11:44:01 AM
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Yet another reason not to buy a GM or Chrysler product. It looks like we are headed more quickly toward my prediction of financial ruin and a fire sale to a foreign buyer. People forget what Jaguar was like when it was run by the government. The car couldn't get across a parking lot without breaking down.
The people I really feel sorry for are the dealerships and their employees. The ones not screwed over by the government and summarily closed struggle to sell their product. What an unbelievable mess......and now they want to control our health care?!?!?
While it may be too late, wake up independents and moderates! You may have screwed our country with your vote in 2006 and 2008.
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| Name: |
wix
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| Subject: |
AS expected....
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Date:
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12/30/2009 12:56:59 PM
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We currently own two GM vehicles, three counting the I/O in the boat. I have committed our family to never buy another GM/UAW product supported by o-BAMA and the democrats. I, too, feel sorry for the dealers' employees who must suffer their soon to come fate.
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| Name: |
lotowner
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| Subject: |
AS expected....
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Date:
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12/30/2009 2:03:55 PM
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Never again will I buy a GM or Chrysler vehicle. Ford, Honda, Nissan, and Toyota will be my choices.
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| Name: |
MAJ USA RET
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| Subject: |
AS expected....
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Date:
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12/30/2009 2:18:02 PM
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I really liked my ’96 Jeep Cherokee. Now that was one heck of a TRUE utility vehicle. I did land surveying out of it in Tennessee and Kentucky. I was a scoutmaster in that rugged vehicle… 5 dirty and energetic boys and a trailer full of camping gear. When I went to get a new one in 2004… WHOA! Jeep had decided to discontinue the most successful line of utility vehicles EVER… in favor of the now out of favor PLASTIC Jeep Liberty.
I bought a Toyota. To h3ll with the unions and the government operated auto industry. Quality and reliability count the most!
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| Name: |
Barneget
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| Subject: |
AS expected....
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Date:
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12/30/2009 2:22:54 PM
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I resent, no, I'm infuriated by the position the government has taken in both Chrysler and GM. I think the current administration set a horrible precedent with the treatment of the bondholders, then awarding the unions a substantial stake in the new companies. That said, GM and Chrysler, along with Ford, make very competitive products. Safe, stylish, value priced, comparatively easy to service, and rarely any wait for parts. I'm torn. I want to send a message to this administration that I will not support these actions, yet, along with a Ford store owner, I know a few GM and Chrysler store owners, good business people, good employers, good community contributors, living among us. I don't know what to do. In October this year, for the time EVER, (34 vehicles bought new since 1976 -- 13 GM, 7 Ford, 3 Jeep, 5 Nissan, 1 Honda, 1 Triumph, 1 Volvo, 1 VW, 2 MB), I reluctantly bought a low mileage late model used car, and I may stay on this path until I’m able to sort my send ‘em a message/local loyalty issues out.
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| Name: |
Talullahhound
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| Subject: |
AS expected....
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Date:
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12/30/2009 4:17:38 PM
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This isn't really a new problem -- back a few months ago when GM, the car company, was headlining the news, in the fine print it was mentioned that GMAC was also dying.
The fact is that GM needs a major overhaul. It needs to get smaller and competitive. In my opinion, everything it has done thus far has just been window dressing. Should it be allowed to fail? I don't know the answer - it would throw millions more out of work -- not only the company and its workers, but all the other companies that support it. That's a hard decision.
But, in my view, they can continue to throw money at it, but it's only prolonging the pain.
I haven't had confidence in GM, which is why I bought a Lincoln instead of the Cadillac I was orginially thinking about.
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| Name: |
MAJ USA RET
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| Subject: |
If
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Date:
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12/30/2009 4:29:03 PM
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...I bought American, Hound, it would be a Ford. I never was a Ford man.
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Ford did what needed to be done. They got serious. I have a few shares of Ford stock that I inherited. It's been fun to watch it go up again.
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