Has GM Restored Your Faith?

[Rob]

Now that GM has paid back their government loans / tax payer money, in full, 5 years ahead of schedule, with interest, has GM restored your faith in them?

Why or why not?

 

[First Robin]

Only a very small portion has been paid back so how can anyone say they have been paid back in full? What about the 43 plus billion that has not been paid back. The money paid back, 8 billion, was due in five years, they just paid that back early. I guess the people in D.C. wrote the speaches since the government has a 61% control of GM. Another attempt to brainwash the public.

 

[speedway]

I would have to say yes. The fact that they were able to come out of this and have the money to pay the loan off 5 years early is remarkable considering the times. They have not placed there stock on the open market as of yet but when that takes place all the money will be paid back. What was achieved in my opinion was to save an enormious amount of jobs and maintain some American pride to continue making great cars. I cant imagine anyone on XLR Net that would be unhappy with GM's success when we all drive GM cars and consistently rave about them.

GM "get err done"

Speedway

 

[Rob]

Only a very small portion has been paid back so how can anyone say they have been paid back in full? What about the 43 plus billion that has not been paid back. The money paid back, 8 billion, was due in five years, they just paid that back early. I guess the people in D.C. wrote the speaches since the government has a 61% control of GM. Another attempt to brainwash the public.

I'm kind of curious why you say only a small portion has been paid back, and where did you get your numbers from?

http://media.gm.com/content/media/u...ontent/Pages/news/us/en/2010/Apr/0421_fairfax

 

[Popbigguy]

I agree with RR. From what I've heard (read), all of the loans have not been paid back (or should we say, all of the money given to GM). I'll see if I can find some numbers some where to post.

 

[speedway]

This loan that was paid off had nothing to do with the other loans that both Canada and America provided. I dont have the exact amount but I believe its around 43 Billion for America and this loan was provided with America recieving 61% of GM stock control and Canada I dont remember. The American Government has the controling interest in the GM until it is paid off. GM has stated when (later this year possibly) they place the Corporation back on the stock market these monies will also be paid back. However, the 5.8 Billion dollars was a separate issue as far as loans they had 5 years to pay it off.

Speedway

 

[First Robin]

I'm kind of curious why you say only a small portion has been paid back, and where did you get your numbers from?

http://media.gm.com/content/media/u...ontent/Pages/news/us/en/2010/Apr/0421_fairfax

Rod, it has been all over National television and on the internet. Don't get me wrong, I am very happy that 8 Billion has been paid back, I just hope the rest of the billions will also be paid back. The predictions I have been reading are all saying the current rise in the stock market is just another up before the next big downturn. Our country is in the worst shape in history with all of our enormous debt and especially with Japan and China holding our notes.

I am curious as to how when new stock is issued and the money from the new stock is used to buy back the 61% of the old stock is going to really work. To me that just means the people that purchase the new stock are really going to get screwed.

The latest news is the bailouts have really failed, the companies that were bailed out should have just been left to fail and be sold off. Now we are seeing more of the taxpayers money being thrown away on the massive give away programs for new appliances. The banks were bailed out and now they are reapping huge profits but the money that bailed them out was never used to help the people that needed help.

 

[kpg]

I have not lost faith in the American automobile manufacturers. If I was going to, it would have been back before the '80's when the quality was truly poor. The quality was so poor I gave up and bought my first Japanese car in 1988 and bought three more foreign cars after that. But foreign competition forced American auto makers to improve and now they're on track, and have been so for many years. I've since bought four American cars and have been very satisfied with the product.

And although GM may have had practices that contributed to its "downfall", the cause of the recent economic problems in our country didn't originate in the manufacturing sector, but in the financial se ctor, with plenty of media hype mixed in to scare the rest of us out of buying things. And the downward spiral gained momentum. GM, and American manufacturers of many other products other than automobiles fell because we stopped buying, not because of manufacturing mismanagement or poor quality products. It is no more complicated than that.

Although personally I'm not a believer in government being involved in the private sector, I'm now glad for the action that was taken and for the fact that GM is still here. And we, as taxpayers, are making significant amounts of interest in return for the "investment" of our tax dollars. Not a bad deal after all. I've swallowed my pride and admitted that I just may have been wrong. I didn't agree with the bail out in the beginning, but I sure do now.

Yes, I do have faith in GM, and in American manufacturing.

 

[Jetboy]

I have not lost faith in the American automobile manufacturers. If I was going to, it would have been back before the '80's when the quality was truly poor. The quality was so poor I gave up and bought my first Japanese car in 1988 and bought three more foreign cars after that. But foreign competition forced American auto makers to improve and now they're on track, and have been so for many years. I've since bought four American cars and have been very satisfied with the product.

And although GM may have had practices that contributed to its "downfall", the cause of the recent economic problems in our country didn't originate in the manufacturing sector, but in the financial se ctor, with plenty of media hype mixed in to scare the rest of us out of buying things. And the downward spiral gained momentum. GM, and American manufacturers of many other products other than automobiles fell because we stopped buying, not because of manufacturing mismanagement or poor quality products. It is no more complicated than that.

Although personally I'm not a believer in government being involved in the private sector, I'm now glad for the action that was taken and for the fact that GM is still here. And we, as taxpayers, are making significant amounts of interest in return for the "investment" of our tax dollars. Not a bad deal after all. I've swallowed my pride and admitted that I just may have been wrong. I didn't agree with the bail out in the beginning, but I sure do now.

Yes, I do have faith in GM, and in American manufacturing.

Agree! Although the banks started down the slippery slope they went down at the encouragement of the government. They just went too far and the government did not even raise a word of caution.

 

[First Robin]

I have not lost faith in GM, I have lost faith in our government. The government bailed out GM rather than let GM face bankruptcy, then the government forced GM to file for bankruptcy. Why didn't our government just let GM file for bankruptcy in the first place? If that had happened maybe GM would still have Pontiac, Saturn and Hummer as well as Saab and the majority of the old stockholders would still have stock worth something instead of a worthless piece of paper.