Does Anyone feel like Bailing - Page 17

SamIam · 10-27-2008, 03:26 PM

The entire thing continues to make me feel totally enraged. Why should we pay billions of dollars to not only bail out incompetent CEO's, but even give them golden parachutes which allow them to bail out of the mess they created and live like the Saudi royalty? Meanwhile, children living in poverty go without medical care and decent schools that might give them a chance in life? I am so mad and fed up over all of it.

classicman · 10-27-2008, 03:38 PM

SamIam, Blame the fiscal branch of Gov't.

SamIam · 10-28-2008, 09:15 AM

What fiscal branch? It was our wonderful congress that voted for the bailout. The excutive branch in the form of lame duck Dubya signed off on it. No doubt if they had a chance, the judicial branch in the form of the Supreme Court would have corporate welfare become the law of the land. Oh, grrrrrrrr!

TheMercenary · 10-28-2008, 10:33 AM

Quote:

Originally Posted by classicman

SamIam, Blame the fiscal branch of Gov't.

I believe the hint was missed.

classicman · 10-28-2008, 12:33 PM

thanks merc.

classicman · 10-31-2008, 03:45 PM

Quote:

Ed Lazear, chairman of President George W. Bush's Council of Economic Advisers, defended the implementation of the rescue plan at a press conference Thursday. He noted there is little hard evidence that banks are not appropriately using federal funds. "We have to make sure that banks have the appropriate flexibility to do those things that will get credit markets going," Mr. Lazear said.

Uh no sir, THAT'S HOW WE GOT INTO THIS MESS IN THE FIRST PLACE
From here

Quote:

U.S. lawmakers are considering steps to alter the terms of the Treasury Department's financial-rescue plan, including forcing banks to lend funds they've received from the government and imposing new limits on executive compensation at firms that are part of the program.

Good Idea

Quote:

"The goal seems to be changing every single day," Mr. Sanders said. "Are we comfortable that a handful of bankers are literally alone in a room deciding which banks get what?"

Someone tell me this is NOT whats going on..... please.

HungLikeJesus · 10-31-2008, 04:04 PM

This is not what's going on.

Is that better?

ZenGum · 10-31-2008, 06:23 PM

More convincingly, please.

classicman · 10-31-2008, 07:13 PM

Maybe if you put it in bold, underlined or italics.
Yeh - that might help

HungLikeJesus · 10-31-2008, 07:17 PM

Sorry; just listened to National Public Radio. This is what's going on.

classicman · 10-31-2008, 07:19 PM

Fucking congress - Seems like all those elections flew under the radar too. I think they may be more important too.

TheMercenary · 10-31-2008, 07:45 PM

Quote:

Originally Posted by classicman

Fucking congress - Seems like all those elections flew under the radar too. I think they may be more important too.

Congress is the election process to be keeping an eye on. It matters not who gets elected president anymore. I don't prefer Obama or McCain, but with a supermajority in Congress things could get ugly. I don't trust them anymore than I trust a supermajority by the Repubs. We have already seen what that gave us, and yet somehow we have pervasive mindset that a swing of the pendulum in the other direction is acceptable. Be careful what you wish for.

Griff · 11-01-2008, 06:59 AM

Unbefuckingbelievable.

tw · 11-05-2008, 05:20 PM

Another GM money game to avoid bankruptcy was 0% financing and car leasing. GM constantly sought profit sources to mask a line of crappy cars. GMAC, for example, could reap profits from a government subsidized housing market. GMAC then would sell a GM car by lower its price using 0% financing, etc. Then GMAC would suffer losses many years later. No problem. Bean counters only think in terms of years - not decades.

During the 2000 decade, GM cars were still crap. So GM did another deal for money. They sold half of GMAC to Cerberus Capitial (who also bought Chrysler).

An MBA named Nardelli was running Home Depot slowly into the ground. So they gave Nardelli $200million to leave. Nardelli is now running Chrysler into the ground.

GM and Chrysler decided to merge (as if economies of scale mean higher profits - a myth taught to business school graduates). No problem. Exchange stock and merger done. However both GM and Cerberus own companies that make crappy products, do not innovate, and both own GMAC. Eventually the housing market could no longer coverup 0% financing. So GM and Cerberus Capital Management ran to government for another $10billion.

GM is worth about $5billion. Chrysler is worth maybe $0.5billion. So government will give them $10billion to merge? Since avoiding bankruptcy in 1991 by playing money games (ie stop funding the pension funds), GM has long needed bankruptcy to fix GM's only problem.

Last GM cash cow (without $billions from government welfare - TARP) is slowly going belly up. Another victim of GM that did not face bankruptcy early one. From the NY Times : [quote]Deteriorating Home Market Puts GMAC Unit at Risk
GMAC, the finance company partly owned by General Motors, lost $2.52 billion in the third quarter, hurt by the housing slump and write-downs on vehicle leases, and said Wednesday that its mortgage unit, one of the nation’s largest home loan providers, might not survive.

The loss, GMAC’s fifth consecutive quarterly decline, compared with a loss of $1.6 billion in the period a year earlier and brought GMAC’s losses since the middle of 2007 to $7.9 billion. ...

The finance company’s results will hurt G.M., which still owns 49 percent of GMAC after selling the rest in 2006 to the private equity firm Cerberus Capital Management. G.M. will report its earnings on Friday.[\QUOTE] Give GM credit. They sold much of GMAC to an even more foolish Cerberus Capital just before GMAC was no longer useful for money games. GM is excellent at these money games. Has GM run out of places to steal money? Will GM finally fix their only problem - Rick Wagoner? Bankruptcy early enough means few or no employee job losses, replacing finance people with product people, and innovation.

Chambers of Cisco is known for his rosy projections. Chambers today issued a very negative economic outlook. Cisco October sales decreased 9%. This downturn in a company that is productive, innovative, and therefore patriotic American. Few other companies have announced projections. Can GM coverup massive losses again this Friday when they announce earnings? Or are economic forces finally taking revenge for George Jr's economy based on lies, deceit, and money games?

Crappy products and innovation (maybe White House lawyers also rewrote those innovations) are finally appearing on the spread sheets. How honest will those spread sheet be? Friday will be a very bad market day if the spread sheets are honest. Then GM will use those reports are an excuse to beg for more corporate welfare.

TheMercenary · 11-05-2008, 08:20 PM

Quote:

Originally Posted by Griff

Unbefuckingbelievable.

Care to expound on that thought process? Specifically to what?

10-27-2008, 03:38 PM	#242
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	SamIam, Blame the fiscal branch of Gov't. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-28-2008, 12:33 PM	#245
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	thanks merc. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-31-2008, 04:04 PM	#247
HungLikeJesus Only looks like a disaster tourist Join Date: Feb 2007 Location: above 7,000 feet Posts: 7,208	This is not what's going on. Is that better? __________________ Keep Your Bodies Off My Lawn SteveDallas's Random Thread Picker.

10-31-2008, 06:23 PM	#248
ZenGum Doctor Wtf Join Date: Oct 2007 Location: Badelaide, Baustralia Posts: 12,861	More convincingly, please. __________________ Shut up and hug. MoreThanPretty, Nov 5, 2008. Just because I'm nominally polite, does not make me a pussy. Sundae Girl.

10-31-2008, 07:13 PM	#249
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Maybe if you put it in bold, underlined or italics. Yeh - that might help __________________ "like strapping a pillow on a bull in a china shop" Bullitt

10-27-2008, 03:26 PM	#241
SamIam Registered User Join Date: Jun 2007 Location: Not here Posts: 2,655	The entire thing continues to make me feel totally enraged. Why should we pay billions of dollars to not only bail out incompetent CEO's, but even give them golden parachutes which allow them to bail out of the mess they created and live like the Saudi royalty? Meanwhile, children living in poverty go without medical care and decent schools that might give them a chance in life? I am so mad and fed up over all of it.

10-28-2008, 09:15 AM	#243
SamIam Registered User Join Date: Jun 2007 Location: Not here Posts: 2,655	What fiscal branch? It was our wonderful congress that voted for the bailout. The excutive branch in the form of lame duck Dubya signed off on it. No doubt if they had a chance, the judicial branch in the form of the Supreme Court would have corporate welfare become the law of the land. Oh, grrrrrrrr!

10-31-2008, 07:17 PM	#250
HungLikeJesus Only looks like a disaster tourist Join Date: Feb 2007 Location: above 7,000 feet Posts: 7,208	Sorry; just listened to National Public Radio. This is what's going on. __________________ Keep Your Bodies Off My Lawn SteveDallas's Random Thread Picker.

10-31-2008, 07:19 PM	#251
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Fucking congress - Seems like all those elections flew under the radar too. I think they may be more important too. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

11-01-2008, 06:59 AM	#253
Griff still says videotape Join Date: Feb 2001 Posts: 26,813	Unbefuckingbelievable. __________________ If you would only recognize that life is hard, things would be so much easier for you. - Louis D. Brandeis

11-05-2008, 05:20 PM	#254
tw Read? I only know how to write. Join Date: Jan 2001 Posts: 11,933	Another GM money game to avoid bankruptcy was 0% financing and car leasing. GM constantly sought profit sources to mask a line of crappy cars. GMAC, for example, could reap profits from a government subsidized housing market. GMAC then would sell a GM car by lower its price using 0% financing, etc. Then GMAC would suffer losses many years later. No problem. Bean counters only think in terms of years - not decades. During the 2000 decade, GM cars were still crap. So GM did another deal for money. They sold half of GMAC to Cerberus Capitial (who also bought Chrysler). An MBA named Nardelli was running Home Depot slowly into the ground. So they gave Nardelli $200million to leave. Nardelli is now running Chrysler into the ground. GM and Chrysler decided to merge (as if economies of scale mean higher profits - a myth taught to business school graduates). No problem. Exchange stock and merger done. However both GM and Cerberus own companies that make crappy products, do not innovate, and both own GMAC. Eventually the housing market could no longer coverup 0% financing. So GM and Cerberus Capital Management ran to government for another $10billion. GM is worth about $5billion. Chrysler is worth maybe $0.5billion. So government will give them $10billion to merge? Since avoiding bankruptcy in 1991 by playing money games (ie stop funding the pension funds), GM has long needed bankruptcy to fix GM's only problem. Last GM cash cow (without $billions from government welfare - TARP) is slowly going belly up. Another victim of GM that did not face bankruptcy early one. From the NY Times : [quote]Deteriorating Home Market Puts GMAC Unit at Risk GMAC, the finance company partly owned by General Motors, lost $2.52 billion in the third quarter, hurt by the housing slump and write-downs on vehicle leases, and said Wednesday that its mortgage unit, one of the nation’s largest home loan providers, might not survive. The loss, GMAC’s fifth consecutive quarterly decline, compared with a loss of $1.6 billion in the period a year earlier and brought GMAC’s losses since the middle of 2007 to $7.9 billion. ... The finance company’s results will hurt G.M., which still owns 49 percent of GMAC after selling the rest in 2006 to the private equity firm Cerberus Capital Management. G.M. will report its earnings on Friday.[\QUOTE] Give GM credit. They sold much of GMAC to an even more foolish Cerberus Capital just before GMAC was no longer useful for money games. GM is excellent at these money games. Has GM run out of places to steal money? Will GM finally fix their only problem - Rick Wagoner? Bankruptcy early enough means few or no employee job losses, replacing finance people with product people, and innovation. Chambers of Cisco is known for his rosy projections. Chambers today issued a very negative economic outlook. Cisco October sales decreased 9%. This downturn in a company that is productive, innovative, and therefore patriotic American. Few other companies have announced projections. Can GM coverup massive losses again this Friday when they announce earnings? Or are economic forces finally taking revenge for George Jr's economy based on lies, deceit, and money games? Crappy products and innovation (maybe White House lawyers also rewrote those innovations) are finally appearing on the spread sheets. How honest will those spread sheet be? Friday will be a very bad market day if the spread sheets are honest. Then GM will use those reports are an excuse to beg for more corporate welfare.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)