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God Emperor of Dune
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Posted: 4/10/2009 4:00:31 PM EST
And when GM goes bankrupt (it will happen for certain) that money is gone forever. Down the rathole.

Fucking idiots.
"Life is a comedy for those who think... and a tragedy for those who feel" Horace Walpole
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Posted: 4/10/2009 4:05:14 PM EST
I don't remember, was it 15 billion? With the trillions we've been tossing at banks lately I don't even pay attention to the mere billions we throw around these days.
A casual stroll through the lunatic asylum shows that faith does not prove anything. -Friedrich Nietzsche
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Posted: 4/10/2009 4:10:28 PM EST
[Last Edit: 4/10/2009 4:10:51 PM EST by TrijiCog]
What ever happened to ShopRat ? I think he used to buff blemishes off of cars on the GM line for $40.00 an hour.
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Posted: 4/10/2009 4:15:59 PM EST

Originally Posted By DigDug:
And when GM goes bankrupt (it will happen for certain) that money is gone forever. Down the rathole.

Fucking idiots.

Uh, it was gone down the rathole the instant it was spent, just like MOST of the money Central Planning spends.
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Posted: 4/10/2009 4:19:02 PM EST
Too much
I'm not from the Goverment and Im not here to help
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Posted: 4/10/2009 4:19:11 PM EST
Who didnt see that coming?
General Motors make and sells defective vehicles that they DO NOT honor their Warranty on.
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Posted: 4/10/2009 4:19:22 PM EST
It's only pretend money.....
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Posted: 4/10/2009 4:22:24 PM EST
[Last Edit: 4/10/2009 4:23:02 PM EST by The_Macallan]

It was virtual money.

Potential money.

Future money.

Not "real" money.

They didn't REALLY give them $150 billion cash - it was just an $150billion IOU.

Actually it was a $150billion "my-children-and-grandchildren-OU"



<font color=red>I am not the means to any end others may wish to accomplish. I am not a tool for their use. I do not surrender my treasures to be flung to the winds as alms for the poor.</font id=red>
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Posted: 4/10/2009 4:31:27 PM EST

Originally Posted By The_Macallan:

It was virtual money.

Potential money.

Future money.

Not "real" money.

They didn't REALLY give them $150 billion cash - it was just an $150billion IOU.

Actually it was a $150billion "my-children-and-grandchildren-OU"



Boy, good thing all that extra "made up" money didn't have ANY affect on us AT ALL!



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Posted: 4/10/2009 4:33:38 PM EST
Originally Posted By DigDug:

Fucking idiots.


The real idiots are those who continue to buy GM products.

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Posted: 4/10/2009 4:34:21 PM EST
Originally Posted By DigDug:
And when GM goes bankrupt (it will happen for certain) that money is gone forever. Down the rathole.

Fucking idiots.


I don't think Obama can politically afford for GM to go to bankruptcy court. The UAW has backed too much for him to allow the courts to break their contracts with GM.
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Posted: 4/10/2009 4:37:33 PM EST

Originally Posted By TrijiCog:
What ever happened to ShopRat ? I think he used to buff blemishes off of cars on the GM line for $40.00 an hour.

He's kept a low profile since the bailouts began.
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Posted: 4/10/2009 4:41:04 PM EST
[Last Edit: 4/10/2009 4:42:20 PM EST by Flindelaaf]
If the following is true, GM's bankruptcy is going to cost the taxpayer a lot more than any bailout of GM has cost already:

From Rep. McCotter's website:
Note: According to articles from The Market Ticker and The Business Insider, many GM bondholders could hold credit default swaps (CDS) with Troubled Asset Relief Program (TARP) recipient AIG on GM debt. Secretary Geithner has previously stated that, due to the injection of taxpayer dollars, AIG “fully met its obligations” – in sum, it paid 100 cents on the dollar on AIG’s CDS contracts. Thus, if GM enters bankruptcy, GM’s bondholders with CDS contracts from AIG could be assured of getting all their money back – if not more – because the American taxpayer is now guaranteeing these contracts with AIG.


In other words, if GM goes bankrupt, you, as a taxpayer, are going to have to pay even more to bailout AIG because AIG is obligated through its credit default swaps with GM bond holders to make such GM bond holders whole in the event of GM's bankruptcy.

You are going to be forced to funnel 10s of billions more through AIG to enrich AIG's counterparties.
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Posted: 4/10/2009 4:41:31 PM EST
Didn't they actually buy up debt or relieve them of debt originally or did they give them moar?
None at this time...
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Posted: 4/10/2009 4:55:45 PM EST
Apparently not enough

They should have been left go bankrupt the last time (I know I'm preaching to the choir ). Things might have started working out by now.
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