For me, the most frustrating part of the massive bailout for the failing big businesses of America (like GM and the big banking interests) is not how much money the taxpayers had to shell out (though that was rather frustrating). It’s one simple fact—the bailouts propped up businesses that should have died. The bailouts rewarded mediocrity and punished excellence.
I hate my bank—Chase. I used to be a very happy customer of Washington Mutual. Do you remember them? They had generally happy and cheerful employees. They pioneered free checking. They rarely upheld overdraft fees. They had a play area for your kids at every bank. They didn’t nickel and dime their customers. They realized that the money in your accounts is still your money, so you were their highest priority. They also didn’t get any bailout money. Too bad for them.
J. P. Morgan Chase did get bailout money. Because they were overloaded with toxic assets. One of the things they did with their government-funded resurrection was buy Washington Mutual. So now, I have to deal with Chase—an inferior bank. I could switch banks. But pretty much all the banks I could go to are all bailout comrades. Bummer.
And now we get to the sad story of another bailout comrade—GM. They were also mediocre. Exceedingly, famously so. Unions kept them from innovating, kept work quality at shoddy levels, and made sure prices were not competitive. Unions almost single-handedly shifted labor and manufacturing overseas. And guess what? That ended up meaning GM was on the verge of death. They should have been allowed to die.
Instead, taxpayers spent billions propping them up. Taxpayer money propped up Chrysler long enough for its assets to be shifted to the Italian-owned Fiat—a merger the Obama administration considered a victory.
And then, there was GM. “Bin Laden is dead and GM is alive.” That was Obama’s famous summary of his successes as president. Well, I never saw Bin Laden’s body, and reports of GM’s life have been greatly exaggerated.
Officials at GM have apparently known since 2001 that ignition switches in most of their models are faulty. By faulty, they mean that they will actually shut off your car at random. Say you’re on the highway speeding along at 70 mph, and all of a sudden, your car just dies. Power brakes? Nope. Power steering? Nope. You’re going to crash. And people did. Faulty GM ignition switches are being directly implicated in 31 collisions and twelve deaths.
That is tragic. Taxpayers pay for GM to survive. GM repays us by continuing its legacy of mediocrity. And it hides that mediocrity for fear of a financial loss for so long that at least a dozen taxpayers actually die as a result. That disgusts me. Every single person at GM and in the civil government that knew of this should be charged with murder. And when the lawsuit against GM goes through and further bankrupts this obsolete dinosaur, please please let it die this time.
Minkoff mouthing off again. Minkoff, you love the free markets – move to China; they have many markets unfettered by the EPA, OSHA, etc. Just remember to bring your gas mask and prosthetic leg.
Care to prove him wrong with facts instead of hyperbole?
Sure, no problem – real easy to do; below is ONE example:
http://www.cnn.com/…LD/asiapcf/01/01/china.milk/index.html
You can find zillions more – do a search on something like:
“Lack of regulations in China”, or some variant. There are
many ‘facts’ that prove China is a craphole, and their lack
of regulations and enforcement is the reason. And remember,
if you love the free markets so much, you are FREE to move
to China. This ‘hyperbole free’ remark brought to you courtesy
of ZOO.COM search engine.
Still searching for a reply, eh Crusty? Or maybe you soiled your diaper after reading my ‘hyperbole free’ reply.
I have better things to do than babysit morons and fools.
That’s so typical of people like you Crusty – you don’t have the intellectual capacity for argument; you just spout off insults and walk away, leaving me victorious once again. Thank you for proving my point.
grow up troll boy.
Even you teddy bear shows more brains that you.
You consider ‘cnn’ a reliable source for factual information?
If you are so pleased with China, please feel free to go live there for 5 years then get back with us.
Until then, please refrain from telling others to leave THEIR country because their FREE SPEECH makes you cry.
Didn’t you read my reply before you soiled your panties. Did I not say “ONE example” and that there a zillions more, including non-CNN sources. And where do you get the idea I am pleased with China – did I not call China a craphole. I suggest in the future you write your posts while you are sober.
China??? Go to ANY red state in the south & watch coal companies dump toxic waste into the drinking water!
There are no regulations on manufacturers in China because the government owns them. Just like there are effectively no regulations on GM in these US.
GM, like All in DC is a Joke!
God’s Word is now called “hate material” and talking
about God’s Laws is now called “hate speech.” So-called
“Hate Crime” laws have been created by the wicked to
silence Christians or anyone else who embraces Biblical
values. The wicked have made laws that make it a crime
to expose them or their evil agenda. Not only have the
wicked legalized what God has so clearly forbidden, the
wicked are encouraging others to become involved in such
wickedness. Lawlessness is increasing at every level….
Where is this all leading to? What are God’s plans?
Are the days of the wicked numbered by God?
A friend of mine and I have created a website that explains from
God’s Word what is going on and where it’s all leading to.
Our website is called: itshallcometopass dot org
Respectfully, Ray
Nobody actually believes the bible means what it says but it says but people like you are convinced it says what you mean!!!
GOD said The FOOL says in his heart there is no GOD. You obviously are the fool GOD talks about. When you wake up in HELL because you refused to believe what GOD has said you will remember another of GOD’s declarations. Be not deceived, GOD is NOT mocked. As you sow that shall you also reap. For every person you turn away from GOD’s salvation through JESUS CHRIST with your spewing of unbelief you will have even more torment in HELL. If I’m wrong in my belief I lose NOTHING. If you’re wrong eternity in HELL is going to be one hell of a price to pay for it.
Ford Motor Company didn’t take any tax payer money. They don’t need to. Buy yourself a few. You won’t regret it.
To say that “Unions kept them from innovating, kept work quality at shoddy levels, and made sure prices were not competitive.” is utter nonsense.
Investment in innovation is purely a management decision.
Toyota & Honda paid their assembly workers the same as GM and Chrysler, but they paid their executives far less then the American makers did, and THAT’S why their price were lower.
The the shoddiness of American car was more to do with the quality of the parts used than how those part were put into the car.
In each case, the problem is with management, not with the workers.
Which can be seen now, as the same workers are still there, but the old management is gone, and now it’s a success.
As far the ignition problem, as you note, it was first discovered and ignored starting in 2001 — by the old management, and was finally recently corrected by the NEW management. I’d really love to hear your theory on how the unions FORCED management to ignore a deadly problem. (hint: they didn’t). It’s just another case of capitalist putting profits over human lives, and sycophants like you trying to cover up for them.
And I will point out that after WW2 it was the American Worker that rebuild western civilization. American Workers are the envy of the world, that’s why so many people want to come to the US, to become an American Union worker.
Leave out the word union and you would be correct. Most people do not want any part of the corruption that is unions.
Alert! “Then” is the new “than”.
It is getting so hard to keep abreast of the “new” way of talkin’.
I worked for GM and saw first hand the worker attitude that created problems at the plant. Don’t blame it all on management, workers and unions did their share to upset the apple cart.
My husband works for a company that builds the suspension modules for Chrysler and he said that the workers in his shop are pretty, how to put it delicately, unreliable to do their job correctly. He was a quality auditor at one point and he got constant complaints from the line leaders he made them fix stuff that was wrong.
Unions did kill GM, that is a fact. Just one small example: Not only did they secure health insurance for themselves but their children and other family members. Finally broke the back of the company with high wages and higher benefits. They were never happy even though they made 3-4 times what most people did.
I repeat — Profitable foreign car makers paid their workers comparably to American auto workers. The salary/benefit different was than American car makers paid their executives vastly more that the foreign makers.
You are not being honest with yourself or us. GM went through more money than many small countries. Executives salaries are a drop in the bucket when compared to other labor costs. The unions also killed the steel industry in this country and most of the tire companies. It is easy to say that executives are paid too much but corporate boards hire them to make a profit for the company. If they do not do that they are fired.
Volkswagen told the UAW to kiss off I hear. Did you also hear that?
Actually, VW (the company) was perfectly willing to accept UAW representation of their workers. It was the state government which used taxpayer money to run a campaign against unionization. In the end, the workers choose not to unionize, mainly because VW, unlike American corporations, actually treats it’s workers with respect, so the union was needed.
Opinions do vary James.
The workers chose not to become unionized. If American corporation are so horrific and contemptible, shouldn’t they be allowed to die? Shouldn’t we the taxpayers, with righteous indignation, refuse our tax dollars to prop up these disrespectful monstronsities? VW let the UAW set up an office inside the factory. When a line worker was asked why in the world anyone would turn down being in a union, the man answered, “Detroit. I don’t want that for my home.”
The thing is, I can’t find any quote from a WORKER saying that. But I can find a number of Republican Congressmen and other shills for corporate interests claiming that: http://www.bloomberg.com/news/2014-02-14/union-foes-tie-chattanooga-volkswagen-vote-to-detroit-woe.html
Define “success”. If you mean a corporation that is not viable without huge inputs of public money. Then GM is a “suck-cess”.
GM hasn’t taken public money in five years, and has repaid what is was given.
The oil companies on the other hand, continue to get corporate welfare every year.
The Chevy Volt was about as successful as an Edsel. I think i have seen two on the road since their inception.
More lies spread by Rush & Co. GM sold 23,000 Volts in the US last year .
You listen to Rush’s Radio program?Wonderful! He is pretty darn successful, isn’t he?
Keep it up you lying, odumbo sucking libtard troll. But you don’t care how much you assist in destroying this country as long as you keep getting your “entitlements”.
At a loss on each and every one!
Were they on fire? They have a half-a-dozen electric batteries. Firemen have had to let drivers and passengers incinerate rather than risk electrifying the water runoff.
They didn’t repay what was taken. The government sold my GM shares (back to GM) at a loss of $5 billion. In other words, the cost of about an hour of Obama vacation.
Ford didn’t take any of my money at all, and I haven’t heard about Ford killing anyone.
Ford didn’t take government money because the company secured loans before the banking debacle. That doesn’t make them smarter, just luckier.
Not true. Ford borrowed afterward also. Their stock was down to $1 a share. Wish I had bought!
Liar!!! Does idiocy come naturally to you or do you have to practice it? GM still has NOT re-payed it’s loans. “Oil company corporate welfare”? Doesn’t exist.
Wrong on both counts.
Gm Repaid it’s loans:
http://www.telegraph.co.uk/finance/newsbysector/transport/general-motors/7615855/GM-loan-repayment-sign-that-US-Inc.-is-back-on-track.html
Oil Companies get subsidies:
http://priceofoil.org/fossil-fuel-subsidies/
Actually, make that wrong on all three counts, as I don’t get an “Entitlement” (I’m probably paying more taxes than you)
I repeat LIAR! Your citation of phony anti-American, communist oriented, anti-capitalism “news” outlets only shows your despicable bias. GM did NOT repay the full value of it’s loans. They, partially, paid off with deflated stock after it was dumped on the market. As for the other, it’s only a rag promoting “alternative energy”, which cannot and will never work. And I also stand by my allegation that you receive a lot more cash from the gov’t than you pay. But like all welfare cockroaches, you lie about that too. Yeah, you pay more taxes than me. In your wettest of dreams pervert!
You seem to have a problem with the difference between “facts” and “opinions”.
– Regardless of your OPINION of Alternate Energy, it doesn’t change the FACT that the oil companies are receiving subsidies.
– GM stock has been steadily rising for the past two years. The US will be making a profit on that stock soon.
– I am a software developer making $100K a year (You can read my non-political writings at http://www.honestillusion.com) , and living in the high tax state of NJ (which on average gets back only 88 cents for every dollar we send to Washington). Are you sure you don’t want to reconsider that “Who pays the most taxes?” opinion?
More lies! GM stock price tanked during the period of July 2011 to September 2012. That’s when GM used its deflated stock to “repay” its loans. The American taxpayer ate approximately $4 billion . The sick part is that most of that “lost” money went to union bosses to help reelect Odumbo. And even that wouldn’t have been enough without the massive voter fraud perpetrated by the DNC. In your final breath dumbass, you brag about how much you pay in income taxes. What a douche!. You should, actually, be fighting high taxes and welfare type programs that are ruining this once great country.
GM used them to repay the loan when they were worth the least, which means they are worth a lot more now. (ya’know the whole “Buy low, sell high” thing — we “bought” when the stock was very low)
Also your view on Javascript is rather out-of -date (like your views on everything else), but if you insist, read some of the other articles on the website…..
They repaid with devalued stock at original prices so they in fact cheated America.
They still owe 15 billion!
The same may be said of the tremendous rise in the high flying Stock market! With Eighty-five Billion $$ being pumped into it month after month buying back our worthless bonds is it not surprising that there were Billions to be made by the adventuresome who had money to lose? As our bonds deplete, the pace has slowed ever so slightly, since only 53 Billion per
month is currently propping up that sector of the economy.
That rarified atmosphere was way too rich for my blood so I and zillions got out of that high stake poker game. We leave it to the high-rolling gamblers.
Seriously: How much does MSNBC pay you?
It sad that low information teabaggers just have no idea of the ramifications of every US bank along with GM & AIG failing would have on our economy
You’re funny, now go take a hike.
You lack the intellect to pretend to be me.
Artificial intelligence is no match for natural stupidity.
Be a man and take that stupid Che Guvera beret off. You’re really showing yourself.
Why would you pretend to be me?
Still frustrated that you voted for the Kenyan LABobE? How is the hope and change going for you? Wait, don’t tell me.
The stock market has doubled & real estate values are going through the roof! Obama has been VERY VERY good to me!
I know the exact ramifications: none. Unless you consider not losing billions of dollars to be a ramification.
When will people get it? We did not prop GM up. We propped the unions up and they ended up owning a big chunk of GM, all paid for by taxpayers. Keep voting Democrat suckers.
The ramifications of No bailout would have been far easier on the economy than what happened in this country over the past six years. To bailout any business enterprise with government tax payer funds is corrupt. That being said…..bring all the softer , weak Ivy League “I know better than you” replies that financial sector and the Auto industry? Really matter …. Really are that important these executives are failures!! Plain and simple’
Celebrate your mediocrity and embrace the failure that will once again reap its actions as this country of fools will undoubtably bail out another so called “too big to fail industry”
Been in business my whole life; failed sometimes…prospered others ….never looked or asked for a financial bailout.
PS- American cars for the most part are a terrible value and nothing to get excited over.
Honestly, I don’t expect ANY teabagger to have even the slightest clue as to the ramifications of BofA, Chase, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, AIG & GM all failing would have of the world wide economy so let’s just leave it at that. It’s WAY over the head of you low information voters.
Well Mr Soft hands! It’s actually you who lacks the intellectual capacity that is required to understand what happened and what shoud have been done. But hey … Pretty much everyone on multiple sites agree your an ill informed Costco employee. I’m glad your able to make a list of those financial institutions.
At least your little squirrel mind can find a nut every now and then.
Keep checking those membership cards.
What? Unions moving jobs overseas? I thought it was big bad businesses that did that? Were we lied to again? This is getting old!
Eric Holders Justice Department is knowingly, allowing G.M. to continue selling these faulty cars at GM dealerships while fining Toyota over a billion dollars for the problems they experienced. Hippocrits.
Americans bailed out the unions. As long as they survived all was good. The joke is on the unions as production of these vehicles more overseas to non-union plants. Damn fools, so shortsighted!
My favorite car company is Ford they make the f-150 which i like. At least they are not bankrupt. Is Ford the onlg remaining americsn company that is not bankrupt? Or gone thru bankrupcy?