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| Topic: GM Bailout going to Cost taxpayers $11 billion | |
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This is great...
Obama bailing out GM and his union buddies are going to cost us roughly $11 billion.. That is if the price per share doesn't drop any further between now and the selloff.. What is another 11 billion.. GM stock lower amid report of quick govt sale At the current price, the government would lose more than $11 billion, but the Obama administration is willing to accept the loss in order to cut its last ties to the auto manufacturer, the newspaper said, citing unnamed sources. The summer sale would make it more likely that the government could unload the remainder of its shares before the 2012 election season. http://www.google.com/hostednews/afp/article/ALeqM5iQ772RYgyZRuijNjN58Syvf8HExw?docId=CNG.862196b5b90a6d3e5734cc272997d1cd.a51 |
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Edited by
artlo
on
Wed 04/20/11 04:30 AM
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That's odd. GM's stock did pretty much what the whole S&P did yesterday.
http://channels.netscape.com/pf/chart_quote.jsp?TickerSymbols=gm&time=999&x=9&y=12&ctype=line&show=splits&indicators=ind_none&compidx=none. The general early sell-off was a result of the dubious news about the Standard and Poors debt rating. Nothing to do with GM. There are no trades reported in pre-market. |
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Edited by
Bestinshow
on
Wed 04/20/11 05:39 AM
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Even if there is a glimmer of truth to this it is still a bargain considering all the families that are supported by UAW workers and business they also support.
Consider The newest Ford-class air craft carriers are expected to cost around $9 billion each (in 2010 dollars). These costs exclude any aircraft. Read more: http://wiki.answers.com/Q/How_much_does_an_aircraft_carrier_cost#ixzz1K49QsfS3 What does an aircraft carrier bring besides death? Consider .S. Financial Aid To Israel: Figures, Facts, and Impact Summary Benefits to Israel of U.S. Aid Since 1949 (As of November 1, 1997) Foreign Aid Grants and Loans $74,157,600,000 Other U.S. Aid (12.2% of Foreign Aid) $9,047,227,200 Interest to Israel from Advanced Payments $1,650,000,000 Grand Total $84,854,827,200 Total Benefits per Israeli $14,630 Cost to U.S. Taxpayers of U.S. Aid to Israel Grand Total $84,854,827,200 Interest Costs Borne by U.S. $49,936,680,000 Total Cost to U.S. Taxpayers $134,791,507,200 Total Taxpayer Cost per Israeli $23,240 http://www.wrmea.com/special-topics/9748-us-aid-to-israel.html What do we get from that? One B2 stealth bomber costs two billion, so for the price of five and a half stealth bombers we kept some good paying jobs in america. Jobs that pay taxes. Jobs that put kids through collage. Jobs that supprt the local community. Even if there is any truth to this, it is a far better deal than buying five stealth bombers. |
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This is great... Obama bailing out GM and his union buddies are going to cost us roughly $11 billion.. That is if the price per share doesn't drop any further between now and the selloff.. What is another 11 billion.. GM stock lower amid report of quick govt sale At the current price, the government would lose more than $11 billion, but the Obama administration is willing to accept the loss in order to cut its last ties to the auto manufacturer, the newspaper said, citing unnamed sources. The summer sale would make it more likely that the government could unload the remainder of its shares before the 2012 election season. http://www.google.com/hostednews/afp/article/ALeqM5iQ772RYgyZRuijNjN58Syvf8HExw?docId=CNG.862196b5b90a6d3e5734cc272997d1cd.a51 Sell off itself will generate a sharp drop in market price... it is the nature of the market. |
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Sell off itself will generate a sharp drop in market price...
Not true unless it gets to a panic level. Traders see sell-offs as buying opportunities.
it is the nature of the market. |
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Sell off itself will generate a sharp drop in market price...
Not true unless it gets to a panic level. Traders see sell-offs as buying opportunities.
it is the nature of the market. Aye, because the price drops... buy low sell high. |
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That's odd. GM's stock did pretty much what the whole S&P did yesterday. http://channels.netscape.com/pf/chart_quote.jsp?TickerSymbols=gm&time=999&x=9&y=12&ctype=line&show=splits&indicators=ind_none&compidx=none. The general early sell-off was a result of the dubious news about the Standard and Poors debt rating. Nothing to do with GM. There are no trades reported in pre-market. The break even price is $52 per share.. you obviously didn't read the article.. |
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This article acknowledges the losses on the stock prices, but has a great deal more to say about it. Democrats like to look at the big picture.
The U.S. sold almost half of its stake in the nation’s largest automaker for $33 a share — about $10 less than it needs to break even. The remaining shares will need to sell for about $20 higher to make up the difference. GM opened at $35 and stayed within $1.11 of that price all day. Selling the remaining shares at that price would produce a loss of about $9 billion.
You should read the whole article
That may go down as a bargain. The U.S. would have lost $28.6 billion in spending on social services and missing tax revenue if not for the bailout of GM, its former lending arm and Chrysler Group LLC, according to a study released Nov. 17 by the Center for Automotive Research in Ann Arbor, Michigan. “GM ends up an economic contributor to the U.S. economy,” said Barry Ritholtz, author of “Bailout Nation” and chief executive officer of New York investment research firm FusionIQ. “It’s manufacturing products, it’s creating jobs, it’s buying wholesale parts, it’s doing what an industrial company is supposed to do.” http://www.ritholtz.com/blog/2010/11/gm-the-most-successful-bailout-bankruptcy/ BTW, GM is having another nice day of gains. Guess Wall Street wasn't too impressed with your article, |
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while talking dollars is interesting, I have witnessed up close and personal the effects of the multidecade long "resturcturing" and recent demise of GM and the impact on families
and I'm ambivalent the families in my scope didn't suffer - they received unemplyment compensation equal to my current salary, and free education plus (usually) buy outs in the neighborhood of 75-140,000 dollars lump sum (in addition to other benefits - the buy outs alone should have made them ineligible for education funding) plus continued healthcare - where I could not afford it on my income I am not saying they don't deserve something, but at MY expense? H-E-LL NO so any more expense needs to come at the expense of something other than my tax dollars BTW, my job included to provide laid off GM employees with education information for the last 5 years of the restructuring. and they were the best people I dealt with - I just kinda resent having to pay their "welfare" when I make less WORKING than they make as FT students, have more education, and fewer benefits at my job. And, I can;t speak for them all, but I know some of them would agree with me |
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while talking dollars is interesting, I have witnessed up close and personal the effects of the multidecade long "resturcturing" and recent demise of GM and the impact on families and I'm ambivalent the families in my scope didn't suffer - they received unemplyment compensation equal to my current salary, and free education plus (usually) buy outs in the neighborhood of 75-140,000 dollars lump sum (in addition to other benefits - the buy outs alone should have made them ineligible for education funding) plus continued healthcare - where I could not afford it on my income I am not saying they don't deserve something, but at MY expense? H-E-LL NO so any more expense needs to come at the expense of something other than my tax dollars BTW, my job included to provide laid off GM employees with education information for the last 5 years of the restructuring. and they were the best people I dealt with - I just kinda resent having to pay their "welfare" when I make less WORKING than they make as FT students, have more education, and fewer benefits at my job. And, I can;t speak for them all, but I know some of them would agree with me |
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People who cry and moan about the small change that helps people are not being intelectualy honest when they ignore stories like this.
Lockheed’s F-35 Operating Costs May Reach $1 Trillion, U.S. Congress Told (excerpt) (Source: Bloomberg news; published April 21, 2011) (See note at bottom -- Ed.) It may cost as much as $1 trillion to operate the military’s fleet of Lockheed Martin Corp. F-35 aircraft for several decades, according to a preliminary Pentagon estimate sent to Congress. The figure is 9.3 percent more than the $915 billion estimate by the Defense Department in its 2009 Selected Acquisition Report to Congress. The long-term cost estimate, which includes inflation, was submitted to Congress on April 15 in a report obtained by Bloomberg News. It assumes 8,000 hours of flying time for each of the 2,443 aircraft over a 30-year period. The Air Force, Navy and Marine Corps have their own variations of the aircraft, with the last in the fleet to be produced in 2035. The estimate was calculated by the Pentagon’s independent cost analysis group based on models using historical data from other fighters, David Van Buren, Air Force service acquisition executive, said in an interview today. http://www.defense-aerospace.com/articles-view/release/3/124860/estimates-for-f_35-operating-costs-vary-from-$442-bn-to-$1-trillion.html |
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Edited by
greeneyeman
on
Fri 04/22/11 06:47 AM
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I am not sure but I think there is a country without a military. It is in Central America or something.
Costa Rica??? Their military budget is $0 I thought it would be fun to add that for everyone.:) |
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