Government Motors Is Headed for Bankruptcy -- Again!

[wbcoleman]

8/15/2012
General Motors Is Headed For Bankruptcy -- Again
By Louis Woodhill

http://www.forbes.com/sites/louiswoodhill/2012/08/15/general-motors-is-headed-for-bankruptcy-again/The Truth About Cars, an auto industry blog:

Titanic

[clistensprechen]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

[wbcoleman]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

Wrong-o, clara.  The stuff you're talking about was spun off and is now called Ally Bank, with no remaining connection to GM.

Did you actually read the article?  The main point is that O's intervention accomplished nothing that a regular bankruptcy could have and would have, aside from transferring billions from the lienholders to his pals in the UAW.

[Ted S]

... General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

Very true!  It's core business is supporting retired GM employees.  GM is a vast, all expenses paid, retirement home with a small branch that manufactures automobiles.

[clistensprechen]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

Wrong-o, clara.  The stuff you're talking about was spun off and is now called Ally Bank, with no remaining connection to GM.

Did you actually read the article?  The main point is that O's intervention accomplished nothing that a regular bankruptcy could have and would have, aside from transferring billions from the lienholders to his pals in the UAW.

Ally Bank is a placebo spinoff, sorry. There's still more to GM than autos, which is why the article (and you) are wrong about a plain vanilla reorganization bankruptcy. That's for plain vanilla small to mid-cap businesses. GM was, and still is, extraordinary.

[wbcoleman]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

Wrong-o, clara.  The stuff you're talking about was spun off and is now called Ally Bank, with no remaining connection to GM.

Did you actually read the article?  The main point is that O's intervention accomplished nothing that a regular bankruptcy could have and would have, aside from transferring billions from the lienholders to his pals in the UAW.

Ally Bank is a placebo spinoff, sorry. There's still more to GM than autos, which is why the article (and you) are wrong about a plain vanilla reorganization bankruptcy. That's for plain vanilla small to mid-cap businesses. GM was, and still is, extraordinary.

There's no arguing with you, is there?  You just dig in and cling to whatever the ideological position requires, facts be damned!

[wbcoleman]

... General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

Very true!  It's core business is supporting retired GM employees.  GM is a vast, all expenses paid, retirement home with a small branch that manufactures automobiles.

The whole point of O's "rescue" was to transfer corporate assets into a trust for the benefit of these retirees.  I wonder what will happen to them in the event of a second bankruptcy.

[wbcoleman]

Michael Barone writes:

http://www.nationalreview.com/articles/314694/bad-worse-obama-s-gm-bailout-michael-baroneAutomotive NewsForbes

[clistensprechen]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

Wrong-o, clara.  The stuff you're talking about was spun off and is now called Ally Bank, with no remaining connection to GM.

Did you actually read the article?  The main point is that O's intervention accomplished nothing that a regular bankruptcy could have and would have, aside from transferring billions from the lienholders to his pals in the UAW.

Ally Bank is a placebo spinoff, sorry. There's still more to GM than autos, which is why the article (and you) are wrong about a plain vanilla reorganization bankruptcy. That's for plain vanilla small to mid-cap businesses. GM was, and still is, extraordinary.

There's no arguing with you, is there?  You just dig in and cling to whatever the ideological position requires, facts be damned!

I go out of my way to research the facts, so when you argue with me, you're arguing with the facts.  So yeah--there's no arguing with the facts. The crap you get from your party is, well, crap.

[wbcoleman]

This highlights the problem I have with both parties--neither recognize that General Motors isn't all about motor vehicles, that autos are only a small fraction of its business.

It's a financial loan vehicle more than it's a road vehicle, and it involves not just auto loans but farm loans, home loans, and business loans. GM will continue to be bailed out each time it goes bankrupt and Forbes is gonna LIKE it.

Wrong-o, clara.  The stuff you're talking about was spun off and is now called Ally Bank, with no remaining connection to GM.

Did you actually read the article?  The main point is that O's intervention accomplished nothing that a regular bankruptcy could have and would have, aside from transferring billions from the lienholders to his pals in the UAW.

Ally Bank is a placebo spinoff, sorry. There's still more to GM than autos, which is why the article (and you) are wrong about a plain vanilla reorganization bankruptcy. That's for plain vanilla small to mid-cap businesses. GM was, and still is, extraordinary.

There's no arguing with you, is there?  You just dig in and cling to whatever the ideological position requires, facts be damned!

I go out of my way to research the facts, so when you argue with me, you're arguing with the facts.  So yeah--there's no arguing with the facts. The crap you get from your party is, well, crap.

In fact, your answers are light on facts, heavy on assertions.  Hey, what do you think of the FACT that O spent billions simply to bail out the UAW pension fund?

[clistensprechen]

GM and other automakers raided that.  Next!

[wbcoleman]

GM and other automakers raided that.  Next!

hahahahahaha...... this is an example of your "fact-based" argumentation?

 :woot: :prop:

The main effect of O's intervention was to transfer assets from GM's secured creditors to the UAW pension fund, in contravention of normal bankruptcy law.  Now, that's a FACT!!