Does Everybody Hate Pres. Obama?

[Will B]

...If he's an enemy of business/capitalism, he shows it by bailing out the banks & auto companies...

One rebuttal...
In regards to the auto industry, he did bail them out in total indifference to bankrupcy law and gave preference to the unions over the people who held all of the debt, both secured and unsecured. He screwed them in order to keep the unions in his back pocket.

 

[scooterbug44]

I agree that our country has become more divided economically (yet many are wealthier at the same time), but I don't think those divides are necessarily along racial lines.

Consumerism and debt have gotten WAY out of control - by the standards of other countries/generations, I am obscenely rich. By the standards of many Americans I am practically poor and to be pitied for my lack of bling, designer items, and plasma screen tvs. Statistically I should have more credit cards, WAY more debt, and am middle class.

Health insurance was a big issue during the election and for many Americans, so I don't think it was just for Kennedy's sake. Would be interesting to see how it played out if it waited like you said, as I think the recession/unemployment levels would have opened many eyes/changed some minds.

 

[ugabuga]

One rebuttal...
In regards to the auto industry, he did bail them out in total indifference to bankrupcy law and gave preference to the unions over the people who held all of the debt, both secured and unsecured. He screwed them in order to keep the unions in his back pocket.

It's worth noting that the bailout of the auto industry was initiated by the GWB administration & continued by the Obama administration (another example of his middle-of-the-roadism?).

On July 29, the Prez declared that all auto bailout money will be repaid:

"You now have all those U.S. auto companies showing a profit. They've rehired 55,000 workers. We are going to get all the money back that we invested in those car companies."

The Obama and Bush administrations poured some $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industry-wide meltdown in 2008 and 2009.

Auto bailout money will be paid back, Obama says | Business | Chron.com - Houston Chronicle

 

[Will B]

It's worth noting that the bailout of the auto industry was initiated by the GWB administration & continued by the Obama administration (another example of his middle-of-the-roadism?).

On July 29, the Prez declared that all auto bailout money will be repaid:

"You now have all those U.S. auto companies showing a profit. They've rehired 55,000 workers. We are going to get all the money back that we invested in those car companies."

The Obama and Bush administrations poured some $85 billion into General Motors, Chrysler, auto lenders and suppliers to avoid an industry-wide meltdown in 2008 and 2009.

Auto bailout money will be paid back, Obama says | Business | Chron.com - Houston Chronicle

Regardless of who initiated it I think that the claim that GM repaid the loan is laughable. They received 52 billion in bailout money, yet, only repaid 6.7 billion as loan repayment. Bottom line is that GM is still Government Motors. Will the rest actually ever get paid back as the article states? Only time will tell.

 

[AlphaCrab]

We love Obama. He is the perfect POTUS for our family--I think that may make him a little left of center only, but that is better than nothing. If he only has one term, ( I believe he will have two) then I just hope he can end one of the two wars going on, and that he will be the President to find a replacement for Anthony Scalia, if he should not be able to fulfill his presence on the SC. One can only HOPE.

 

[ugabuga]

Regardless of who initiated it I think that the claim that GM repaid the loan is laughable. They received 52 billion in bailout money, yet, only repaid 6.7 billion as loan repayment. Bottom line is that GM is still Government Motors. Will the rest actually ever get paid back as the article states? Only time will tell.

I did a little Googling & found that you're right: recouping all gov't $ is dependent on gov't selling its (our) GM stock at the "right price."

Thx for bringing this to my attention.

 

[Geo]

I did a little Googling & found that you're right: recouping all gov't $ is dependent on gov't selling it's (our) GM stock at the "right price."

Thx for bringing this to my attention.

Well good thing the stock market is predictable and that stock prices are directly correlated with performance and financials!

 

[beachFool]

One rebuttal...
In regards to the auto industry, he did bail them out in total indifference to bankrupcy law and gave preference to the unions over the people who held all of the debt, both secured and unsecured. He screwed them in order to keep the unions in his back pocket.

Calling BS

First, all bankruptcies have to go to court and the last time I took civics we had three branches of the government. To help you out they are the courts, the executive branch and the legislative branch.

President Obama does not have super powers to give "preference to the unions over the people who held the debt".

Anyone who bought GM bonds KNEW what they were buying and KNEW it was a high-risk gamble because the yield was higher.

For the record General Motors is GOING through bankruptcy. A bankruptcy on the scale of GM is going to have many players and will be complex. Unions did make concessions, take a look at Detroit it ain't exactly Manhattan.

 

[futurebeachbum]

Calling BS

First, all bankruptcies have to go to court and the last time I took civics we had three branches of the government. To help you out they are the courts, the executive branch and the legislative branch.

President Obama does not have super powers to give "preference to the unions over the people who held the debt".

Anyone who bought GM bonds KNEW what they were buying and KNEW it was a high-risk gamble because the yield was higher.

For the record General Motors is GOING through bankruptcy. A bankruptcy on the scale of GM is going to have many players and will be complex. Unions did make concessions, take a look at Detroit it ain't exactly Manhattan.

Call BS all you want, but the government leaned as heavily on GM's creditors as it could to get them to accept a terrible deal so that the UAW could get a better one. From the Washington Post article "GM's new owner (the Obama administration) should stop bullying the company's bondholders":

While the Obama administration has been playing hardball with bondholders, it has been more than happy to play nice with the United Auto Workers. How else to explain why a retiree health-care fund controlled by the UAW is slated to get a 39 percent equity stake in GM for its remaining $10 billion in claims while bondholders are being pressured to take a 10 percent stake for their $27 billion? It's highly unlikely that the auto industry professionals at GM would have cut such a deal had the government not been standing over them

Based upon this and the amount of Federal Loan money that was forgiven in the bankruptcy, I would never, ever, purchase a GM vehicle.

 

[Andy A]

Buz, as you know, I have the highest respect for you but I think you are letting your Democrat principles override your financial acumen and your utmost unbiased professionalism in your field. To say the unions have not gained anything in the GM take over is to belie basic facts. You can forget me purchasing GM products as well.