GM Posts $9.6B Loss: Wants More Money

[LargoWinch]

At least GM employees are not accounted for in the unemployment data, but they should be under "Federal Employees", that is certain.

GM looks to the government for its latest cash fix


When reports indicated that GM might soon request more cash, many observers puzzled at the news. Hadn't GM just received a massive $13.4B USD loan from the federal government? Well, $13.4B USD doesn't last too long when you're losing $9.6B USD a quarter. That's how much GM lost in the Q4 2008, according to its earnings reports released today.

[cjppjc]

Re: GM Posts $9.6B Loss: Wants More Money

At least GM employees are not accounted for in the unemployment data, but they should be under "Federal Employees", that is certain.

Well you knew they would come back for more. It does seem it was only a couple of weeks ago they got the money. I think if you do it over and over again, in shorter time intervals, people will think the news is just repeating a story they heard before, and not realize it a new request for more money. Much like these bank bailouts are becoming.

Btw funny line about Govt employees.

[GRG55]

Re: GM Posts $9.6B Loss: Wants More Money

Well you knew they would come back for more. It does seem it was only a couple of weeks ago they got the money. I think if you do it over and over again, in shorter time intervals, people will think the news is just repeating a story they heard before, and not realize it a new request for more money. Much like these bank bailouts are becoming.

Btw funny line about Govt employees.

Wouldn't it be cheaper for the taxpayers to mail out a voucher, to every holder of a drivers licence, enough to "buy" a new SUV from one of the Big 3? Voila, problem solved...well deferred anyway.

And these days, any financial problem they can put off into the future, is as good as "solved".

[The Outback Oracle]

Re: GM Posts $9.6B Loss: Wants More Money

Great line GRG....that's a "quotable quote"

And these days, any financial problem they can put off into the future, is as good as "solved".

[Sharky]

Re: GM Posts $9.6B Loss: Wants More Money

GM Posts $9.6B Loss: Wants More Money

That's just the loss for last quarter. Losses for the full year in 2008 were $30.9B.

http://www.reuters.com/article/newsO...51P2PS20090226

[Mega]

Re: GM Posts $9.6B Loss: Wants More Money

They got less than 25% that think they should get a baleout....this company is doomed!

Mike

[Sharky]

Re: GM Posts $9.6B Loss: Wants More Money

Wouldn't it be cheaper for the taxpayers to mail out a voucher, to every holder of a drivers licence, enough to "buy" a new SUV from one of the Big 3? Voila, problem solved...well deferred anyway.

It wouldn't be a true government program without some favoritism. How about these alternatives:

Food stamps for cars. Agree to defer half of your food stamps, and get a new car in 12 months.

Welfare for cars. Agree to a reduction in your benefits and get a new car now, and the government will make the payments for you.

Cars for the sick. New cars should be a medicare benefit.

Cars for the elderly. Defer your retirement for two years and get a new car.

Frequently-taxed program. Apply 5% of your total tax burden to the purchase of a new car.

Lottery. Require states with lotteries to offer cars as runner-up prizes.

Immigrant program. Free green card if you agree to buy a new car.

Guns-for-cars. Trade in any ten guns and get a new car.

[cjppjc]

Re: GM Posts $9.6B Loss: Wants More Money

It wouldn't be a true government program without some favoritism. How about these alternatives:



Lottery. Require states with lotteries to offer cars as runner-up prizes.

.

New Jersey is considering that

[GRG55]

Re: GM Posts $9.6B Loss: Wants More Money

It wouldn't be a true government program without some favoritism. How about these alternatives:

Food stamps for cars. Agree to defer half of your food stamps, and get a new car in 12 months.

Welfare for cars. Agree to a reduction in your benefits and get a new car now, and the government will make the payments for you.

Cars for the sick. New cars should be a medicare benefit.

Cars for the elderly. Defer your retirement for two years and get a new car.

Frequently-taxed program. Apply 5% of your total tax burden to the purchase of a new car.

Lottery. Require states with lotteries to offer cars as runner-up prizes.

Immigrant program. Free green card if you agree to buy a new car.

Guns-for-cars. Trade in any ten guns and get a new car.

You should be in Washington! Clearly there is valuable creative talent here being wasted. Obama needs you...:cool:

[Uno]

Re: GM Posts $9.6B Loss: Wants More Money

Great post from the comments of Mish's blog for all you anti-Obama, anti-government everything, neo-liberal, Fox & CNBC news crowd.

***** did not know how to link into the comments ******

Let's get inside the heart of a model fiscally responsible small businessman, someone most of you probably think should be emulated. I'll call him Bob the Builder. But my remarks can be applied to almost any micro-business owner here in the US today.

Bob the Builder circa 2006 hates high taxes. Maybe he doesn't know what they're wasted on, but he's pretty sure they aren't lavished on him. So he hates taxes and listens to right-wing radio programs as he drives to work on Federal highways every morning - to his place of business, an exclusive franchise licensed by the government, which he is entitled to run, thanks to his trade master's certification, granted by the government.

He builds houses. Due to government manipulation of the credit supply, people are frantic to buy houses at any price, and that means lots of business for Bob. Bob gets the cheapest possible labor allowed by law - illegal aliens if he can get away with it - unlicensed or apprentice labor otherwise.

He reaps great profits. He prudently saves most of them, not because he's a great saver, but because he doesn't have the time, or imagination, to spend it at the rate it comes in. So this is one of Mish's savers, someone we should all emulate. A person who, thanks to government intervention, is in the middle of a money rainstorm and is so busy scooping up the green stuff he doesn't have time to even think about what to do with it all.

Fast forward to 2009. Bob doesn't have any business, and he's laid everyone off, but he still has his money. What should we do about Bob's former employees, who are jobless, soon to be broke, and increasingly desperate?

Bob would say, if they break the law to feed themselves or their families, throw them in a government prison.

But don't raise his taxes. That's his money, dammit.

http://globaleconomicanalysis.blogspot.com/