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Thanks Bush

by , Posted to on 05/19/2010 08:06 AM | "Quote" | "Quick Reply" |

Joined: 06/03/2007
Location: ND

WASHINGTON — The Treasury Department said Monday it will lose $1.6 billion on a loan made to Chrysler in early 2009. Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said.

Treasury said Monday that Chrysler repaid $1.9 billion of a $4 billion loan, which was extended before the company filed for Chapter 11. The government hopes to get another $500 million from the company that emerged from bankruptcy, Chrysler Group LLC.

Treasury officials said that the government had no plans to boost its stake in the new Chrysler to cover those losses. It also acknowledged another $1.9 billion in potential losses from a separate loan that had been made to the company that went through bankruptcy proceedings. It indicated slim hopes of recouping much if anything from that separate $1.9 billion loan.

The original $4 billion loan was made in January 2009, when the Bush administration was scrambling to rescue Chrysler, GM and their auto financing arms.

The Congressional Budget Office estimated in March that the government's $85 billion bailout of the automakers would cost taxpayers $34 billion.

Much of it will depend on how much the government recovers from its eventual sale of nearly 61 percent of GM and about 10 percent of Chrysler.

GM has said it could conduct a public stock offering later this year. Chrysler officials have said a public stock offering is not likely before 2011.

The Treasury Department made the announcement about the loss from Chrysler on a day when GM reported its first quarterly profit in nearly three years. That moved GM closer to a stock offering that would repay at least part of the $43 billion it owes the government.

Chrysler Holding is the parent company of the old Chrysler. It is owned by private equity firm Cerberus Capital Management. Cerberus bought Chrysler from Daimler AG in 2007.

All politicians lie. But I get tired of only one getting beat up here. The only difference I see is liberals in Washington like to try to take care of all the people and Conservativesin in Washinton only what to take care of their rich buddies. But they all over spend tax payers money.
Divide and conquer looks like its working here at FBO.

 
Re: Thanks Bush
by on 05/19/2010 08:47 AM | Reply #1 | "Quote" | "Quick Reply" |

Joined: 01/09/2002
Location: ND
Wait until you get the final bill for health care.   That one is going to be a stunner.


“Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.” ~ Mark Twain
Re: Thanks Bush
by on 05/19/2010 09:00 AM | Reply #2 | "Quote" | "Quick Reply" |

Joined: 01/23/2002
Location: SD
bdog, Doesn't it ever get lonely living your life with your head in the sand all day long?  Seems to me that a liberal domocrat congress passed that bailout for the president to sign.  And in light of that very poor decision and the obvious huge losses that were coming with it our current emperor and the idiotic liberal congress used an end around technique to put us further in debt. 

President Bush had eight years to make some mistakes; President Obama has surpassed that exponentially in ONE very long and expensive year.
Re: Thanks Bush
by on 05/19/2010 09:09 AM | Reply #3 | "Quote" | "Quick Reply" |

Joined: 03/10/2009
Location: ND
Your right Swift, it was the wrong thing to do for Congress to draft it and IMNSHO more wrong for Bush to sign it. Even if it is a tiny portion (about 3%) of the bailout, it did not need to be rushed. I don't think any of it should have been done.

It's not that bad.

Re: Thanks Bush
by on 05/19/2010 09:32 AM | Reply #4 | "Quote" | "Quick Reply" |

Joined: 05/23/2002
Location: ND
As usual, nobody really knows who to give credit to or where to assess blame.  The politicos in both parties will take credit for the good and blame the other for the bad.  And, as usual, us voters will go out and vote for the letter behind the candidate's name and nothing will change.  Gotta love politics.
Re: Thanks Bush
by on 05/19/2010 09:36 AM | Reply #5 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
There is blame to be pointed.  The is right and wrong.  There is in-between.

But the point is, most of us get it and some do not.  The issue is, those "some" seem to always be "compassionate" and think entitlement is the way to go and make us strong.  It is the other way around yet we continue down the rabbit hole.




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
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Re: Thanks Bush
by on 05/19/2010 10:43 AM | Reply #6 | "Quote" | "Quick Reply" |

Joined: 03/23/2004
Location: ND
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving.  The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
~~~~ Dr. Adrian Rogers, 1931
Re: Thanks Bush
by on 05/19/2010 10:49 AM | Reply #7 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
XERO,

Right on man, right on. 




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
Jig-em-Up Guide Service | Grand Forks, ND | 701-739-9198 jig-em-up-guide-service.com

 
Re: Thanks Bush
by on 05/19/2010 11:25 AM | Reply #8 | "Quote" | "Quick Reply" |

Joined: 11/09/2007
Location: ND
XERO,

That is a hell of a quote and one I had never seen before. It's scary to know that the US is pretty much right there. No surprise it appears that the country seems to be going further down the crapper every day.
Re: Thanks Bush
by on 05/19/2010 11:53 AM | Reply #9 | "Quote" | "Quick Reply" |

Joined: 09/12/2008
Location: MT
XERO,

Roger That!!!!!
Re: Thanks Bush
by on 05/19/2010 1:34 PM | Reply #10 | "Quote" | "Quick Reply" |

Joined: 05/29/2009
Location: ND
swift Said:
bdog, Doesn't it ever get lonely living your life with your head in the sand all day long?  Seems to me that a liberal domocrat congress passed that bailout for the president to sign.  And in light of that very poor decision and the obvious huge losses that were coming with it our current emperor and the idiotic liberal congress used an end around technique to put us further in debt. 

President Bush had eight years to make some mistakes; President Obama has surpassed that exponentially in ONE very long and expensive year.
The bailout probably kept us out of a depression.  I'm not for free money, actually it kind of makes me mad, but that would have been a huge job loss added to the already sagging employment numbers of the time. 

As far as debt goes, look at the cost of the two wars.  The bailout was very expensive, but not as expensive as they are.  We're a country in debt up to its ears and it doesn't look like thats going to change anytime soon.

Bush didn't veto a spending bill for what, his first 3 years in office?  Both sides spend money.

And don't you think idiotic is kind of a harsh blanket statement?  Its like saying all duck hunters are fat.

Re: Thanks Bush
by on 05/19/2010 1:46 PM | Reply #11 | "Quote" | "Quick Reply" |

Joined: 12/19/2001
Location: ND
Remember this sketch from SNL?  Hilarious.

http://www.snlbailout.com/

Re: Thanks Bush
by on 05/19/2010 2:23 PM | Reply #12 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
Which one is the SNL skit.  The top video or bottom video????? 

My goodness.  Democrats out there should watch the below video over and over again.  Some should have a gun held to their head and be forced to watch this.  Why?  Because back a couple years ago they were in denial.  Nope, wasn't entitlement.  Nope, wasn't the reinvestment act, etc.  Everything is just fine.  We are geniuses.  Today, it is all forgotten or actually, they are still in denial.  Won't go without bashing Bush (because it is a praise to a certain few of Republicans).  Bush was informed and even though put attempts out to stop it or make changes he didn't try enough.  Instead, it became a fight for votes.  Only way to win was to be more of a democrat.  He started to do a good job of that later in his stint.

So here's the video.  Watch it if you vote for the other party.




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
Jig-em-Up Guide Service | Grand Forks, ND | 701-739-9198 jig-em-up-guide-service.com

 
Re: Thanks Bush
by on 05/19/2010 3:20 PM | Reply #13 | "Quote" | "Quick Reply" |

Joined: 11/06/2002
Location: ND
LarryLyle Said:
swift Said:
bdog, Doesn't it ever get lonely living your life with your head in the sand all day long?  Seems to me that a liberal domocrat congress passed that bailout for the president to sign.  And in light of that very poor decision and the obvious huge losses that were coming with it our current emperor and the idiotic liberal congress used an end around technique to put us further in debt. 

President Bush had eight years to make some mistakes; President Obama has surpassed that exponentially in ONE very long and expensive year.
The bailout probably kept us out of a depression.  I'm not for free money, actually it kind of makes me mad, but that would have been a huge job loss added to the already sagging employment numbers of the time. 

As far as debt goes, look at the cost of the two wars.  The bailout was very expensive, but not as expensive as they are.  We're a country in debt up to its ears and it doesn't look like thats going to change anytime soon.

Bush didn't veto a spending bill for what, his first 3 years in office?  Both sides spend money.

And don't you think idiotic is kind of a harsh blanket statement?  Its like saying all duck hunters are fat.


Larry the CBO scored the bailout, and said the best course of action was not to spend the money! Unemployment would have risen to about the same level or less than it did. Biggest reason was the fact that the Gov was taking away from the credit pool and thus limited companies from expanding and in many cases caused them to lose operating credit to meet payrolls and taxes. So they instead cut workers!

I am not being disrespectful when I say that people like you who have not paid attention to things like that and then assume that it held off a recession cause our politicians to act in the manner they do!

In my lifetime I have seen fence row to fence row farming and the return of CRP and game to the landscape.Now we face again the prosepect of fence row to fence row again! Sportsman are our own worst enemy in that we fail to look forward and focus to much on the now!
Re: Thanks Bush
by on 05/19/2010 3:29 PM | Reply #14 | "Quote" | "Quick Reply" |

Joined: 12/16/2001
Location: ND
As usual you are correct Farnorth!  The Dems will vote Dem and the Reps will vote Repub, and about 1 - 2 % will make the difference!  Every voter wants everything for nothing and if they don't get it, and right now, too, they'll toss out the incumbents, no matter the party in power. 
And few will get involved and actually do something that could make a difference.   Let the other guy do it all!  Easier to blog! 
Hell, I'm going fishing and let you guys bash heads!  LOL
Re: Thanks Bush
by on 05/19/2010 3:44 PM | Reply #15 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
 




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
Jig-em-Up Guide Service | Grand Forks, ND | 701-739-9198 jig-em-up-guide-service.com

 
Re: Thanks Bush
by on 05/19/2010 3:51 PM | Reply #16 | "Quote" | "Quick Reply" |

Joined: 05/29/2009
Location: ND
The impact of a company like GM going bankrupt would have had a ripple affect to many other companies, part suppliers etc and would have cost jobs.  Thats all I'm saying.  The last thing we need is 60,000 unemployed union workers.  They're smelly you know.  The recession was going to happen regardless of any bailouts.  I think they heydey of credit is over for most Americans. 
Re: Thanks Bush
by on 05/19/2010 4:01 PM | Reply #17 | "Quote" | "Quick Reply" |

Joined: 02/13/2006
Location: ND
The last thing we need is the Whitehouse telling GM how to run their company.
Re: Thanks Bush
by on 05/19/2010 4:06 PM | Reply #18 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
LarryLyle Said:
The impact of a company like GM going bankrupt would have had a ripple affect to many other companies, part suppliers etc and would have cost jobs.  Thats all I'm saying.  The last thing we need is 60,000 unemployed union workers.  They're smelly you know.  The recession was going to happen regardless of any bailouts.  I think they heydey of credit is over for most Americans. 
Why?  Government tells us everyday it is okay to spend money one does not have.




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
Jig-em-Up Guide Service | Grand Forks, ND | 701-739-9198 jig-em-up-guide-service.com

 
Re: Thanks Bush
by on 05/19/2010 4:10 PM | Reply #19 | "Quote" | "Quick Reply" |

Joined: 03/23/2004
Location: ND
Hey, it worked for Greece!
Re: Thanks Bush
by on 05/19/2010 8:02 PM | Reply #20 | "Quote" | "Quick Reply" |

Joined: 02/28/2007
Location: ND
you have to be kidding me.  it will be proven years from now that it was probably the dumbest thing the government has ever done. 
LarryLyle Said:
swift Said:
bdog, Doesn't it ever get lonely living your life with your head in the sand all day long?  Seems to me that a liberal domocrat congress passed that bailout for the president to sign.  And in light of that very poor decision and the obvious huge losses that were coming with it our current emperor and the idiotic liberal congress used an end around technique to put us further in debt. 

President Bush had eight years to make some mistakes; President Obama has surpassed that exponentially in ONE very long and expensive year.
The bailout probably kept us out of a depression.  I'm not for free money, actually it kind of makes me mad, but that would have been a huge job loss added to the already sagging employment numbers of the time. 

As far as debt goes, look at the cost of the two wars.  The bailout was very expensive, but not as expensive as they are.  We're a country in debt up to its ears and it doesn't look like thats going to change anytime soon.

Bush didn't veto a spending bill for what, his first 3 years in office?  Both sides spend money.

And don't you think idiotic is kind of a harsh blanket statement?  Its like saying all duck hunters are fat.



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Posted On: 05/19/2010 08:06 AM
1619 Views, 30 Comments

Tags: chrysler, billion, bush, thanks, loan, treasury, made, losses, washington, 0
More Tags: USD, Chrysler, Bankruptcy, WASHINGTON, Cerberus Capital Management, M&A, Department of the Treasury, Chrysler Group LLC, Chrysler Holding, Daimler AG, General Motors, Debt Financing, Congressional Budget Office, Bush administration, Business_FinancePolitics
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Categories: Other > Politics
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