Obama had not bailed them out they would of gone in to bankruptcy parts of Chrysler would of come out and most of GM.
Yes, sure, they would've just waltzed over to the well-functioning debt markets and secured some $50 billion of debtor-in-possesion financing at the drop of a hat.
Chrysler for sure was likely to be liquidated-- Jeep and Dodge trucks sold to someone else, to choose a few plants and models to keep. Not sure how you can assert that GM would've done much better. Just try to recall how well that sort of thing was going at the time:
http://en.wikipedia.org/wiki/Hummer#Failed_sale
And down the line of suppliers-- more bankruptcies. Would've been fantastic.
I think McCain would've done the bailout as well. The guy takes far too cynical a view of how huge corporations (Boeing) fleece the taxpayer to not have sided with the pensioners.
Joined: 07 Dec 2004 Posts: 5819 Location: Flying over the Earth poisoning you with chemtrails
Posted: Sat Jun 02, 2012 5:59 pm Post subject:
James wrote:
"would have let GM fold"
This is one of my favorite uninformed liberal talking points.
"Fold" ? I think you should read up on bankruptcy laws. If Obama had not bailed them out they would of gone in to bankruptcy parts of Chrysler would of come out and most of GM. Look at the airline industry. United and American went in to bankruptcy and came out without laying everyone off and canceling all their services.
Bankruptcy laws in the country work very well and are in place for a reason. The big difference is bankruptcy courts follow the law when paying creditors and not campaign donors. I also think those union wages and benefit packages would of been toast.
We bailed them out to protect union interests. The campaign contributions the unions give and what they get back is no different then what the wall street lobby gives and what they get back.
Well you know for the party in office it was a great move. It did not matter which party was in office it benefits the same. To let the industry fail would have political suicide for either party.
Your opinion of the wonderful bankruptcy laws is duly noted but does not play well in the political battle. A smart politician can strategically thwart your fav laws and gain the political advantage. It is called politics Mr. barrister, you know. _________________ Il n'y a que moi qui a toujours raison.
BF's French lady.
Joined: 24 Jan 2005 Posts: 6978 Location: Castle Rock, CO
Posted: Sun Jun 03, 2012 6:00 pm Post subject:
"admits"
Seriously.
He is writing a column on two peoples books. He then makes a wild ass guess on which one Romney might follow.
One of the easiest ways for me to weed out crap that I read is to see if the title to an article has anything or much to do with what was actually written.
Yeah, Douthat's clearly just another drooling Obama apologist.
As for Romney-- I think it is clear what he supports as far as tax policy, and it doesn't involve his personal income tax rate increasing. He could actually score some good political points if he admitted that a more sane policy would involve that low, low rate going up a little. But saying he agrees with the status quo is hardly a "wild ass guess."
Joined: 07 Dec 2004 Posts: 5819 Location: Flying over the Earth poisoning you with chemtrails
Posted: Sun Jun 03, 2012 7:44 pm Post subject:
Quote:
Mitt’s Plan
Reducing and stabilizing federal spending is essential, but breathing life into the present anemic recovery will also require fixing the nation’s tax code to focus on jobs and growth. To repair the nation’s tax code, marginal rates must be brought down to stimulate entrepreneurship, job creation, and investment, while still raising the revenue needed to fund a smaller, smarter, simpler government. The principle of fairness must be preserved in federal tax and spending policy.
Individual Taxes
America’s individual tax code applies relatively high marginal tax rates on a narrow tax base. Those high rates discourage work and entrepreneurship, as well as savings and investment. With 54 percent of private sector workers employed outside of corporations, individual rates also define the incentives for job-creating businesses. Lower marginal tax rates secure for all Americans the economic gains from tax reform.
Make permanent, across-the-board 20 percent cut in marginal rates
Maintain current tax rates on interest, dividends, and capital gains
Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains
Eliminate the Death Tax
Repeal the Alternative Minimum Tax (AMT)
Corporate Taxes
The U.S. economy’s 35 percent corporate tax rate is among the highest in the industrial world, reducing the ability of our nation’s businesses to compete in the global economy and to invest and create jobs at home. By limiting investment and growth, the high rate of corporate tax also hurts U.S. wages.
Cut the corporate rate to 25 percent
Strengthen and make permanent the R&D tax credit
Switch to a territorial tax system
Repeal the corporate Alternative Minimum Tax (AMT)
yupper that plan should spell economic disaster.
So exactly how will we reduce the debt with less money?
Oh yea that magical trickle down economics.
_________________ Il n'y a que moi qui a toujours raison.
BF's French lady.
This is one of my favorite uninformed liberal talking points.
"Fold" ? I think you should read up on bankruptcy laws. If Obama had not bailed them out they would of gone in to bankruptcy parts of Chrysler would of come out and most of GM. Look at the airline industry. United and American went in to bankruptcy and came out without laying everyone off and canceling all their services.
Bankruptcy laws in the country work very well and are in place for a reason. The big difference is bankruptcy courts follow the law when paying creditors and not campaign donors. I also think those union wages and benefit packages would of been toast.
We bailed them out to protect union interests. The campaign contributions the unions give and what they get back is no different then what the wall street lobby gives and what they get back.
bullshit
ok
would not have let GM go through reorganization with massive layoffs
the ripple effect in the economy would have been devestating and politically untenable for any president
spare me the destructive forces of capitalisim to make new ventures
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