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Thread: President Stands Up To China, for Auto Workers

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    Default President Stands Up To China, for Auto Workers

    "Right now, Mitt Romney's Bain Capital is forcing American workers at Sensata in Freeport, Illinois to train their Chinese replacements as the equipment is boxed up and the plant is moved to China. This isn't the first time a Bain company has been off-shored and it certainly isn't the last.

    "And despite his constant equivocations on the campaign trail, Mitt Romney was loud and clear in his opposition to the President's plan to save the auto industry at the time. He said to let Detroit go bankrupt. He didn't stand up for working families then and he isn't standing up for working families now. This is the same Mitt Romney who recently recounted a 'humorous' story about his father shutting down an auto plant and laying off thousands of workers.

    President Stands Up To China, for Auto Workers -- WASHINGTON, Oct. 23, 2012 /PRNewswire-USNewswire/ --
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    Default Re: President Stands Up To China, for Auto Workers

    Yes..Romney said to let Detroit go bankrupt. Detroit needed to drastically restructure itself and come out of it with no money owed to the taxpayers. They didn't need a check from the tax payers and owe their souls to the government

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by bean View Post
    Yes..Romney said to let Detroit go bankrupt. Detroit needed to drastically restructure itself and come out of it with no money owed to the taxpayers. They didn't need a check from the tax payers and owe their souls to the government
    This is one taxpayer that was more than happy to see the auto industry bailed out! Obama stopped the hemorrage of jobs at least in that industry. And the UAW workers gave many concessions as part of the restructuring. Face it bean, it worked!

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by bean View Post
    Yes..Romney said to let Detroit go bankrupt. Detroit needed to drastically restructure itself and come out of it with no money owed to the taxpayers. They didn't need a check from the tax payers and owe their souls to the government
    I am not up to date on this but didn't the auto industry pay every thing back?

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by Jimmy View Post
    I am not up to date on this but didn't the auto industry pay every thing back?
    Here is the up to date story on the automakers loans.

    Yet there’s only one Detroit automaker still in hock to U.S. taxpayers and – guess what? – it’s not GM or Chrysler.

    Ford Motor owes the government $5.9 billion it borrowed in June 2009, the same month GM filed for bankruptcy.
    The second page of this news report outlines all the money lend and what was recovered.
    Automakers' Report Card: Who Still Owes Taxpayers Money? The Answer Might Surprise You - Forbes

    Here is a complete list of money paid out to all institutions, including the auto makers, and what has been paid back.
    Note that the banking sector received 3 times the amount the auto makers received.


    Last update: Oct. 12, 2012

    Altogether, accounting for both the TARP and the Fannie and Freddie bailout, $604 billion has gone out the door—invested, loaned, or paid out—while $343 billion has been returned.

    The Treasury has been earning a return on most of the money invested or loaned. So far, it has earned $87.3B. When those revenues are taken into account, $173.7B is the net still outstanding as of Oct. 12, 2012.

    Bailout Scorecard | Eye on the Bailout | ProPublica

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    Default Re: President Stands Up To China, for Auto Workers

    As for beans comment, should they have done the same thing for the banking institutions, let them go bankrupt ?
    In the overall view of the financial meltdown, without the bailout TARP funds, we now would be in a worldwide recession that would have surpassed the likes of the 1929 Depression and it might have lasted a decade or more.
    Today, millions of people are still working and paying their obligations as citizens because of the bailout.

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by fxstc07 View Post
    As for beans comment, should they have done the same thing for the banking institutions, let them go bankrupt ?
    In the overall view of the financial meltdown, without the bailout TARP funds, we now would be in a worldwide recession that would have surpassed the likes of the 1929 Depression and it might have lasted a decade or more.
    Today, millions of people are still working and paying their obligations as citizens because of the bailout.
    The bail outs were a must do. Romney said "let Detroit go bankrupt. Obama did ‘let Detroit go bankrupt.’ GM went through an Obama czar bankruptcy..fired the GM CEO not to mention screw the bondholders..many of whom were pensions. A lot of debt was wiped out at the cost of bondholders, pension investments..shareholders. The UAW didn't do to bad. They're back and can't wait to strike Ford again. But then we know about wipe-outs. It was political to give Obama credit for saving the UAW..after all they did support him big time. Romney's managed Detroit bankruptcy could not have been more painful with partial government funding not massive..If I'm not mistaken GM still owes $25B

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by bean View Post
    The bail outs were a must do. Romney said "let Detroit go bankrupt. Obama did ‘let Detroit go bankrupt.’ GM went through an Obama czar bankruptcy..fired the GM CEO not to mention screw the bondholders..many of whom were pensions. A lot of debt was wiped out at the cost of bondholders, pension investments..shareholders. The UAW didn't do to bad. They're back and can't wait to strike Ford again. But then we know about wipe-outs. It was political to give Obama credit for saving the UAW..after all they did support him big time. Romney's managed Detroit bankruptcy could not have been more painful with partial government funding not massive.
    But you are right, the bailouts were a "must do".
    So why do you complain all the time about them ?
    The rest of your comments are just right wing spin.
    bean
    If I'm not mistaken GM still owes $25B
    Well, what a surprise ! I see you didn't bother to check the facts or read the article.
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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by fxstc07 View Post
    But you are right, the bailouts were a "must do".
    So why do you complain all the time about them ?
    The rest of your comments are just right wing spin.

    Well, what a surprise ! I see you didn't bother to check the facts or read the article.
    That would conflict with the spoon-fed right-wing conspiracy-theory tripe delivered by Hannity and Limbaugh. And we can't have that, all good conservatives know that those two and their ilk are ALWAYS correct in what they say.

    Faced with information from a conservative source as Forbes, it is still ignored and dismissed.

    I've seen somewhere mentioned that there was a study, which showed that conservatives have a harder time accepting truthful statements and solid facts when they conflict with their ideology and world view. Seems it was correct. If I ever run across it again, I'll post it.

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    Default Re: President Stands Up To China, for Auto Workers

    Quote Originally Posted by bean View Post
    The bail outs were a must do. Romney said "let Detroit go bankrupt. Obama did ‘let Detroit go bankrupt.’ GM went through an Obama czar bankruptcy..fired the GM CEO not to mention screw the bondholders..many of whom were pensions. A lot of debt was wiped out at the cost of bondholders, pension investments..shareholders. The UAW didn't do too bad. They're back and can't wait to strike Ford again. But then we know about wipe-outs. It was political to give Obama credit for saving the UAW..after all they did support him big time. Romney's managed Detroit bankruptcy could not have been more painful with partial government funding not massive..If I'm not mistaken GM still owes $25B
    Why were the bailouts a "must-do"? I don't think there were nearly as many jobs at risk - and we're talking the secondary and tertiary level jobs (the parts makers, the shipping companies, all the local jobs like the corner stores, restaurants, bars, etc; and the businesses that were supported by the Big Three. I'll be the first to admit that the UAW did get greedy, but they got pared down too. The big finance companies got greedy, I say THEY should have been allowed to fail. The economy could hardly have bottomed out any worse than it did in 2008 - oh, yes, right, that was the tail-end of the Shrub's presidency, before President Obama took office.

    The bankruptcy was more of a reorganization. Surely you know that not all bankruptcies are alike. There's the various chapters (such as 7, 11, 13, etc) that can be done. And I'm not crying over some stockholder like Kerkorian who never has to worry about his next meal, or housing problems. Of course, it suprises me not at all that you cry for the bondholders and the executives, but not the line workers. I still think the bailout money should have been given to the taxpayers, who then would have spent it. If nothing else, they would have gotten caught up on bills or paid things off. And then where would it have gone? Back to the finance companies. I also find it interesting that you quibble about $25B, but not the $343B still owed (or the $173B outstanding if you add it up the way Forbes did). For that matter, the $500M that was loaned to Solyndra is still whined about. That wouldn't even run the war in Afghanistan for much more than a day. Yet nothing is said about Sensata. RMoney strikes again. He would let the middle and poor classes suffer, as long as the top few percent got theirs. Had he been around to "let Detroit go bankrupt" we would have seen a far worse economic collapse. Not to mention you'd be driving around in an import because there would have been no domestic automakers anymore.

    And if I recall correctly, GM has paid back its loan, though the government still holds some stock. But then it'd be the government's decision to sell, now wouldn't it? Maybe they're waiting for the price per share to rise so they can make money off of it.

 

 
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