General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump retweets item saying GM should pay back bailout money
WASHINGTON President Donald Trump on Wednesday retweeted a suggestion that General Motors Co. should pay back the money the government spent to keep it afloat as part of the auto industry bailout if it doesn't keep jobs in the country.
"If GM doesn't want to keep their jobs in the United States, they should pay back the $11.2 billion bailout that was funded by the American taxpayer," read the tweet by The Trump Train, which calls itself a fan account of the president.
Trump, who has expressed anger over GM's planned closing of American auto plants this week, retweeted the tweet without comment.
https://www.msn.com/en-us/news/politics/trump-retweets-item-saying-gm-should-pay-back-bailout-money/ar-BBQcy2K?li=BBnb7Kz
I thought they did pay it back, with interest.
CincyDem
(6,336 posts)Iliyah
(25,111 posts)Botany
(70,447 posts)Trump has no idea what he is talking about.
The Velveteen Ocelot
(115,586 posts)mr_lebowski
(33,643 posts)dumbf***s who'll believe any nonsense he vomits out on the twitter-machine, so ...
Win-Win, right?
The Genealogist
(4,723 posts)I don't know which he likes better: hearing the sound of his own voice, or the mindless cheers of the deplorables.
ProfessorGAC
(64,852 posts)[link:https://projects.propublica.org/bailout/list|
There was substantial payback and interest and the gov't owns 60% of GM and 8% of Chrysler.
You can click on the 2 car companies and see a breakdown. Per this link, Chrysler has been forgiven 8 billion after they emerged from BKO and the merger with Fiat.
The debt outstanding on GM is higher, but the government has a huge stake in the company in the form of equity shares.
Kaleva
(36,248 posts)ProfessorGAC
(64,852 posts)I thought i saw the date on mine as 2016. I must have misread it. Thanks.
Kaleva
(36,248 posts)ProfessorGAC
(64,852 posts)Kaleva
(36,248 posts)ProfessorGAC
(64,852 posts)But i didn't see that USA Today article until you pointed me that way.
bronxiteforever
(9,287 posts)That would be a start.
gratuitous
(82,849 posts)A long line of stiffed Trump creditors responds, "You first, Deadbeat Donnie."
Kaleva
(36,248 posts)fescuerescue
(4,448 posts)They used part 2 of the bailout to payback part 1.
That's awesome. I mean. It's always nice to get paid back $11 billion dollars...no matter how rich you are, $11b can be put to use.
But that's a pretty big asterix next to that accomplishment.
fescuerescue
(4,448 posts)A Loan and an equity position.
GM paid back the loan ($10.5 B)
The equity position the government took is still out there and most can't be recovered. That's about $49B.
But that was simply an investment that US government made into GM. From a financial/investing standpoint, it was never expected to pay off in the traditional way.
The payoff there is in saving jobs and the auto industry. While about $34B will never be recovered and can be considered lost, it was still a good investment from a societal point of view.
https://www.factcheck.org/2010/05/general-motors-debt/
NastyRiffraff
(12,448 posts)that ended in 2014. Now, someone finally told him that, so he's demanding GM repay it, which they already have. With interest.
God, he is stupid.
mokawanis
(4,435 posts)Donald Trump campaigned for president on a promise to Michigan auto workers that
If Im elected, you wont lose one plant, youll have plants coming into this country, youre going to have jobs again, you wont lose one plant, I promise you that.
So, tRump, don't make promises you can't keep.
duforsure
(11,884 posts)More companies will move outside of this country now for fear he'll hurt them intentionally, and he will. He wants absolute power over them all. This should also cause many more to support the Democrats in 2020.
Ilsa
(61,690 posts)That's rich.
WeekiWater
(3,259 posts)Even Trump knows they will buy it. Sad. Just sad.
Adrahil
(13,340 posts)... and if they didn't and failed again, the same ole idiots would be howling.
BUT... we, as a society, need to be looking after our people. WE need to ensure they get adequate unemployment benefits, health care, retraining where appropriate, and investment in our nation, including investment that can provide jobs (infrastructure, R&D. etc.)
And GM and other corps need to be taxed to help make that happen. Oh yeah, and rich folks too.
The Velveteen Ocelot
(115,586 posts)GM made a business decision based on various considerations, not the least of which were reduced demand for sedans and Tiny's own tariffs on steel, that were in the best interests of its shareholders. I thought GOPers didn't want the government interfering in the operations of private businesses competing in a free market. Tiny was too dumb to realize it was a bad idea to make promises he couldn't keep.