Oil companies do not have record profits. Where did you get this from, the MSM ? This is just a false statement.
The "auto industry" did not nearly die, just the 2 weak ones. Ford was in good shape, as well as the foreign manufactures were holding their own.

The quotes above are exaggerations, I can only guess meant to support a position....

Don't forget you included all companies loosing the Domestic Manufacturing tax deduction, you specifically called out GE in this, along with the oil companies. Your thought do away with the 4 that applied to all ( and the 1 specific to oil companies ), so the corp tax rate could be lowered by 5%.

This is the same line that Joe the VP used with the 800 B in spending, and the worse case without spending the 800B we already blew through. Still not back to what they targeted for spending that money.

The unemployment rate already hit 10.1 % nationally in OCT-2009, so a lot of good this plan did, already been higher than your worse case.
Right now it is back up to 9.2%.
MI's unemployment rate is 10.5% for JUN-11, down 2.1% from JUN-10.

There are ones like you that are hypocritical about the use of tax money. Don't allow GE & oil companies to use tax credits, tax them, so you can give it to an Italian company.

With a population of 10,079,985 in MI, how much could you have spent on the unemployed in the state with the 1.3B that is lost, let alone what has been paid out with the state amount, and the federal boost from having a high unemployment rate ?

Next time, do some reading on topics, vs repeating what the talking head on the MSM is feeding you, you won't be caught off guard with this stuff.

Also keep in mind, 1 of the tax credits you wanted gone would have hit all companies in MI hard, how bad do you think it would have been then ?

 

whoops....geographically formed opinion, my bad!

And where did you get this Italian company thing from?

 

You are so like Joe Biden son.

I'll type slow so you can get it. Chrysler Corp. was bought by another company called FIAT. (Are you with me so far?) Fiat is an ITALIAN COMPANY, so for the American Government to take it in the shorts on the Chrysler bail out ........are you ready..........IT IS TO THE BENIFIT OF AN ITALIAN COMPANY!

AND YOU AND I PAID FOR IT!!!!!

 

 

You might really want to do some reading every once in a while, instead of just listening to the MSM, and repeating what they report on.

You say "The bailouts were for the better IMO." but it appears you really have no idea what the structure of the deal was...

Try reading the information provided by Chrysler Group LLC and the US Treasury on the topic, rather then taking the agenda pushing that Rachel Maddow provides you.

There is an updated presentation on the ownership tract and the company target goals set forth by the agreement with the US Treasury and the Canadian govt in providing the ~ 14 B in direct loans, and the ~ 5B in loan backing.

 

Good one.
Used the same justification, in spending tax payer money, few posts up, now this confusion about what is going on.

Maybe he will publicly tell some confidential information next

 

You got me! My feelings on it is it saved jobs in my state plain and simple.

 

A fun bit of history for those too young or too old to remember: http://www.istockanalyst.com/article...icleid/2940141

 

Next time you get on your soap box about the tax credits in general, remember this thought process.

Think maybe someone in Houston, who did not have to close their store due to an oil company getting a tax credit, thinks the same way ?
- I know you love to demonize Oil companies, you have tried this incorrect record profit "fact" twice now.

Think maybe the person that is in the city where GE is building wind generators that is getting not only the Domestic Manufacturing tax deduction but also a green tax credit, thinks the same way ?

Some of your outrage :
This was on the topic of tax credits ( which was incorrect to say giving them money ), but in the case of Chrysler Group LLC, it is money that was given to them ( in terms of a loan ) and not paid back.

This is a working example of NIMBY if I ever saw one.

don't forget your suggestion on tax credits ( you were still incorrectly calling them subsidies at the time ) :
Want to see what the big 3 do if the Domestic Manufacturing tax deduction is cut in half ?

Start reading and researching for yourself, you might find out what you patriot from the MSM is just a big smelly pile of dog doodie.

Stop listening to that moron Rachel Maddow and taking it as fact.
She is just as bad or worse than the other MSMS talking heads, and is the king of slipping in a word or 2 with some facts, to make it sound right, but it is nowhere near reality.

 

Wow i didnt realize this website about f150s was so political. Needless to say, who cares what administration gave them the money in the first place or which one gave it to the italians. What really matters is Ford kicks ***!

 

The big delta from the Chrysler of that day to today :

1. They had a chance to come out of bankruptcy.
2. Those were loan backing, not the actual loans.
2.1. This would be similar to the ~ 5B that Chrysler Group LLC got, not the ~ 13B from the US Govt & CAN Govt.

I will say the same reason for the decline in sales that caused the troubles.
The other thing is the mess that the merger with Daimler AG made of the company.
Eaton was a dope to the Nth degree. He had a auto company that had > 10B in cash in the bank, and was making serious money every year ( > 3B / yr in profits ), why not sell it for ~ 3x the cash in the bank ( let alone the profits that at the time ~ 7.5 years would pay for the company free and clear ) ?
By time a Daimler " uprighted" the company ~ 2005, they were back to half the profits they were making in the late 90s.
They had to pay the investment companies to take Chrysler off their hands ( ~ 600M ). They got paid to take Chrysler off Daimler's hands, and then had to pay the govt to take it off their hands ( ~ 6x what Daimler paid them ).

I was at Daimler in 1998, day 1 was promoted so much, but was failed from the start.
Detroit employees did not like it one bit, and did everything to assure failure of any economies of scale of a merged company.
Bad management style from Detroit.
They got what they deserved, another foreign owner, that is actually an owner this time, not the merger of equals BS.

The management style at Chrysler has long forgotten the trade lessons by Lee, and this will be a wake up call for them.
Fiat has had troubles in the past, how much do you think the Italian govt will care about US citizens if they have problems again ?

 

Hmm Chrysler got at least 5 billion from Oboma , and when neither the new or the previous owner would take responsibility to pay off the loan , Oboma and crew took it upon themselves to give Chrysler a so called 14 billion green grant. They paid the original 5 billion back supposedly and still got 14 billion tax payer dollars that never needs to be paid back

Last I knew GM had paid 14-15 billion back from the actual bail out money , and still owes a minimum of 35 billion , and the worst offender in the Oboma bail out sweepstakes is Fannie / Freddie at 120 billion , and they just a few weeks back asked for another 20 billion. They also have not paid back dime one.