GM Reports Q2 Earnings: $1.3 Billion PROFIT

[Mr. Wyndham]

Originally Posted by jrc1122

And just who is thinking blindly?

You sure got upset over a statement I never directed at you....

Though it's impossible to tell on a public forum, and I'm sorry for not being clear -- I was talking to Fen.

As for the rest of your post, I've heard the "I'm a taxpayer" rhetoric many times before...in short (and bluntly), I don't care so much anymore, so I apologize for not replying. Usually I would, with some points you'd agree with and a bunch more that fall on deaf ears...but I don't have the patience...

[FenwickHockey65]

The GM employees and family of employees on this site have much more to complain about than any of you. And yet none of us are.

[jrc1122]

Originally Posted by Dragoneye

You sure got upset over a statement I never directed at you....

Though it's impossible to tell on a public forum, and I'm sorry for not being clear -- I was talking to Fen.

As for the rest of your post, I've heard the "I'm a taxpayer" rhetoric many times before...in short (and bluntly), I don't care so much anymore, so I apologize for not replying. Usually I would, with some points you'd agree with and a bunch more that fall on deaf ears...but I don't have the patience...

I'm not upset man.. seriously. I am all good. I have my opinions, my morals, and my principles. You have yours, I just thought I was being called a blind thinker, and I am anything but.

But a question to you: Why is calling myself a tax payer, dismissed as simple rhetoric? When it is the truth. I am in fact a member of the 53% of American's who actually pays federal income taxes.

The reason why this country runs such a high deficit each year, and the national debt is so high, is because just like you said: people just "don't care so much anymore". Too many people dismissing fiscal responsibility, and keeping the same old corrupt politicians (both parties) around.


Look I am not claiming to be some political genius, or smarter than the CEO of GM or other companies. I am just someone who sees a path we are on, and can put two and two together. It won't always be a utopia of printing and overspending, with no repercussions.


I hope we are all good, but dismissing my thoughts as simple rhetoric, is sort of asking for a response don't ya think? After all we are engaged in a discussion, or so I thought.

[jrc1122]

Originally Posted by FenwickHockey65

The GM employees and family of employees on this site have much more to complain about than any of you. And yet none of us are.

Maybe this topic doesn't interest you/ them. It interests me. I don't post on many of the topics on this board, usually because I am not all that interested in the topic.

This topic is right up my alley. I am simply engaging in discussion.

[FenwickHockey65]

Originally Posted by jrc1122

Maybe this topic doesn't interest you/ them. It interests me. I don't post on many of the topics on this board, usually because I am not all that interested in the topic.

This topic is right up my alley. I am simply engaging in discussion.

Yeah, it doesn't interest me, even though I was the one who posted the damn thread.

And this thread is starting to stray into politics.

[jrc1122]

Its a damn shame, but you are right though, pretty much anytime a discussion of tax money is mentioned it becomes too political to some people.

It is a shame, that there is such a thing as an opposing view point to being fiscally responsible and not being a broke nation, but you are right; some people actually do stand politically opposed to fiscal responsibility. Which is baffling.

My thoughts are not to gain support for a political party what-so-ever. My thoughts are to do the responsible thing. It will take both parties working together to come together to fix this monstrosity of a problem we face as a UNITED States of America.

[jmaryt]

Originally Posted by el ess X

Actually, it IS cheaper if you're pinning it on these two price points. With the CPI as the base, inflation makes that 32K SS back in 2002 (my own SS was near 35K in 2002) right at a hair above 38K today but the inherent safety features are worth more than that, not to mention the ameneties such as bluetooth, USB/mp3 support.

Now, what do you get for practically the same money?

OnStar? not in 02

Auto-dimming mirrors? not in 02

Backup sensors? not in 02

Side air bags? not in 02

DIC and TPMS (and now HUD in 2011)? not in 02

Approx. 25% more HP than an 02

Brembo premium brakes? not in 02

IRS? not in 02

And probably a huge convenience point...the ability to turn off your headlights in the new Camaro!

All this and still gets decent fuel mileage when you don't stand in it.

This is not to discredit the 4th gen at all, but even at today's prices, the new Camaro was, and is still, a heckuva deal for what you have to pay, IMO.

All I'm really saying is both Camaros were a lot for what you paid for in their respective eras, but I think today you get a tad bit more for the money.


But...I digress...GM better KEEP doing these sort of profits...and get out from under the government thumb.

if they are building "junk" once again,then thy will NOT last!...only time will tell!..

[jmaryt]

Originally Posted by jrc1122

A loan is one thing, a bail out because of a failing business strategy is another.

If you go to the bank and take out a loan and you have a job and can prove you have the means to pay it back,, you are simply completing a business transaction.

If you go to the government and say I (GM) need money, or we will close the doors.. And if you give us money we promise to cut dealerships, destroy jobs, and careers, cut factory lines, that make Saturn, Pontiac, Saab, hummer) and hopefully I can repay you. Well, you see, that isn't a traditional loan. A Traditional loan is where you get money advanced to you on your good name (credit rating) and great business practices. (proof of a profitable company, thus being able to pay back the loan) . In this case GM got it because you can't survive without it.


I've always liked GM vehicles, (or at least some of their line up) This isn't some fanboy Ford guy.. I only recently bought my two ford vehicles (both in 2010)

I believe in standing on your own merits, limited government, and strong personal responsibility

This is why I am so disappointed with GM.

If they pay back ALL of it to the government with Interest, (because we owe China interest) That is great. I really hope they do.. Because it is OUR money, not some fictitious person.. The Government taxes us,, They spend our tax dollars. Without our money they don't have any money to bail out these companies. The sad news is, even when it gets paid back. It doesn't reduce the national debt, Because we are still spending into the red each month.. And that is scheduled spending, not even "emergencies"

We are sooooo screwed as a nation.


I wish I could dictate that all my taxes that I pay get sent straight to China.. (What a sick thing coming from my mouth)--- but hell we owe it to them, and I would rather have the Commies paid off, than to owe them, and have the basically hold the US dollar's fate in their hands.

Who would have thought that after the cold war, we would let another communist nation have the potential to ruin us.


Rant over.

china owns us!..(w.t.f!)..not only are they "beating" us economically,but also they will beat us militarily,as the money paid back to china goes directly into the military/industrial complex!..(w.t.f!)

[Inspector 17]

[a_Username]

Originally Posted by jmaryt

china owns us!..(w.t.f!)..not only are they "beating" us economically,but also they will beat us militarily,as the money paid back to china goes directly into the military/industrial complex!..(w.t.f!)

I'm hoping the reason why you quoted beating is because you know that isn't true.

[Angrybird 12]

Originally Posted by jrc1122

/....and since when is going bankrupt an honorable or respectable thing to do anyway..

Stock owners, got screwed, Many dealerships got screwed, people lost jobs, bills didn't get paid, and the tax payer was left on the hook. Both for the bail out.. and also the Unemployment benifits of all those folks who lost their jobs.

(Yes I understand Unemployment is yet another tax paid by the employer, but that isn't where 100% of the funds come from, the government also subsidizes that program as well)

Just wondering if you ever thought of all the people that would have lost their jobs if GM had not filed bankrupsy and had completely folded? ALL the dealerships, ALL the employees, many more suppliers and even the suppliers of the suppliers could have gone under. It would have just started a chain of events that who knows how far it would have reached... those that actually closed and lost their jobs were really a small percentage of who would have lost their jobs if GM had completely closed...

[jmaryt]

Originally Posted by Lava

Actually is much more complicated than any of you understand. Profits were only shown because of GM and Union agreements to OFF SET payments to a later date. Troubling because it will still have to make those payments when the company ever goes public again. Like it or not the Union will put the company in a dangerous predicament again. GM just wants to clear up the companies image first so it can be someone else's problem later. Read on.

General Motors reported a Q1 2010 profit of $865 million, its first profit in three years, today. GM paid back $8.2 billion in from the US and Canadian governments last month. The automaker is still 61% owned by the US Treasury, but expects to buy it out later this year when it goes public again. The New York Times has more:

G.M. has been able to improve its performance even as industry sales remain weak largely because it shed a significant amount of its debt during the six weeks it spent in bankruptcy starting in June 2009.
From July to December, G.M. lost $4.3 billion, mostly because of the cost of settling with the United Automobile Workers union over retiree health benefits, but it had positive cash flow of $1 billion. Prior to bankruptcy, G.M. was rapidly depleting its cash reserves and could have run out of money within months had the government not stepped in.
G.M. said revenue was up 40 percent, to $31.5 billion, and it had positive cash flow of $1 billion.
The results show that G.M. is on track to become a public company again as soon as the fourth quarter, allowing the government to recover more of the billions of dollars it spent preventing G.M.’s collapse.
Business Week has a good overview of GM’s loan repayment
…the majority of the government’s $50 billion investment is tied up in the Treasury’s 61% ownership in the company…GM won’t be able to pay the remaining $40 billion of the government’s investment until the company launches its planned initial public stock offering, which could happen in the fourth quarter. The $8.4 billion was just the debt portion.
The other critical point is that the $50 billion investment in GM was, in retrospect, more than the company needed. The Treasury Department gave GM a big slug of cash in case there was a double dip in the recession or if wary consumers really fled the company’s brands. As the car market got a boost and some of GM’s new models sold well, it was clear that GM didn’t need all of that cash. So GM just paid back the $8.4 billion in debt with government money.
GM, it seems, is once again gaining traction in the public mind. If that happens, GM has a better chance of gaining even more sales–once it goes public again later this year.

i'm hopin' they 'croak"..this way i can 'still" get warranty work done for 5 years,and after that i can "store" the camaro for the big "20",and come out swingin' again by throwin' the car to auction for big bucks as a NON-ENTITY!
c'mon unions!..do what ya do best!..

[FenwickHockey65]

Originally Posted by jmaryt

i'm hopin' they 'croak"..this way i can 'still" get warranty work done for 5 years,and after that i can "store" the camaro for the big "20",and come out swingin' again by throwin' the car to auction for big bucks as a NON-ENTITY!
c'mon unions!..do what ya do best!..

Dumbest post I have ever seen on this site...and I've seen a LOT of dumb ones.

[a_Username]

Originally Posted by Skyman 08

Just wondering if you ever thought of all the people that would have lost their jobs if GM had not filed bankrupsy and had completely folded? ALL the dealerships, ALL the employees, many more suppliers and even the suppliers of the suppliers could have gone under. It would have just started a chain of events that who knows how far it would have reached... those that actually closed and lost their jobs were really a small percentage of who would have lost their jobs if GM had completely closed...

Meh. Bankruptcies are an important part of a progressive economy.