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Originally Posted by BadAsh74
I say if the Chinese love Buicks so much, then GM wouldve been smart to sell that division to the Chinese entirely. No one is buying them here, and few buyers Buick DOES have will all be worm food in the next 5-10 years.
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Buick provides a better outlet for captive Opel/Vauxhall imports than Saturn did.
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Killing off Hummer, Pontiac and Saturn is living proof of what a bunch of f'ing retards are running GM. Those 3 brands were the best chance GM had for turning around.
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Hummer was losing money hand-over-fist, as was Saturn. Sales of both had completely bottomed out-notice how GM couldn't even sell either of those brands (And they really, really tried). Suzuki, Ford, GM, International Harvester, Toyota and others have all tried to compete with Jeep, and the Wrangler specifically, and all have failed completely. Hummer actually made the best shot of any in recent memory (Anybody see the sales numbers on the 4Runner and FJ Cruiser recently? They're
bad.)
Pontiac...yeah, that was kind of unfortunate. The Solstice and G8 were both fantastic cars, and the rest could have been cleaned up given time. Still, GM needed to cut money, and it was either Buick or Pontiac-and Buick makes GM money hand over fist in China. Why would they sell the brand when they can use it to dominate the second-biggest car market in the world with rebadged Opels?
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As to the bailout, that was the biggest ripoff and proof of what an incompetent retard/communist Obummer really is. Like marauder said, that cost tens of billions.
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The auto industry bailout money came from three places: the Department of Energy, TARP and the Government Stock Purchase.
DoE loans are done by the DoE, and given to all automakers. They're part of what kept Ford from needing a bailout too. They were also given to Honda, Toyota, Tesla, Nissan, ect.
TARP funds came from the Bush Administration, to the tune of ~$20 billion.
The stock purchase came from the Obama Administration, as a result of their Chapter 11 Bankruptcy. The TARP loans went with old GM, and have been discarded. (AKA, the Bush money is gone). The Obama Administration has a 6 billion loan, which has been totally repaid, and $45 billion in assorted shares of GM, paying dividends and controlling ~30% of GM.
I'll put this in big obvious letters:
THE US GOVERNMENT, AMONG OTHER ORGANIZATIONS, IS CURRENTLY MAKING MONEY FROM GM THROUGH STOCK DIVIDENDS, AND HAS NO CURRENT LOANS WITH THE COMPANY. PREVIOUS UNPAID LOANS FROM THE BUSH ADMINISTRATION WERE DEFAULTED AND LOST ON CHAPTER 11 REORGANIZATION, BUT THE OBAMA BAILOUT HAS MADE THE GOVERNMENT MONEY.
Chrysler is a similar story, except that they've paid both the loans AND repurchased all government shares. The US government has exactly $Dick invested in Chrysler as of right now.
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The cash for clunkers program purchased (with our tax dollars) and destroyed millions of vehicles that were either worth a lot of money parted out or required minimal rebuilding to make them affordable for purchase by lower income people...only so that hyundai and kia could make out like bandits. The damn moron didnt even require the purchase of an AMERICAN car!!!!!
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Ford was the big winner in Cash for Clunkers. They sold about a billion Escapes with it. Additionally, the program only required that the blocks be wrecked. The rest of the cars were all scrapped as normal-it's actually created an overflow of parts in some areas.
The problem with the program was in how badly it was handled. The intention was to replace old SUVs with new fuel-efficient cars, but it was abused by consumers.
And the timing was terrible-Ford had average inventory, but GM and Chrysler were both well below on eligible vehicles. The economy restrictions should have been tighter, and the timing should have been better aligned with GM and Chrysler's inventory levels.
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Jeep jumps on the Chinese dragon wagon
