GM turns solid profit in quarter | The Columbus Dispatch

Full story: Columbus Dispatch

General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly profit in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid.
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1 - 11 of 11 Comments Last updated May 18, 2010
Funny

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#1
May 18, 2010
 

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Hey, GM! You're Welcome!

Signed,

Out of work taxpayer
JVA

Columbus, OH

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#2
May 18, 2010
 

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But there are a lot of taxpayers who are with work as a result of Federal actions to rescue GM. This news should be celebrated.
Jesse

AOL

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#3
May 18, 2010
 

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I am skeptical of anything GM reports after that commercial they ran claiming to have paid off their government loan. That was a blantant lie.
Big Johnson

Columbus, OH

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#4
May 18, 2010
 

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Basically GM made money by screwing its creditors.

Since: Sep 09

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#5
May 18, 2010
 

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JVA wrote:
But there are a lot of taxpayers who are with work as a result of Federal actions to rescue GM. This news should be celebrated.
The head of the UAW has spoken!
william

Berea, KY

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#6
May 18, 2010
 

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OH Boy, I can not wait to get our 43 billion back!
Keiretsu Exports Jobs

West Chester, OH

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#7
May 18, 2010
 

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Keep buying your Hondas and Toyotas and export dollars to yen. Then gripe about the economy after GM's payroll in Ohio is replaced with Walmart jobs.
Parasite Government

Columbus, OH

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#8
May 18, 2010
 

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A poorly run company with an expensive workforce gets to not only stiff it's creditors and shareholders, but gets unfettered access to the U.S. Treasury.

I've always bought American cars, but I will not be buying any GM or Chrysler.
Enzyte Bob

Reynoldsburg, OH

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#9
May 18, 2010
 

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Parasite Government wrote:
A poorly run company with an expensive workforce gets to not only stiff it's creditors and shareholders, but gets unfettered access to the U.S. Treasury.
I've always bought American cars, but I will not be buying any GM or Chrysler.
Your points are well-taken but they are misguided. The concept of "creative destruction" and darwinist capitalism is no different than the concept of sunk costs.

I'm sure you went to college and your finance professors taught you that you should never look at sunk costs. That's all great when you use investor money, but that's not what most people do in their personal lives. In other words, it's the difference between savings and consumption, with savings being trying to conserve an asset you have and consumption analogous to the sunk cost theory of throwing things out and writing off the asset.

The auto industry is unique in that there are huge barriers to entry. If Big Bear closes, no big deal because their place will be taken by someone else. By allowing Chrysler and GM to shut down, you are essentially throwing away all the intellectual property, engineering, brand names, ways of doing business, etc. that are part of any country.

Yes, had GM and Chrysler gone under, a foreign company would be taking their market share. But by allowing this to happen, we are giving away more of our wealth to foreign companies and continuing our decline from a nation that used to make things to one that shuffles paper.

Put another way, the last 30 years of thought (much of which I bought into) needs to be re-thought.(Jeffrey Immelt of GE said similar things as what I've felt for awhile.) Germany considers VW and Mercedes to be national assets they would never let go down the tubes. In fact, Germany owns 20% of VW. Germany is the most prosperous nation in Europe and gives us a run for the money.

I'm not for putting unhealthy companies such as British Leyland on life support. But if they can be salvaged, we need to start looking at some things as no different than a precious resource that should be conserved instead of thrown out with the old newspaper.

A lot of people have lost good jobs and a lot of people on Wall Street have made obscene fortunes because we haven't taken a conservationist approach. I think it's time we started thinking more along these lines ... kind of a "green" approach if you think about it.

Get my drift?
animal control

Raymond, OH

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#10
May 18, 2010
 

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The less money getting siphoned-off by the japz..da better!!
Enzyte Bob

Reynoldsburg, OH

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#11
May 18, 2010
 

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CarGuyBri wrote:
<quoted text>
The head of the UAW has spoken!


I am 100% conservative, but just what have we gained by allowing the robber barrons free rein to rape these companies and profit from them? Did you ever hear of anybody in previous generations making obscene fortunes by shuffling paper? NO. The Carnegies, the Rockefellers and the DuPonts of this world got wealthy making and selling things, not shuffling paper on Wall Street.

I hate the UAW and I refuse to buy stock in the new GM or Chrysler because I don't think they've learned their lesson. But, I think it's time to rethink conservative economic theory.

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