Auto industry bailout pulls Kokomo back from brink

Nov 22, 2010 Full story: The Plain Dealer 39

Jerry Price remembers the eerie silence less than two years ago when he walked through one of the transmission plants that long provided the economic lifeblood of this town steeped in auto industry history.

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LocalBoy

Indianapolis, IN

#1 Nov 22, 2010
This is BS - Kokomo, Indiana is home to the worlds finest transmission builders, period.
THe bailout did not save the men and women of Kokomo's jobs, it saved the jobs of the incompetent management / ownership.
Fact, when Mercedes wanted to build a new transmission plant in the US they came to Kokomo, why ? The finest transmission builders in the world reside there, period.

Dont for a minute think this talent would be sitting on the bench, they would be working for a competent owner, probably a Roger Penske type.

Articles like this make the good people of Kokomo look like third world welfare whores dependent on government, which they are not !!!!

If anything the bailout helped Tipton, who was screwed over royally by Getrag.

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#2 Nov 22, 2010
Another BS headline. GM & Chrysler filed for Bankruptcy. We paid for it and they still owe us $50 Billion!

Ford did Not take the Bailout and came through it better off than both.
HeadCheese

Overland Park, KS

#3 Nov 22, 2010
sorta like not wanting to admit the some surge in iraq works.

Meanwhile, good to know GM is back on top and have already paid back a third of the loan.

Has Goldman Sachs given back any of the TARP funding Bush gave them with NO OVERSIGHT.

Oh wait...Bush and repubs didn't require payback to the taxpayer.
HeadCheese

Overland Park, KS

#4 Nov 22, 2010
The laughing liberal wrote:
Another BS headline. GM & Chrysler filed for Bankruptcy. We paid for it and they still owe us $50 Billion!
Ford did Not take the Bailout and came through it better off than both.
You must hate the good news. lol

GM has annouced public offering. Profitability for the first time in three years, with first quarter earnings of $865m—something of a reversal from the $6 billion it lost in the same period last year.

"As of today, GM has repaid in full and interest," said GM CEO Ed Whitacre to a crowd assembled on floor of a GM plant in Kansas City, Kan.

How much has GoldMan Sachs paid back.....from that no oversight gift Bush and you repubs gave to Wall Street cronies and thieves.

Zero....Zilch....Nill. Nada...Not a dime...and we'll never see a penny of that money again. But they got nice bonuses at Goldmans.
HeadCheese

Overland Park, KS

#5 Nov 22, 2010
Bush/Palin supporters hate good news for the country.

They call bvllcrap on good news, but wanted all of us to believe it's in our interest to liberate Shia Muslims from Sunni in Iraq...and babysit them.

“Angry Antlers ”

Since: Sep 08

Miami

#6 Nov 22, 2010
Yeah, the Rethuglicans bitched over a paltry 50 billion in LOAN GUARANTEES, not bailouts for the auto industry to save 1.4 million MIDDLE CLASS jobs, but have nothign but praise for the UNPAID BACK 730 BILLION Wall Street received.

Typical fascist bullshit, hating the middle class, working people and job creators.

The GM IPO was the LARGEST IN US HISTORY, and the early payoff for the taxpayer is historical in it's size and scale.

Still waiting for Goldmine Sachs to pay us back, and, excuse me, but when are the fascist run banks GOING TO BE FORCED INTO LENDING SOME OF THAT MONEY?

Hating the black man in office has many incarnations- PRICELESS.

IT WAS THE RIGHT THING TO DO- THANK YOU GEORGE BUSH AND BARACK OBAMA.
LocalBoy

Indianapolis, IN

#7 Nov 22, 2010
Caribou Barbie wrote:
Yeah, the Rethuglicans bitched over a paltry 50 billion in LOAN GUARANTEES, not bailouts for the auto industry to save 1.4 million MIDDLE CLASS jobs, but have nothign but praise for the UNPAID BACK 730 BILLION Wall Street received.
Typical fascist bullshit, hating the middle class, working people and job creators.
The GM IPO was the LARGEST IN US HISTORY, and the early payoff for the taxpayer is historical in it's size and scale.
Still waiting for Goldmine Sachs to pay us back, and, excuse me, but when are the fascist run banks GOING TO BE FORCED INTO LENDING SOME OF THAT MONEY?
Hating the black man in office has many incarnations- PRICELESS.
IT WAS THE RIGHT THING TO DO- THANK YOU GEORGE BUSH AND BARACK OBAMA.
We did not save jobs....we bailed out the failed owners and mangers.
The productive people of Kokomo did not need a bailout, they earn their money every day.

What was saved was the bad owners, bad managers.

Do you suggest these men and women are incompetent to the point they need charity to survive......like the owners and managers ?

“Angry Antlers ”

Since: Sep 08

Miami

#8 Nov 22, 2010
LocalBoy wrote:
<quoted text>We did not save jobs....we bailed out the failed owners and mangers.
The productive people of Kokomo did not need a bailout, they earn their money every day.
What was saved was the bad owners, bad managers.
Do you suggest these men and women are incompetent to the point they need charity to survive......like the owners and managers ?
Industry that is critical to our national security should, and WILL be preserved at all costs, so I'd suggest getting used to it.

Was the auto industry bloated, out of touch, sure, to a degree, no one on my end is blaming the workers, though.

Republican policies since Reagan have worked steadily to union bust, drive down wages to Indonesian levels, refuse slapping tarrifs on incoming foreign goods- the policy has been to allow offshoring jobs, money and talent for three decades now.

Why should 1.4 million automotive/supplier jobs be sacrificed because of Republican policy? There was only so much the executives could do domestically. Their biggest problem was investing in offshoring jobs and unionbusting on their own.

Now they know better, and we have a crucial industry preserved, and is paying back the taxpayer's investment with interest.

Now can we ask Wall Street for it's money back, please? And force giant "too big to fail" banks to lend money?
LocalBoy

Indianapolis, IN

#9 Nov 22, 2010
Caribou Barbie wrote:
<quoted text>
Industry that is critical to our national security should, and WILL be preserved at all costs, so I'd suggest getting used to it.
Was the auto industry bloated, out of touch, sure, to a degree, no one on my end is blaming the workers, though.
Republican policies since Reagan have worked steadily to union bust, drive down wages to Indonesian levels, refuse slapping tarrifs on incoming foreign goods- the policy has been to allow offshoring jobs, money and talent for three decades now.
Why should 1.4 million automotive/supplier jobs be sacrificed because of Republican policy? There was only so much the executives could do domestically. Their biggest problem was investing in offshoring jobs and unionbusting on their own.
Now they know better, and we have a crucial industry preserved, and is paying back the taxpayer's investment with interest.
Now can we ask Wall Street for it's money back, please? And force giant "too big to fail" banks to lend money?
So if Roger Penske was to own GM he would bust the union ? THats not what happened to Detroit Diesel.

What we did was prevent a bankruptcy, at which time would have replaced bad owners with good ones. What we did was prop up failures, and that we will pay for decades to come.

Why our you so afraid of the law, bankruptcy law ?

What enumerated power in our Constitution gives the federal government to bailout anybody, let alone failures in the auto industry ? Where did Bush / Obama get the Constitutional authority, which enumerated power ?
LocalBoy

Indianapolis, IN

#10 Nov 22, 2010
Caribou Barbie wrote:
Yeah, the Rethuglicans bitched over a paltry 50 billion in LOAN GUARANTEES, not bailouts for the auto industry to save 1.4 million MIDDLE CLASS jobs, but have nothign but praise for the UNPAID BACK 730 BILLION Wall Street received.
Typical fascist bullshit, hating the middle class, working people and job creators.
The GM IPO was the LARGEST IN US HISTORY, and the early payoff for the taxpayer is historical in it's size and scale.
Still waiting for Goldmine Sachs to pay us back, and, excuse me, but when are the fascist run banks GOING TO BE FORCED INTO LENDING SOME OF THAT MONEY?
Hating the black man in office has many incarnations- PRICELESS.
IT WAS THE RIGHT THING TO DO- THANK YOU GEORGE BUSH AND BARACK OBAMA.
Also in this bailout was the forced depreciation of bonds held by teachers, firefighters and police of the State Of Indiana. THese pensions bought secure bonds that paid less but was supposed to be safe.

Your UAW bought equities, got burnt being greedy and was bailed out dollar for dollar at the expense of the public workers of our State.

What justification do you offer for this ?

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#12 Nov 22, 2010
I just watched Charlie Rose interview disgraced Obama Car czar Steve Rattner.

He 'settled' his charges with the SEC for something like $6 Million then comes on the show pretending he did nothing wrong!!! Ha Ha Ha!

Charlie Rose admitted he was friends with Rat and went on with the softball interview even taking sides with his friend Rat when they discussed how fellow Democrat Andrew Cuomo is suing Rattner for $24 Million on this case even though there's no political motivation since Andrew already won the election.

Too many criminals inside the Obama circle.

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#13 Nov 22, 2010
Caribou Barbie wrote:
<quoted text>
Industry that is critical to our national security should, and WILL be preserved at all costs, so I'd suggest getting used to it.
Was the auto industry bloated, out of touch, sure, to a degree, no one on my end is blaming the workers, though.
Republican policies since Reagan have worked steadily to union bust, drive down wages to Indonesian levels, refuse slapping tarrifs on incoming foreign goods- the policy has been to allow offshoring jobs, money and talent for three decades now.
Why should 1.4 million automotive/supplier jobs be sacrificed because of Republican policy? There was only so much the executives could do domestically. Their biggest problem was investing in offshoring jobs and unionbusting on their own.
Now they know better, and we have a crucial industry preserved, and is paying back the taxpayer's investment with interest.
Now can we ask Wall Street for it's money back, please? And force giant "too big to fail" banks to lend money?
Another moron contradicts himself about Bail Outs and even admits Obama's found another Too Big to Fail partner - Even though Ford proved no one needed the Bail Out!

GM was sitting on Billions in cash when they asked for the Bailouts. Only gobernment would be dumb enough to grant there wish.

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#14 Nov 22, 2010
LocalBoy wrote:
<quoted text>Also in this bailout was the forced depreciation of bonds held by teachers, firefighters and police of the State Of Indiana. THese pensions bought secure bonds that paid less but was supposed to be safe.

Your UAW bought equities, got burnt being greedy and was bailed out dollar for dollar at the expense of the public workers of our State.
What justification do you offer for this ?
crickets

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#15 Nov 22, 2010
HeadCheese wrote:
sorta like not wanting to admit the some surge in iraq works.
Meanwhile, good to know GM is back on top and have already paid back a third of the loan.
Has Goldman Sachs given back any of the TARP funding Bush gave them with NO OVERSIGHT.
Oh wait...Bush and repubs didn't require payback to the taxpayer.
Why are Jackasscrats so stupid?

Congress wrote TARP and oversees the Bail Out. In fact, The democrat Congress Wrote TARP with Obama voting for it.

Wouldn't you know that GS paid their Bail Out back over a year ago.

http://money.cnn.com/2009/07/22/news/economy/...

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#16 Nov 22, 2010
LocalBoy wrote:
<quoted text>We did not save jobs....we bailed out the failed owners and mangers.
The productive people of Kokomo did not need a bailout, they earn their money every day.
What was saved was the bad owners, bad managers.
Do you suggest these men and women are incompetent to the point they need charity to survive......like the owners and managers ?
Great Points of fact are lost on the idiot barbie.

“President DOWNGRADE..Ha Ha Ha!”

Since: Sep 09

Tavares, FL

#17 Nov 22, 2010
When all the General Motors common stock in its initial public offering changes hands, the U.S. government will wind up $26.4 billion short of getting back the $50 billion it gave GM to get it through bankruptcy last year.

http://abcnews.go.com/Business/wireStory...

Did someone LIE about GM repaying their Bail Out?
Curtis Lowe

Montgomery, AL

#19 Nov 23, 2010
Car keys in your hand
Crankcase is full of sand
Who gives a rats ass if the color is bland
Down in Kokomo

I'm Union, I make a, car that's gonna breaka
Bermuda, Bahama, do it for Obama
LOL

Tampa, FL

#21 Nov 23, 2010
Caribou Barbie wrote:
Yeah, the Rethuglicans bitched over a paltry 50 billion in LOAN GUARANTEES, not bailouts for the auto industry to save 1.4 million MIDDLE CLASS jobs, but have nothign but praise for the UNPAID BACK 730 BILLION Wall Street received.
Typical fascist bullshit, hating the middle class, working people and job creators.
The GM IPO was the LARGEST IN US HISTORY, and the early payoff for the taxpayer is historical in it's size and scale.
Still waiting for Goldmine Sachs to pay us back, and, excuse me, but when are the fascist run banks GOING TO BE FORCED INTO LENDING SOME OF THAT MONEY?
Hating the black man in office has many incarnations- PRICELESS.
IT WAS THE RIGHT THING TO DO- THANK YOU GEORGE BUSH AND BARACK OBAMA.
YAAAYYYYYYYY!!!!!!!!!!for big business and unions.........

obama Ebonic math unemployment rate for the country still around 9.6%....

Real unemployment rate for the country still around 18%......

over 1 million more americans will be without any form of income in just a few weeks.....

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#22 Nov 23, 2010
HeadCheese wrote:
<quoted text>
You must hate the good news. lol
GM has annouced public offering. Profitability for the first time in three years, with first quarter earnings of $865m—something of a reversal from the $6 billion it lost in the same period last year.
"As of today, GM has repaid in full and interest," said GM CEO Ed Whitacre to a crowd assembled on floor of a GM plant in Kansas City, Kan.
How much has GoldMan Sachs paid back.....from that no oversight gift Bush and you repubs gave to Wall Street cronies and thieves.
Zero....Zilch....Nill. Nada...Not a dime...and we'll never see a penny of that money again. But they got nice bonuses at Goldmans.
GM borrowed nearly $100 Billion and they've only returned $24 Billion once the US sells that stock. Sorry idiot but they're $76 Billion in the Hole still.

Ford didn't need the Bail Out.

To local boys point, your idea of success is keeping Bad Management in place with tax payer money. That's really stupid.

And Obama's hired so many Goldman peeps that he's practically run by Goldman Sachs. I do find it interesting that Goldman Paid there loan back but made a killing on the IPO too. Your corrupt government is nothing to applaud my friend. Seek facts for a change.

“Angry Antlers ”

Since: Sep 08

Miami

#23 Nov 23, 2010
LocalBoy wrote:
<quoted text>So if Roger Penske was to own GM he would bust the union ? THats not what happened to Detroit Diesel.
What we did was prevent a bankruptcy, at which time would have replaced bad owners with good ones. What we did was prop up failures, and that we will pay for decades to come.
Why our you so afraid of the law, bankruptcy law ?
What enumerated power in our Constitution gives the federal government to bailout anybody, let alone failures in the auto industry ? Where did Bush / Obama get the Constitutional authority, which enumerated power ?
Bankruptcy would mean liquidation, period.

AND offshoring those jobs. If you hate American workers that much, maybe you should lobby for the communist Chinese like most Republican policy makers do.

The action saved jobs that would have been eliminated, period.

China, Europe and Japan all provide massive subsidies to keep their corporations profitable in the form of socialized medicine, pension plans, infrastructure improvements, why was Toyota and Nissan so successful?

Their costs of doing business was supplanted by government intervention. Nothing wrong with us doing it once every 60 years or so.

You really need to realize putting your faith in American corporations to do the right thing is a fatal mistake.

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