More of YOUR MONEY to GMAC

[MERCMAN]

http://news.yahoo.com/s/ap/20091230/ap_on_bi_ge/us_gmac_treasury

WHOOPDEFREAKINDOO

WTG FOMOCO

Buy a Ford,,,you only have to pay for it with your own money ONCE

[Bigdogjim]

Goverment with control over GM=bad news for America+and her taxpayers:mad:

[Vortex]

GMAC is not owned by General Motors (the car company). They only hold 9% of the stock. GMAC is actually just a bank now and this is another bank bailout. Youve seen the commercials for Ally Bank? The ones with that ********* not letting kids play with toys? Thats actually GMAC.

[RF Overlord]

Lemme get this straight...ResCap deliberately loaned money to people it KNEW were a bad risk and is now in trouble because the people couldn't pay them back.

I loaned money to a co-worker I thought was a friend who promptly took his family and moved away.

ResCap is getting ANOTHER $3bn from the gummint.

I got squat.

Does anyone else see the problem here?


Some analysts have speculated that GMAC might have to shut down ResCap altogether.Ya think?

The number one problem with America today is a TOTAL lack of personal (and corporate) accountability. Everything is SOMEONE ELSE'S fault.

[FordNut]

Same thing with the mortgage industry. Gov't FORCED them to loan money to bad credit risks (in the name of equality, fairness, all that liberal blah blah blah), now there's some big surprise that there's a problem? duh...

[Kennyrauder]

Look out for the rest of the variable rate mortgage crap. It is everyone else"s fault but the people that want a huge house. What the heck is wrong with a smaller house???? Buy a house you can afford!!!

[guspech750]

I say let all those irresponsible fail and live on the damn street or under a bridge. And same goes for the crummy companies that loaned out the money! We are ahead on our mortgage and a small home equity loan we used for all new windows and misc improvements and we have super awesome credit scores and we were denied to refi at 4.7%! WTF. We would have went from 5.7% to 4.7%. A big enough difference for me to do it. I told them they should just pick up the G** Damn house as I feel like saying F*** it why should I bother trying to do the right things. I am being penalized for doing all the right things and then some! F*** everyone and everything involving the banks and mortagage companies. They could all drop dead and I would throw a big party!!

[SC Cheesehead]

The number one problem with America today is a TOTAL lack of personal (and corporate) accountability. Everything is SOMEONE ELSE'S fault.

Ooooooh, you hit a hot button, Bob! :mad2: I'm 100% in agreement with this.


Look out for the rest of the variable rate mortgage crap. It is everyone else"s fault but the people that want a huge house. What the heck is wrong with a smaller house???? Buy a house you can afford!!!


But Kenny, that's not FAIR! :bigcry: I WANT a big house that I can't afford, it's my RIGHT to own one, even if there's no way I can pay for it....

Like I said, don't get me started, I can go on a roll (BIG TIME) on this topic....:argue:

[Vortex]

Look out for the rest of the variable rate mortgage crap. It is everyone else"s fault but the people that want a huge house. What the heck is wrong with a smaller house???? Buy a house you can afford!!!

That was/is a damn important part of the problem that the general public doesnt want to face. Many folks got greedy thinking they would just "flip" a house before their variable rate went up. Buying a house when you know the rate is going to ballon in 5 years to a payment you cant afford is just plain nuts; I have little sympathy for those folks. So many people did it it caused the real estate bubble to pop and that knocked down the house of cards dragging everyone with them. Of course the banks were glad to make the loan; they didnt care, as soon as a few payments came in they shipped off the mortgage to some other company. I think the worst is over though and maybe we will get out of this yet.

[W4LTD]

The number one problem with America today is a TOTAL lack of personal (and corporate) accountability. Everything is SOMEONE ELSE'S fault.



Ooooooh, you hit a hot button, Bob! :mad2: I'm 100% in agreement with this.


This is absolutely correct!

Even more ridiculous is the fact I applied for my home buyer tax credit (10%) back in May when I purchased my home, originally supposed to take 10-12 weeks, then pushed up to 12-16 weeks for the refund. It's be over 6 months now and still nothing! "It's still being processed." Bullsh:censor:t! Then they go and extend the rebate (back in November) when they can't even pay-out the existing rebates! ARGH! I had faith in our "government", but now they can all go screw themselves! :mad2:

[FordNut]

This is absolutely correct!

I had faith in our "government", but now they can all go screw themselves! :mad2:

Not me. People criticize previous administrations as "do-nothing" but actually that's the best government. Every thing they do they screw up and it costs us a bunch of money. Stay out of our business.

[2,4shofast]

:( This **** will never end!

[SC Cheesehead]

Not me. People criticize previous administrations as "do-nothing" but actually that's the best government. Every thing they do they screw up and it costs us a bunch of money. Stay out of our business.

On target, bro!

[Bigdogjim]

:( This **** will never end!

The money stream?

The thread?

Or the Goverment spending spree:laugh:

[SC Cheesehead]

The money stream?

The thread?

Or the Goverment spending spree:laugh:

Yes......:D

[Motorhead350]

No political threads, but we have this.

No religious threads, but another thread will start asking for prayers.

What do I get.... :censor:

:rolleyes:

[FordNut]

No political threads, but we have this.

No religious threads, but another thread will start asking for prayers.

What do I get.... :censor:

:rolleyes:

Who asked for your opinion anyway?

[SC Cheesehead]

No political threads, but we have this.

No religious threads, but another thread will start asking for prayers.

What do I get.... :censor:

:rolleyes:

So what would you like us to do, Dom?

[MrBluGruv]

Maybe it's just me being an ignorant young person,

but I've never understood this:

How could there be any reasonable, practical or logical excuse to use tax money to keep a private company alive? On so many levels, it doesn't make sense, aside from being honestly unfair to other businesses, mostly small business owners.

Like I said, makes no sense, but I could just be a young foolish person...

[SC Cheesehead]

Maybe it's just me being an ignorant young person,

but I've never understood this:

How could there be any reasonable, practical or logical excuse to use tax money to keep a private company alive? On so many levels, it doesn't make sense, aside from being honestly unfair to other businesses, mostly small business owners.

Like I said, makes no sense, but I could just be a young foolish person...

Ummm, the way I see it, you appear to be a very smart, perceptive young person...

[Motorhead350]

Who asked for your opinion anyway?

I don't have to be asked. No one does.

[SC Cheesehead]

I don't have to be asked. No one does.

True, that; but if you get hammered in return by others who don't always agree with your expressed opinion, be prepared to just suck it up, Dom; that's life.

[Motorhead350]

True, that; but if you get hammered in return by others who don't always agree with your expressed opinion, be prepared to just suck it up, Dom; that's life.

Oh I know, I'm used to it. I didn't really post one this time, just an observation.

[SC Cheesehead]

Oh I know, I'm used to it. I didn't really post one this time, just an observation.

Also true, but observations occasionally get a http://www.bloodydecks.com/forums/images/smilies/Kick_emoticon.gif , too.;)

[Dr Caleb]

Maybe it's just me being an ignorant young person,

but I've never understood this:

How could there be any reasonable, practical or logical excuse to use tax money to keep a private company alive? On so many levels, it doesn't make sense, aside from being honestly unfair to other businesses, mostly small business owners.

Like I said, makes no sense, but I could just be a young foolish person...

Your assumption is reasonable, if people assume the market is a 'free' market. It isn't. There are artificial market shortages everywhere - government mandated no less!

They 'bail out' big banks on the belief that to have them fail would do more harm than letting them fail. It won't. The interest payments on the loans they were given will be far worse than the short term pain of bankruptcy. The US is nearing it's upper limit on credit, and I don't want to be here when it reaches that limit.

Where I live, we regulated the banks decades ago, instead of letting them hang themselves. We didn't let them engage in any funny accounting, or risky loans. And we paid dearly for it.

Total bailout to Canadian Banks: $0.00 (in Canadian dollars, not US.)




Oh . . .wait . . . that's a good thing, isn't it?
http://www.financialpost.com/executive/story.html?id=1514698

Canadian banks grew at a rate of 4.6% annually over the last decade, eclipsed by the US banks 4.7%. Pre-recession. Oh . . .Wait . . .

Perhaps you guys might consider regulating your banks, instead of bailing them out when they get into trouble?