GMAC to Receive $7.5 Billion from Treasury

Submitted by
CalculatedRisk on Wed, 05/20/2009 - 4:40am (31 comments)
in
bleh wrote on Wed, 5/20/2009 - 4:41 am

good, i was worried they forgot about GMAC

bleh wrote on Wed, 5/20/2009 - 4:41 am

hopefully they dont forget about AIG again.

dum luk wrote on Wed, 5/20/2009 - 4:44 am

spx

887 20 EMA

841 50 SMA

830 38% Fib Rtr

volker the viking wrote on Wed, 5/20/2009 - 4:46 am

Screw the 18 billion we gave them last month, here's some more. Don't go without without asking for more.

10.000 Mosquitos wrote on Wed, 5/20/2009 - 4:49 am

I remember that way back in high school all of the texbooks were at least a decade out of date. I now envision the new crop of FIRE majors in college being told to just ignore all of that nonsense in their shiny new overpriced books. All of that outdated stuff like competitive business advantage, supply, demand,and free enterprise

Mike in Long Island wrote on Wed, 5/20/2009 - 4:51 am

I'm going to need a new calculator to keep track of these numbers...

Does Excel have a max number of characters per cell?

km4 wrote on Wed, 5/20/2009 - 4:51 am

This is simply ridiculous... Obamanomics certainly knows how to throw $$$ down ratholes

Market and GM Update
by CalculatedRisk on 5/19/2009 04:01:00 PM
...the plan also called for the government to forgive the bulk of $15.4 billion worth of emergency loans that the U.S. has already provided to GM.

Snerf wrote on Wed, 5/20/2009 - 4:53 am

When is CR gonna get up and post the news about the Calif propositions? Btw, in case you haven't seen it yet, the LA Times blames the voters:


California voters exercise their power -- and that's the problem

This piece of shit rag can't go out of business soon enough.

rb wrote on Wed, 5/20/2009 - 4:54 am

Historians will not look kindly on this empire.

dum luk wrote on Wed, 5/20/2009 - 4:54 am

"Fiat expansion stirs resentment in Italy's south"

Fiat expansion stirs resentment in Italy's south
| Reuters

Pomigliano d'Arco, a town of 40,000 people in the shadow of Mount Vesuvius, relies on Fiat for its lifeblood. In recent decades, industry in the nearby port of Naples has closed, tightening the grip of the ruthless Camorra crime gang on the economy of one of Europe's most depressed regions.

Residents now fear they may pay the price for cash-strapped Fiat's high-stakes strategy to survive the global recession by expanding to become the world's second largest car maker.

rb wrote on Wed, 5/20/2009 - 4:56 am

Obama Motors selling fuel efficient cars.

WASHINGTON – President Barack Obama is asking consumers to put their money — up to $1,300 per new vehicle by 2016 — behind his plan for higher efficiency standards for cars and trucks and tougher rules on their greenhouse gas emissions. In return, Obama said Tuesday in unveiling the plan, drivers would make up the higher cost of more fuel-efficient, cleaner vehicles by buying less gas at the pump.

It would take just three years to pay off the investment and would, over the life of a vehicle, save about $2,800 through better gas mileage, the president said.

Lobbyist Ben Dover wrote on Wed, 5/20/2009 - 4:57 am

Get used to it Obama is in the car business and he will waste far more taxpayer money with their political built cars. To bad Yugo went out of business he could have gave a chunk of GM to them.

Not One Cent wrote on Wed, 5/20/2009 - 4:58 am

Flipping through the bubble glossary:

"capital"=debt
"invest"=spend

RATM wrote on Wed, 5/20/2009 - 5:00 am

Obama did say he was going to have to make tough decisions.

dr munch wrote on Wed, 5/20/2009 - 5:00 am

Everything is wrong.

dum luk wrote on Wed, 5/20/2009 - 5:01 am

In return, Obama said Tuesday in unveiling the plan, drivers would make up the higher cost of more fuel-efficient, cleaner vehicles by buying less gas at the pump.

"[Italy] has promised cash -- up to 1,500 euros -- for Italians to trade in their old cars for new, greener models, but it said the scheme relied on a promise from Fiat not to close any plants."

Fiat expansion stirs resentment in Italy's south
| Reuters

km4 wrote on Wed, 5/20/2009 - 5:01 am

Keeping zombie banks alive is going to sap the energies of the US economy.
- George Soros

Now add GMAC

I wonder if Americans taxpayers will wake up and see they are being be pawned by Obamanomics which is all about collusion with the 19 too big to fail banks ( that got trillions in TARP ) is to pump up great chunks of the Big Shitpile that's essentially worthless unless the peak real estate values of the bubble can be miraculously restored.

dr munch wrote on Wed, 5/20/2009 - 5:02 am

I have not heard a single word from anyone on how oil over $60 is a "green shoot". Other than it's an offshoot of the other green shoots.

Max wrote on Wed, 5/20/2009 - 5:05 am

In review:

Zombie banks
Zombie car companies
Zombie insurance companies
Zombie REITs
Zombie mortgages

Coming soon to a municipality near you:

Zombie cities
Zombie counties
Zombie states

What happens when all the brains are eaten?

10.000 Mosquitos wrote on Wed, 5/20/2009 - 5:06 am

VLCC and Suezmax rates are rising. Stocks in tanker co's are cheap. May as well go for a dividend to help with the gas bill

dum luk wrote on Wed, 5/20/2009 - 5:07 am

What happens when all the brains are eaten?

The kleptocrats burp.

Not One Cent wrote on Wed, 5/20/2009 - 5:08 am (in reply to...)

rb (profile) wrote on Wed, 5/20/2009 - 12:56 pm
Obama Motors sell...
WASHINGTON – President Barack Obama is asking consumers to put their money — up to $1,300 per new vehicle by 2016 — behind his plan for higher efficiency standards for cars and trucks and tougher rules on their greenhouse gas emissions. In return, Obama said Tuesday in unveiling the plan, drivers would make up the higher cost of more fuel-efficient, cleaner vehicles by buying less gas at the pump.
It would take just three years to pay off the investment and would, over the life of a vehicle, save about $2,800 through better gas mileage, the president said.

Bubble glossary:

"save"=spend

People can pollute less by NOT buying new cars (embodied energy/pollution), not consuming, not driving to malls, and not having both spouses drive to work.

Obama's "recovery" is anti-green.

The Mortgage Pig wrote on Wed, 5/20/2009 - 5:10 am

Architecture Billings Index Steady in April

Black Star Ranch wrote on Wed, 5/20/2009 - 5:13 am

....does anyone really think the free spending will stop short of the presses breaking down? This E-Ticket ride is just starting up.

Mook wrote on Wed, 5/20/2009 - 5:15 am

What happens when all the brains are eaten?

Could you rephrase the question?
In Japanese, perhaps?

Lobbyist Ben Dover wrote on Wed, 5/20/2009 - 5:15 am

E-Ticket! BSR you are showing your age and a west coaster. Fly over have no clue what that means.

Mook wrote on Wed, 5/20/2009 - 5:16 am

And while on the topic of GMAC, here's a hilarious flashback from a few months ago, from a poster I haven't seen around much recently:

Hey guys (and gals).... don't forget..... tonight is the GMAC Bowl.

You paid for it, you may as well watch it!
Eric | 01.06.09 - 5:49 pm

Dead Monkey Bounce wrote on Wed, 5/20/2009 - 5:21 am

My best shot:

ときに、すべての脳を食べた。次は何が起こるのだろうか？

Somewhat poetic, no?

creditcriminalslovetarp wrote on Wed, 5/20/2009 - 5:25 am

What a joke...All this to sell cars and mortgages to deadbeats!

The ABS paper market is truly scary! we are reblowing up auto bubble....

ella wrote on Wed, 5/20/2009 - 5:36 am

Any idea just how much Cerberus will benefit from this federal infusion of cash? Lets not forget that they bought Chrysler, loaded it up with debt in the LBO and bought a chunk of GMAC. Once again we are bailing out wealthy speculators.

What will the public investment gain?

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