I think the only reason GM's able to start paying back the loans so quickly is simply they borrowed more than they needed to. Probably so they could start paying it back sooner, as a PR move. Like you said, GM's PR department isn't stupid, but they think the rest of us are.
@HurtsSoGood: They needed money AND they were blowing smoke up our asses.
Kind of like when you couldn't make rent right after you finished college, and scared your parents into lending you $1,500. But you didn't tell them that you spent $400 of this on concert tickets and beer, and when you paid them back $200 early it was just so that they'd forget about the remainder.
Edited by Mr.choppers - Delenda Carthago Est at 11/19/09 11:08 PM
Mr.choppers - Delenda Carthago Est was starred
Mr.choppers - Delenda Carthago Est was unstarred
Incorrect. The cars are commodities, of which none are sold for less than the price of materials, therefore any monetary loss is associated with labor, manufacturing overhead, and administrative cost.
Let's assume that the profit on the materials can outpace the facility overhead cost, and break it down to where all losses are associated with personnel, both labor and administration.
Let us furthermore assume that the taxpayer funded loan was a gift, and that none of it will come back.
Then, let us assume that the funds remained within North America.
With approximately 112,000 employees in North America, 8.6 billion dollars works out to $76,785 per worker that the taxpayers have spent.
Fire them all, and give me back my money. All $30 of it ($8.6 billion divided by the current US population of 300 million is only $28.67; The $1.33 is interest)
skitter promoted this comment
Corvette_Thunder_Wheres my trophy for participating in Jalopnik? was starred
Corvette_Thunder_Wheres my trophy for participating in Jalopnik? was unstarred
Quick. Everyone buy an Aveo just to spite the taxbuyer. "Look at this! Look at it! Yeah, that's right! This pile of misery cost you 12 Grover Clevelands!"
Why the hell can't we outsource these morons? I want to see these studies coming from Indochina pronto. In mangled English of course. Like the old motherboard manuals back in the day.
@mytdawg: About the Author
Thomas D. Hopkins is Professor of Economics at Rochester Institute of Technology. He served as Dean of the College of Business 1998-2005 and as President, U.S. Business School in Prague, Czech Republic, an RIT MBA program where he taught 1992-98. He was the Arthur J. Gosnell Professor of Economics in RIT's College of Liberal Arts, 1988-98. Hopkins held senior management positions in two White House agencies during the Ford, Carter and Reagan Administrations; in 1979 President Carter appointed him a charter member of the federal government's Senior Executive Service. In the early 1980s, he served as Deputy Administrator, Office of Information & Regulatory Affairs, in the Office of Management & Budget. His research on business burdens of government regulation has been sponsored by the Organization for Economic Cooperation & Development (OECD) in Paris and the U.S. Small Business Administration (SBA) in Washington. He has testified on regulatory policy issues before committees of the U.S. Senate and House, and Canada's House of Commons. He co-authored a 2001 SBA report, "The Impact of Regulatory Costs on Small Firms," as well as National Research Council reports on marine transportation, the Exxon Valdez oil spill, and trucking/rail/barge transportation. He previously was on the faculty of American University, University of Maryland, and Bowdoin College.
@don_mynack: Great. Get him to do a study on what the wars have cost us and how much was wasted and how much that has cost every taxpayer. Or the collapse of the financial institutions. Or Enron. Or all the others that have pilfered their way through the last decade at taxpayer expense. Or how much Halliburton has stolen from taxpayers. Spread that hate around a little.
I was reading the list backwards and thought, "wow, Idaho sucks, but how come MA isn't on that side of the list?"
But I'm surprised CT isn't further up on that list. Holy hell, do I effin' hate CT drivers. Every time I see that blue-white plate I cringe as I prepare to slam on the brakes or be tailgated for 20 miles even though I'm already doing 90 in the left lane. I usually end up bracing myself in a midst of brake lights as the son of a bitch swerves across 3 lanes in a desperate bid to get ahead of some minivan, with no turn signals as to add to the guessing fun.
I saw a truck swerving in and out of traffic like that once, nearly ran 4 cars off the highway. I also got ran off once by a different truck on that same stretch of I-84. Then again, I saw a Huey helicopter on the back of a different 18-wheeler so that kind of made up for it.
11/19/09
11/19/09
11/19/09
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11/19/09
Kind of like when you couldn't make rent right after you finished college, and scared your parents into lending you $1,500. But you didn't tell them that you spent $400 of this on concert tickets and beer, and when you paid them back $200 early it was just so that they'd forget about the remainder.
11/20/09
#tips
11/19/09
11/19/09
Let's assume that the profit on the materials can outpace the facility overhead cost, and break it down to where all losses are associated with personnel, both labor and administration.
Let us furthermore assume that the taxpayer funded loan was a gift, and that none of it will come back.
Then, let us assume that the funds remained within North America.
With approximately 112,000 employees in North America, 8.6 billion dollars works out to $76,785 per worker that the taxpayers have spent.
Fire them all, and give me back my money. All $30 of it ($8.6 billion divided by the current US population of 300 million is only $28.67; The $1.33 is interest)
11/19/09
11/19/09
11/19/09
Also, faring, not fairing.
/grammarian
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Hopefully, GM will learn the lesson and not stagnate. Next time, the taxpayers won't be so willing to hand over billions on a silver platter.
But then again, this isn't exactly the first time, either. Do we, as a species, ever learn?
11/19/09
11/19/09
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11/19/09
I quit building when it became more expensive to build one than to just buy a workstation off eBay.
11/19/09
Thomas D. Hopkins is Professor of Economics at Rochester Institute of Technology. He served as Dean of the College of Business 1998-2005 and as President, U.S. Business School in Prague, Czech Republic, an RIT MBA program where he taught 1992-98. He was the Arthur J. Gosnell Professor of Economics in RIT's College of Liberal Arts, 1988-98. Hopkins held senior management positions in two White House agencies during the Ford, Carter and Reagan Administrations; in 1979 President Carter appointed him a charter member of the federal government's Senior Executive Service. In the early 1980s, he served as Deputy Administrator, Office of Information & Regulatory Affairs, in the Office of Management & Budget. His research on business burdens of government regulation has been sponsored by the Organization for Economic Cooperation & Development (OECD) in Paris and the U.S. Small Business Administration (SBA) in Washington. He has testified on regulatory policy issues before committees of the U.S. Senate and House, and Canada's House of Commons. He co-authored a 2001 SBA report, "The Impact of Regulatory Costs on Small Firms," as well as National Research Council reports on marine transportation, the Exxon Valdez oil spill, and trucking/rail/barge transportation. He previously was on the faculty of American University, University of Maryland, and Bowdoin College.
Yeah, sounds like a total moron.
11/19/09
06/04/09
Independent observation.
06/04/09
06/04/09
1. A pedestrian is crossing your lane but there is no crosswalk. You should:
D.) Run 'em down, 10 points each!
2. When driving in adverse conditions, the proper speed to travel is:
D.) 90mph, sideways, like Colin McRae.
3. A traffic light with a flashing red signal means?
D.) It's time to reset your VCR clock.
4. You see a flashing yellow traffic signal at an up coming intersection. The flashing yellow light means:
D.) CHECKPOINT!
5. A solid yellow line, on your side of the center line, means:
D.) Hurry up and pass them, that truck's coming down on you pretty fast...
6. When you approach a stopped school bus with flashing red lights, you should:
D.) Speed up, 5 points per kid!
7. If, while driving, a tire suddenly blows out, you should:
D.) be ashamed that you bought a Ford Explorer.
8. You may pass on the right of another vehicle when:
D.) The cops aren't looking.
9. When making right or left turns, a driver should signal _______ before the turn?
D.) Signal what?
10. A diamond shaped sign means:
D.) You're about to lose 3 month's salary.
11. You drive defensively when you:
D.) Combine your Level 80 Crown of Luminescence with your Avalanchion's Stony Hide for +90 stamina.
12. When you tailgate other drivers (drive close to their rear bumper):
D.) You're on the Mass Pike and you're going to miss your dinner reservation at Legal Sea Foods.
13. You may drive off of the paved roadway to pass another vehicle:
D.) If your jacked-up Jeep Wrangler is gnarly enough.
14. When you are merging onto the freeway, you should be driving:
D.) 90 in a 65, like Akon says.
15. When driving in fog, you should use your:
D.) Cupholder-mounted espresso machine
16. Under most conditions what is a safe following distance?
D.) Trick question! Distances aren't measured in seconds, silly!
17. There is an emergency vehicle coming from behind you with emergency lights on and flashing. You should:
D.) Get behind the emergency vehicle and tailgate them mercilessly until you approach your destination.
18. When you approach a traffic signal displaying a steady yellow light, you must:
D.) Stop and do the hokey pokey.
19. In bad weather, you should make your car easier for others to see by:
D.) Stealing a giant neon sign that says LIVE NUDES and strapping it to your windshield.
20. The best way to keep from hydroplaning is to:
D.) Sell your hovercraft.
06/04/09
But I'm surprised CT isn't further up on that list. Holy hell, do I effin' hate CT drivers. Every time I see that blue-white plate I cringe as I prepare to slam on the brakes or be tailgated for 20 miles even though I'm already doing 90 in the left lane. I usually end up bracing myself in a midst of brake lights as the son of a bitch swerves across 3 lanes in a desperate bid to get ahead of some minivan, with no turn signals as to add to the guessing fun.
I saw a truck swerving in and out of traffic like that once, nearly ran 4 cars off the highway. I also got ran off once by a different truck on that same stretch of I-84. Then again, I saw a Huey helicopter on the back of a different 18-wheeler so that kind of made up for it.
06/04/09
Your Score: 100%
Challenge a friend
Please review your answers below. Incorrect answers are highlighted in red.
Georgia.
Male.
Pure Wheel Man.