Government bailout of GMAC?

General Motors laying off workers?


doing the same thing over and over again and expecting different results.

Albert Einstein

This is one of the automotive companies the ‘we the people’ bailed out from bankruptcy not long ago.

Heaven forbid this company take the lead with alternative energy by perfecting its Chevy Volt and other total electric and also hybrid vehicles and compete with or even beat the style, pricing and workmanship of vehicles from other countries with ‘Made in the USA!’

And end up with more money and workers!

GM to lay off workers, cut production at Michigan small-car plant

The plant has about 1,580 hourly workers and 180 salaried positions. GM said the 260 workers to be laid off will be let go by the end of this year.

The assembly line will slow to produce fewer cars, but the GM spokesman did not reveal the production rates.

The Automotive News citing sources said the company would produce 20 per cent fewer cars.

US regular gasoline average price of $2.79 per gallon on Thursday was down from $3.65 a year ago, according to the AAA motor club.-Reuters

Government bailout of GMAC?

The government ended its $80 billion bailout of the U.S. auto industry on December 18, 2014. That’s when the Treasury Department sold its last remaining shares of Ally Financial (formerly GMAC) for $19.6 billion. By selling when the stock market was high, Treasury made a $2.4 billion profit on its $17.2 billion initial investment in GM’s former financing arm. (Source: WSJ, Bank Bailouts Approach Final Reckoning, December 19, 2014)

In June 2009, GM and Chrysler emerged from bankruptcy. The bailout helped them create 340,000 additional jobs.


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