Pay Off Your Loan By Borrowing Other Money

Discussion in 'Politics' started by Dragoon68, Apr 22, 2010.

  1. Dragoon68

    Dragoon68
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  2. Revmitchell

    Revmitchell
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    More dishonest bookkeeping by the liar in chief
     
  3. Revmitchell

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    GM Could Be in Hot Water With FTC Over Truth in Advertising

    General Motors is running ads on all the major networks this week claiming it has repaid its bailout from the taxpayers "in full." But the claim isn't standing up to scrutiny from lawmakers and government watchdogs who have found that the automaker was able to repay the bailout money only by dipping into a separate pot of bailout funds.

    The TV spot may land GM in hot water with the Federal Trade Commission over its truth-in-advertising laws, which prohibit ads that are "likely to mislead consumers."

    "We have repaid our government loans in full — with interest — five years ahead of the original schedule," says Ed Whitacre, chairman and CEO of General Motors Company, asking Americans to give the bankrupt company another look.

    But a top Senate Republican has accused GM of misleading taxpayers about the loan repayment, saying the struggling auto giant was able to repay a $6.7 billion bailout loan only by using other bailout funds in a special escrow account.

    Iowa Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout — also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.

    "It appears to be nothing more than an elaborate TARP money shuffle," Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.

    More Here
     
  4. Robert Snow

    Robert Snow
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    That's a good idea, the only problem is that Toyota has gotten off easy considering the faulty product they sold to consumers, let along the injuries or deaths they caused.
     
  5. Dragoon68

    Dragoon68
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    It's pure speculation that this particular "problem" caused "injuries or deaths". I can't say there is not a problem but I can say it has not been proved that there was or, if so, to what extent it was a factor in any accident.

    Toyota was tried and convicted in the media - not by any real root cause analysis and engineering evaluation!

    The fine, by the way, was not for any problem but simply the failure to "promptly" report the possibility of there being a problem. This is typical of governmental fines - they're based on "paper" violations.

    It does seem to me that the government was very eager to go after Toyota. It also seems to me that some of the reports of the problem are rather spectacular and questionable.

    It will be interesting to see what the facts reveal in time.

    But, of course, Government Motors has a long history of "safety" issues with their vehicles as well.
     
  6. Robert Snow

    Robert Snow
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    Toyota is guilty, plain and simple. In fact a co-worker had a runaway Toyota run into his parked truck while he was parked. The lady driver and her child sustained minor injuries. People watched her car speed up and go over two curbs before hitting his truck. She said she could not stop the vehicle.
     
  7. Dragoon68

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    This is not root cause analysis - this is speculation of a possible cause. Something happened - that's clear - but the actual reasons for it are not so clear. Anyone who has investigated industrial accidents understands this and knows that things are not often as they first appear. The accelerator pedal may or may not have been the cause and may or may not have been a contributor to the cause. Trials and convictions by the media are rarely based on any real evidence. They are based on the desire to sell the news. Law suits are, all too often, based on the desire to make a profit from them. We all saw the news report of the man in California who allegedly could not stop his car and had to have a police car stop him by getting in front of him. Any logical thinker would have many questions about that event and could not conclude that the only problem was a defective accelerator mechanism. I do not know whether or not Toyota's accelerator mechanism is faulty, and, if so, whether or not it is the cause of the problem, and, if so, whether or not they knew the extent of the problem, nor, if so, whether or not they attempted to cover it up or attempted to investigate and resolve the problem. It seems, rather, that when the problems came up they immediately responded to recall the product for inspection and replacement. It seems , rather, that nothing has been proved yet as to the root cause of the failures or as to other contributing factors. All the the government did was fine them for failing to make a written report of the problem within 5 business days of becoming aware of it. Like I said, that's the typical basis for regulatory fines - paperwork verses substance.
     
  8. billwald

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    My family has had 3 Toys and I would buy a 4th.

    Back to the thread title: Is not a person who re-mortgages his house borrowing new money to pay off an old loan?
     
  9. Dragoon68

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    Yes, but such a person shouldn't go around claiming they "paid off" their loan when all they did was re-finance it!

    GM has the audacity - a nice Obama word - to send out letters and e-mails claiming they'd paid off their loan in full with interest and earlier than expected. They failed to mention borrowing other money to do this.

    By the way, I wrote back to GM calling them on it.
     
  10. Robert Snow

    Robert Snow
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    A lot of empty words. I believe you side with Toyota because you don't like GM. After all they took government money and for a right-winger, that is an unforgivable sin!
     
  11. rbell

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    So dragoon offers a reasoned, thought-out response, and you respond with this?

    Hmm. Speaks wonders.
     
  12. Robert Snow

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    Yes, I believe it provides a motive for the backing of Toyota. After all, it has been expressed on this board that the real problem is that the government is picking on Toyota because they loaned money to GM. I don't buy it.
     
  13. Dragoon68

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    Nope, I side with what's right and fair, and in this case, I suspect Toyota is getting nailed without sufficient proof of doing anything wrong. That doesn't mean they didn't do something wrong. They may have. I just haven't seen a root cause analysis that proves it.

    Yep, it does bother me that GM took government money and that does make the government a less than totally impartial party in a legal action against Toyota. I can't say they haven't but I can say it does create suspicion. But that's what you get when government takes "ownership" of private business.

    Thanks for clearly recognizing and acknowledging my strong right wing tendencies. I'm not the least be ashamed of that and it's always encouraging when a die-hard liberal notices.
     

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