Ford, BMW, Toyota Took Secret Government Money

[Ktulu]

http://jalopnik.com/5704575/

According to the data, from October 2008 through June 2009 the fed bought $45.1 billion in commercial paper from the credit arms of four automakers - Ford, BMW, Chrysler and Toyota - along with GMAC (the former General Motors credit arm). Of those, Ford sold the most, with $15.9 billion.

Never really saw this mentioned here but i thought it was interesting anyways, so much for Chrysler and GM being the only automakers taking tax payer money.

 

[theeedude]

Too Bimmer to Fail
Back to pretending that the rich are only rich due to their hard work and are overtaxed.

 

[CycloWizard]

Too Bimmer to Fail
Back to pretending that the rich are only rich due to their hard work and are overtaxed.

Back to pretending the best way to end corporate shenanigans is by relying on government. Tell me - how would they get this rich if the government wasn't shipping them money by the boatload?

 

[theeedude]

Back to pretending the best way to end corporate shenanigans is by relying on government. Tell me - how would they get this rich if the government wasn't shipping them money by the boatload?

Are you an anarchist?

 

[theeedude]

Are Conservatives still going to point to the South getting auto plants as example of their "small government" policies working, after we find out that those plants were financed by the Fed?

 

[Dissipate]

Are you an anarchist?

He's not, but I am. What's up?

 

[cubby1223]

Are Conservatives still going to point to the South getting auto plants as example of their "small government" policies working, after we find out that those plants were financed by the Fed?

I swear, you idiots just make up whatever talking points you want, regardless of reality. Auto plants in the South are the example of the problems with overly expensive labor unions.

 

[Zebo]

 

[Zebo]

Back to pretending the best way to end corporate shenanigans is by relying on government. Tell me - how would they get this rich if the government wasn't shipping them money by the boatload?

This is why liberals advocate labor unions and progressive taxation - so the rabble has some economic power to get their people elected and actually serve them.

The effect of globalism and destruction of unions has been to destroy the industrial and manufacturing unions, thus leaving the Democrats without a power base and source of funding.

The effect of low taxes has given the elite disproportionate power in the funding.

Obama and the Democrats cannot be an opposition party, because Democrats are as dependent as Republicans on corporate interest groups for campaign funding. The Fed can't either is stacked with people at the top.

This is why you have communism for rages and riches. The rags just so they stay calm while rich loot.

This is normal though, every form of government gets this way. This why there are revolutions.

 

[bamacre]

Too Bimmer to Fail
Back to pretending that the rich are only rich due to their hard work and are overtaxed.

LOL, yes, an entity that taxes fraud instead of criminalizing it. This is not government, this is organized crime.

 

[Zebo]

Bill Black who put about 700 bankers in jail during S&L crisis said he could put 1000 bankers in jail today if law was just followed but govt is so corrupt they won't even begin to move.

 

[The-Noid]

These weren't really secret transactions. Anyone with access to a Bloomberg, BondDesk or Tradeweb could see that the Federal Reserve was active in the commercial paper market, hell they announced the program to help GE and Ford as the examples.

 

[theeedude]

LOL, yes, an entity that taxes fraud instead of criminalizing it. This is not government, this is organized crime.

Your answer is to leave fraud proceeds to the fraudsters.

 

[CycloWizard]

Are you an anarchist?

For the purposes of this thread, I am: why is the government handing out billions to huge corporations like they are children on Halloween? If you want the rich to get rich on their own merit and hard work, let them. Giving them free capital to invest is one of, if not the biggest, driving force for the growing wealth disparity that you claim to hate.

 

[Zorkorist]

They printed the money and handed it to them, because they are scared to death.

They realize that this country is emptied of all production, and that people receiving tax "refunds" are close to outnumbering people paying taxes.

It's a bribe.

-John

 

[theeedude]

For the purposes of this thread, I am: why is the government handing out billions to huge corporations like they are children on Halloween? If you want the rich to get rich on their own merit and hard work, let them. Giving them free capital to invest is one of, if not the biggest, driving force for the growing wealth disparity that you claim to hate.

You can counter this disparity with progressive taxation.

 

[Zorkorist]

Sorry, this is just the first link that comes up when I google... but, it does blow me away. Bush's Bailouts, Obama's 700 Billion, and all the outrage we all had.

And that is just the tip of the needle?

The rest is secret?

No doubt Mr. Assuange was going to release it, some day.

http://www.publicintegrity.org/blog/entry/2727/

And yes, I know there are threads on this... but sheesh. It's just so amazing!

-John

 

[Zorkorist]

And finally, it is easy to understand now how Financial/Other Executives were giving themselves bonuses, in the midst of the crisis.

-John

 

[Zorkorist]

Amazing and truly sick, that our Government chose to pay off Financial and Corporate concerns, rather than to tell the truth to its citizens, and reign in spending and regulation.

-John

 

[LegendKiller]

Ohh for fucks sake. This is the type of shit you fucktards get all sandy-vagina over.

The Commercial Paper market effectively ended for periods in 2008. CP, or the Money Markets, are often overnight to 3-month loans with the bonds issued at a discount. It's usually used to fund short-term asset fluctuations, for example, if you need to buy some product for a plant very quickly and need some additional working capital to do it. You tap your CP line.

However, with the effective implosion of the CP/MM, you couldn't even place overnight CP on AAA companies, that's because nobody, not even money market funds, would take the risk, even on the most staid and stable companies.

The Fed took the role of the market and bought the CP temporarily. The CP has long since been repaid as the CP market normalized within a few weeks/months.

The Fed has always been a market maker and liquidity provider and should always be so to enable smoothly operating markets.

This is the type of action they should be involved in, if not, the market would have ripped itself apart and most likely double the people would be unemployed.

I know that sounds great to all of you self-hating anarchists, but to 99% of the population, that sounds like a shitty time.

 

[Zorkorist]

That's why Toyota, BMW, etc., got money?

See the OP.

-John

 

[Zorkorist]

The Fed took the role of the market and bought the CP temporarily.

The Fed took the role of a Federal Bank...

Markets declined. The Fed injected itself, printed money it does not have, and here we are.

-John

 

[LegendKiller]

That's why Toyota, BMW, etc., got money?

See the OP.

-John

They operate in the US and employ Americans, do they not?

 

[LegendKiller]

The Fed took the role of a Federal Bank...

Markets declined. The Fed injected itself, printed money it does not have, and here we are.

-John

The money is gone fuckwit.

 

[ThatsABigOne]

BMWs are freaking awesome.

^ That is a political statement.