Detroit Goes From Gloom to Economic Bright Spot

Detroit Goes From Gloom to Economic Bright Spot (Full Version)

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Owner59 -> Detroit Goes From Gloom to Economic Bright Spot (8/14/2010 9:34:10 PM)
Gobama![:D] http://www.nytimes.com/2010/08/14/business/14auto.html?_r=2&hp DETROIT — After a dismal period of huge losses and deep cuts that culminated in the Obama administration’s bailout of General Motors and Chrysler, the gloom over the American auto industry is starting to lift. Jobs are growing. Factory workers are anticipating their first healthy profit-sharing checks in years. Sales are rebounding, with the Commerce Department reporting Friday that automobiles were a bright spot in July’s mostly disappointing retail sales

DarkSteven -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/14/2010 10:11:09 PM)
"Bright spot" is a bit optimistic. It sounds like they'vehit rock bottom and are coming back or at least stabilizing. Here's hoping the rebound is strong.

servantforuse -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 12:08:03 AM)
I have been to Detroit 4 times in the last 6 years for Packer/Lions games. There is a 10 square block of downtown that is very nice. Dont venture past the line. It is a ghetto and worse..

THELADY -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 12:19:16 AM)
read the whole article.......its a puff of hot air to support the "summer of recovery" the article goes on to say: Even under the most hopeful assumptions, a resuscitated United States auto industry in the end would account for less than 3.5 percent of the country’s economic output, economists estimate, compared to 4.6 percent in the late 1970s. the "recovery" is still pending and likely mere fiction perpetuated by the left wing govt. and media. shoot Ford is the only one truly showing profit., Gm still owes on the tarp monies it took.

servantforuse -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:11:01 AM)
Summer of recovery. What a sad joke.

flcouple2009 -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:24:19 AM)
quote: ORIGINAL: THELADY read the whole article.......its a puff of hot air to support the "summer of recovery" the article goes on to say: Even under the most hopeful assumptions, a resuscitated United States auto industry in the end would account for less than 3.5 percent of the country’s economic output, economists estimate, compared to 4.6 percent in the late 1970s. the "recovery" is still pending and likely mere fiction perpetuated by the left wing govt. and media. shoot Ford is the only one truly showing profit., Gm still owes on the tarp monies it took. But, but, but, this can't happen. We were supposed to be able to rail on forever about the failed bailout. How dare they post a profit.

Whiplashsmile4 -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:29:34 AM)
Well considering the psychological aspects of economics, it's positive things like this being said that helps (in part) stimulate things.

thishereboi -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:36:32 AM)
quote: ORIGINAL: DarkSteven "Bright spot" is a bit optimistic. It sounds like they'vehit rock bottom and are coming back or at least stabilizing. Here's hoping the rebound is strong. Well after the big three screwed all their old employees out of their benefits and pensions and then turned around and hired all new people for far less money, things are looking up for them. How nice. I was really worried that the union leaders and top exects were going to have to tighten their belts. Now I can sleep better at night.

ElizabethAnne -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:45:02 AM)
Ford didn't take a bail out. quote: "A lot of shows, including CBS Evening News and CNN's Anderson Cooper [360˚], ignored the fact that Ford had not taken a government bailout," notes Julia Seymour, assistant editor of the Business & Media Institute.

Whiplashsmile4 -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 6:55:11 AM)
quote: ORIGINAL: thishereboi Well after the big three screwed all their old employees out of their benefits and pensions and then turned around and hired all new people for far less money, things are looking up for them. How nice. I was really worried that the union leaders and top exects were going to have to tighten their belts. Now I can sleep better at night. This topic is not talked about enough yet. Many people from so many different industries have been screwed out of benefits and pensions. It's going to bite bigger business in the ass too, cause in the past they have offered benefits and pensions to attract talented employee's. Many people don't see the security in these offers like they once did. Sort of questionable and worthless like monopoly money. Big business does not have the interests of it's lower level employee's in mind, and face it.. who can the american citizen count on more for retirement? These Big businesses or the Government? Something to ponder about for a bit. I don't have the clear answer to this. However if it's big business, there should be some form of protection in place. without Labor Unions doing their job or the government slapping down a regulation about it, well that leaves the top execs. Who do you trust?

thishereboi -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 7:22:11 AM)
quote: Who do you trust? Between the unions, the execs or the government? How about none of the above. Personally, I am counting on myself for retirement and I am being real nice to the kids so they won't have a problem when I move in with them later.

Owner59 -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 7:46:30 AM)
What would have happened had Obama not stepped in to save GM? How many more would`ve lost their job? How many more suppliers would have folded? How many more foreclosures would we have to absorb? How much farther would have Motown`s economy fallen? How much farther down would average home prices fallen? How much farther would have all that deepened the bush recession? It wasn`t socialism.The feds aren`t managing GM.GM is on their way to paying back the money and they`ll be sustainable. Most republicans were against the bail for GM,just on principle.They are bashing Obama now over it,still. President Obama and most democrats voted for the bail out b/c jobs and economic stability are what`s most important and trump "conservative principals"

brokedickdog -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:05:37 AM)
We aren't getting the facts. Instead we are being fed selected bits of fluff and spin. I consider this story to be among the latter. The same thing happened in the 30's. A read of the headlines and stories of that time show continued denial, or misunderstanding, of what was happening. The issue that caused the severe economic downturn in 2008, housing/mortgages, has not improved. In fact, it has continued to worsen. Most areas of the country are experiencing a 15-18% increase in foreclosure rates this year over last and that issue remains effectively unaddressed. This in turn has caused unemployment to rise. As unemployment rises so does the rate of mortgage defaults and foreclosures. As defaults and foreclosures rise so does unemployment. They are feeding each other in a downward spiral and rather than slowing down the seminal cause of the downturn is still gaining speed. I remind the participants of this forum that the country had been in a recession for 18 months before either the government or media acknowledged or admitted such.

maybemaybenot -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:21:15 AM)
FR: So what you are saying is that Pres. Obama expanded on the original GM bailout of George Bush and it is a success ? Obama followed Bush's lead, now that's bipartisanship for ya. No " change " there. mbmbn

MrRodgers -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:30:19 AM)
quote: ORIGINAL: THELADY read the whole article.......its a puff of hot air to support the "summer of recovery" the article goes on to say: Even under the most hopeful assumptions, a resuscitated United States auto industry in the end would account for less than 3.5 percent of the country’s economic output, economists estimate, compared to 4.6 percent in the late 1970s. the "recovery" is still pending and likely mere fiction perpetuated by the left wing govt. and media. shoot Ford is the only one truly showing profit., Gm still owes on the tarp monies it took. Not true. GM's Tarp responsibilities are separate from the stock we (govt.) bought. I know that's a very complicated concept for some but it isn't really. The technicalities of which are being exploited by opponents of the auto industry to suggest GM has not 'paid' back ALL taxpayer money. A company doesn;t 'pay back' a stock investment. The amount of our economy that the auto industry even at 3-4% whatever, serves society a whole lot more than ALL of the 100's of $billion we threw away on wall street. But our country's values are that bankers are our princes and get a soft pillow from govt. while the auto worker who actually has a real job and produces something...can go to hell. As for govt. involvement in business...the most ridiculous ruse being perpetrated on the American public. The federal govt. has been directly involved in business almost since this country's inception. When GM does go public again, wall street and GM principals will make a killing *as usual* but the govt. will then sell and then we'll take a final accounting. So of course we wouldn't be having this discussion if GM (auto industry) had just moved to say...wall street. That truly must be some sacred financial ground.

THELADY -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:31:20 AM)
quote: ORIGINAL: Whiplashsmile4 quote: ORIGINAL: thishereboi Well after the big three screwed all their old employees out of their benefits and pensions and then turned around and hired all new people for far less money, things are looking up for them. How nice. I was really worried that the union leaders and top exects were going to have to tighten their belts. Now I can sleep better at night. This topic is not talked about enough yet. Many people from so many different industries have been screwed out of benefits and pensions. It's going to bite bigger business in the ass too, cause in the past they have offered benefits and pensions to attract talented employee's. Many people don't see the security in these offers like they once did. Sort of questionable and worthless like monopoly money. Big business does not have the interests of it's lower level employee's in mind, and face it.. who can the american citizen count on more for retirement? These Big businesses or the Government? Something to ponder about for a bit. I don't have the clear answer to this. However if it's big business, there should be some form of protection in place. without Labor Unions doing their job or the government slapping down a regulation about it, well that leaves the top execs. Who do you trust? neither. the government has been collecting money for s.s. for years . IF it had been put in an untouched account there would be more than enough to cover everyone who lived long enough to receive it. INSTEAD they put the monies in the general funds as used it as they chose. NOW s.s. is going to be in the red, YET still they continue to use the monies for other things. why would anyone trust the government? oh lets trust Obama, he is honest. Obama took more monies from big oil than any other candidate. Obama took a lot of money from big business, the whole while claiming he was going to change the way things were done. He took more from unions than any other..... playing both ends? oh lets trust the democrats, rep. barney frank's boy friend was a top exec for Freddie mac, and walked away with 90 mill in bonuses. but I am sure when frank stopped the investigations half a decade ago it had nothing to do with being in bed (in this case literally) with them. the bail outs of the banks was limited, but the bail out of fanny and freddie go on..... why? because they support the gov. officials, this is from the center for public integrity: http://www.publicintegrity.org/blog/entry/361/?gclid=CM6i17zcu6MCFRjXnAodbHIAbA In the 2008 cycle, Fannie Mae PAC has contributed a total of $617,900 to congressional members; Freddie PAC gave $202,997 to members of Congress. More than half of that total — $489,998 — was designated for persons in leadership positions or who sit on either the House Financial Services Committee or the Senate Committee on Banking, Housing, and Urban Affairs. why should we trust the govt???

MrRodgers -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:32:39 AM)
quote: ORIGINAL: maybemaybenot FR: So what you are saying is that Pres. Obama expanded on the original GM bailout of George Bush and it is a success ? Obama followed Bush's lead, now that's bipartisanship for ya. No " change " there. mbmbn Again with this. Bush & Co. didn't do a damn thing for GM and the auto industry except knock its customers out of work. Bush's only concern were his patrons...wall street.

maybemaybenot -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 8:54:13 AM)
"Again with this ?" I was never in support of it in the first place, nor Bush, not Obama. I was simply pointing out that Obama did the same thing as Bush. Bush agreed to 17B in bailout $$ and Obama upped the pot to 50B. mbmbn

flcouple2009 -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 10:01:43 AM)
quote: ORIGINAL: maybemaybenot "Again with this ?" I was never in support of it in the first place, nor Bush, not Obama. I was simply pointing out that Obama did the same thing as Bush. Bush agreed to 17B in bailout $$ and Obama upped the pot to 50B. mbmbn Not exactly the same. Bush shuffled money at them so the bankruptcy wouldn't happen till he was out of office. Obama, whether you think it was a good idea or not, attempted to save GM and Chrysler.

thishereboi -> RE: Detroit Goes From Gloom to Economic Bright Spot (8/15/2010 11:15:33 AM)
quote: ORIGINAL: flcouple2009 quote: ORIGINAL: maybemaybenot "Again with this ?" I was never in support of it in the first place, nor Bush, not Obama. I was simply pointing out that Obama did the same thing as Bush. Bush agreed to 17B in bailout $$ and Obama upped the pot to 50B. mbmbn Not exactly the same. Bush shuffled money at them so the bankruptcy wouldn't happen till he was out of office. Obama, whether you think it was a good idea or not, attempted to save GM and Chrysler. You know this for a fact. Bush's intent was purely evil, but Obama who basically did the same exact thing, did it because he cares about people. I've seen people on here spin some pretty far fetched shit on here, but I believe you may have topped them all.

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