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  • Forcing them to reorganize?? Nick, how un-libertarian of you. There should be no bailouts of ANY company under ANY circumstances. Because from the ashes will come sanity.

  • quite a bit more than pennies on the dollar.

  • Barack Obama's gonna be rotating tires...LOL?

  • Phil is the biggest corporate shill on earth

  • GM sales down 25% since last year.

  • I like how Nick was willing to spend more than a second to view the history of this problem to help plan for the future in terms of core issue that has been eating away at the industrial complex for a far greater time; one answer will help you wake up secure for tomorrow and that alone, the other will bring you to long term freedom and prosperity.

    Reason TV Rocks

  • The fatass in the tie looks flabbergasted that someone might actually favor a free market. He actually tries to claim its not a bailout but a loan. If my company loses tons of money, I dont get a loan from the government; I am forced into bankruptcy. If one company is deemed too big to fail by the government, than all precedent for anti-trust policy is destroyed because the government has explicitly endorsed the concept of monopolies.

  • wow, too much reason for tv, haha. great one nick!

  • I want Nicks SHIRT!!!!!

  • The bankruptcy rules that the rest of us have to follow dont apply to the GM bankruptcy. The Government is making it up the rules as they go along. Who is going to trust them enough to buy them out of the auto companies if they keep stealing investors money?

    Time to organize, write your local paper, talk to your friends, and stop the Government before they have a completely different set of rules to follow than the rest of us.

  • Read two books if you want a deep understanding of what is coming for America: "The Creature From Jekyll Island: A Second Look at the Federal Reserve" and "The Ominous Parallels" by Leonard Peikoff. Follow that up with "Why Government Doesn't Work" by Harry Browne and "Jury Nullification: The Evolution of a Doctrine" if you want a recipe for a solution. More to come. Over and out.

  • The UAW has 1.5 billion of their workers dues in a piggy bank and a country club for their leaders. They are just big labor pigs, just like big business, except they steal directly from workers who have no consumer choice whatsoever.

  • Welfare mothers are not a business out to make a profit, at least not in the textbook sense anyway.

  • Chrysler, Ford,......NEXT !!! Another Peter Schiff Prophecy comming to light, no matter how much the "Stupid Government" bailouts costs.....GUARENTEED FAILURE

  • Not one person posting has said anything base on fact!

  • God when are you people going to stop hating on america?

    the UAW fought and bleed for the way of life your accustom to.our grandparents are ashamed of you and your selfish greedy ways

  • My Grandfather bled (literally) at him River Rouge plant at the very beginning, but he would turn over in his grave if he saw how the Unions have made it impossible for the companies to survive.

  • @tstone147 Is there an interpreter in the house?

  • bla bla bla fuck gm and the ceo.s hahahaah honda all the way

  • you heard that.... honda employs more people in ohio than GM!!!! ...talking bout american brand....most of GM plants are in mexico and canada....gov shouldve let GM go bankrupt.. so it can be bought by another co. like fiat did with chrysler...Kiss ur money goodbye taxpayers

  • It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

    Henry Ford

    Call your states senator and congressman.Ask them to audit the FED by supporting the following bills.

    In congress Ron Pauls-HR 1207

    In the senate Bernie sanders S-604

    Who is John Galt?

  • First of all; GM is an ineffective company and the most of us have already realized that.

    Second of all: There is only one reason for Obama wanting to help GM; the money it cost helping the company is much cheaper, than letting the company go bankrupt. If the government didnt help GM, 240.000 people and above would stand without jobs, and the major negative impact they would have on US welfare would bring US into even more debt because of lost production and the less "demanding" uemployed.

  • No these people would not be out of work for long because the assets of the company in a bankruptcy would be picked up by companies that are giving consumers something they actually want. So all you are doing is preventing these people from getting jobs that can survive.

    Just dumping more money into a pit doesn't fix anything. you might as well just pay them to dig and fill in holes.

  • Fuck GM bail me out please :)

  • "GM cars are worthless. I have a pontiac g6 hardtop convertable. Its a 2007 with 11,000 miles. I've had it for 14 months and they tell me its only worth 12,000$. I'm so upside down on this car I'll never to be able to trade it in. It really upsets me because I really believe in american and tried to support american vehicles when I bought this car. Now I'm really going to pay......" - momma47

    These are the people that suffer...

  • Spike, theres no such thing as "Buy American." You were fooled. All that really translates to is, "Buy American so CEO's and insiders stock options become more valuable." I buy products where my dollar goes the furthest for the best value. Its called capitalism. GM going bankrupt is the best thing for detroit. At least now detroit can be somewhat more productive and competitive. GM has been holding back detroit for decades. Its no wonder its the worst city in America. Capital must be freed up.

  • Read is closely, it was quote from someone I actually had a discussion with earlier. People like this and the workers are the ones that suffer the most.

  • GM is a fucking joke. They built shit cars that fell apart in a few years and fleeced out their workforce. They called Japanese and German cars inferior and yet churned out these crappy models that had no fuel efficiency or safety standards. Still the lads at Morgan and Citi are cleaning up from this bankruptcy and as usual the dumb American taxpayer foots the bill. Great country...if you're a thief.

  • frikin govt is dumb!!!! god help us!

  • GM make junk, that's why.....

  • what do u mean gm make junk gm is also christler ,used 2 be hummer , chevy and gm is gm. it is sad theyre is no good cars and trucks left. some cheap people cant pay 4 gas thats why they whent bankrupt. no cars have hourse power anymore because the price of gas and tree huggers. honda makes shit cars but make good atvs and ford is ok but not my kind of vehicle. the rest is prety much shit. it is sad.

  • Obama is an idiot

  • Yeah, fuck him

  • I never thought I would see the day. I drive past the Arlington, TX plant once a day. Scary times folks!

  • Read up on Bretton Woods Conference held by teh elite that charted the world economy for at least 100 years

    WTO, IMO, World Bank, and IMF were invented in 1944.

    First, it was Nixon who floated the dollar and ended gold-to-silver OTC conversion.

    Then, Bush I created NAFTA (GM started outsourcing to Mexico in late 80's following NAFTA).

    Then Clinton joined WTO.

    Then Bush II created North American Union.

    Then Bush III (aka. Obama) created ONE WORLD Regulatory Body & more free trade!

  • the guy in the black is stupid he has a buick but he wants gm to go bankrupt and if he likes ford and honda so much why dosent he buy one of them

  • @ACD19farmboy I can see you've really thought this through.

  • They did a damn bailout, they will never repay the government the money back its next to impossible if they are going to make their vehicles in mexico, the guvernment is right along side with them.

  • WAIT A SECOND!

    Did GM and Chrysler get paid ~ $20 billion dollars to avoid bankruptcy?

    Where did this money go And did GM take this money knowing they will go into bankruptcy ANY WAYS?

    Does anyone remember GM discharging doom's day scenario if they were to go broke??

    So, to get this straight... they got paid some $20 billion dollars to avoid bankruptcy. which they did any ways some 3 months later!!

    So, are they going to pay back the people for the wasted money that they invested in Mexico!

  • GM is now officially of the DOW. Congratulations UAW!

  • I just love how as soon as Obama came into presidency, he took 60% ownership of GM (Beginning of Capitalizism?) Got rid of Guantanamo, and seriously fucked us up by the stimulus...yeah, good job America you CHOSE this retard...hes going to be worse than Bush...

  • Obama is picking up Bush's agenda.

    Bush surged the troops in Iraq, Obama surged the troops in Afghanistan.

    Bush bailed out the banks for only $780 Billion Dollars.

    Obama will bail out the banks for $8,000 Billion Dollars..

    Not to mention $500 Billion to World Bank and IMO to bleed America and 3rd World Countries DRY and pave the way to ONE WORLD BANK!

    Obama also vowed another $100 Billion in US Assets to IMO to "revitalize" the WORLD economy (not the US, of course!)

    WE NEED A REVOLUTION

  • Well you (The people that voted for him) got what you wanted, Obama as president

    -What we need now is a non retarded president, first Bush...now a new guy, We're screwed

  • Comment removed

  • @MagicMan2475 "....is aggregated in a few hands and the Republic is destroyed." Abraham Lincoln

  • I think this could be a great lesson for the americans in generel. They thought that they had the best car-company in the world, they thought they were a part of the future and the thought they were invincible, but now it shows that the americans were sleeping when new and very important future strategies were to made. The way the market is treading GM right now shows that this company was a ineffective one and a company that didnt react to external threads such as rising oil-prices.

  • I agree with you......I hope this is not offending anybody.......but it's true......everything that is up, has to fall......now is america't turn......

  • OH Well they Should Give Cars to people that Have Bad credit

    it's there Fault Not being Greedy and Help people that Doesnt have non so Great Credit!

    i Dont feel a Bit sorry 4 them....

  • "OH Well they Should Give Cars to people that Have Bad credit"

    ???

  • ????

    Back to u

  • wtf???

    we just gave them tons of cash

  • They got a ton of cash because their workers (UAW) paid Obama's campaign money. That means Obama takes our money and gives it to them to say thanks!. Hope and Change!

  • Obamas gov't solution in action. Throwing money at problems never works and this is just another example...maybe he should get with the IRS and threaten everyone to get it back like the AIG guys

  • Will this affect the future of the transformers franchise. The autobots would transform from some crappy third world auto industry from India or Malaysia. Maybe not the latter. It's a matter of time before Proton folds.

  • That fat piece of shit does not know anything! GM and Chrysler are a waste of our tax money, they should be paid back, and then the companies should liquidate, end of it all, their cars suck anyways, and that's why they entered bankruptcy.

  • They entered bankruptcy because of the governments cafe standards and the UAW bleeding them via mob rule moron.

  • Okay maybe I didn't specify that their cars were a contributing reason to their bankruptcy. Definitely the quality of their cars was a contributing factor.

  • the argument over whether or not it was a bailout is irrelevant, its just playing word games. you can call it whatever you want but in the end its a waste of taxpayer's money

  • It wasn't a bail out it was a loan. It was a loan that won't be paid back. Hold it, isn't that a bail out?

  • Lol, I actually wouldn't mind Barack Obama rotating my tires. So long as I'm the one paying him to do it, as a consumer, not collectively as part of a group of taxpayers.

  • fat guy in white shirt = arrogant greedy bastard scumbag

  • Like we're gonna vot for the Republicans when they didn't even stop in our state to campaign! That's a real good indicator that they're concerned about our plight.

  • lets see who do we blame this one on...

    oh the Democrats and Obama

    yeah its their fault !

  • sarcasm

  • Honest question. How is it the unions and the government are ahead of bond holders in bankruptcy? I thought bondholders were first in line.

  • I think Phil Leboe should be investigated. He was given a lot of money by unions from GM to push the bailout agenda. You should be ashamed of yourself Phil!

  • Go eat another donut leboe, you fat piece of crap. You tell this guy we arent talking about a GM bailout now, yet for months you were on TV crying and yelling that GM has to be bailed out. No what. GM got all that bailout money and its gone. Obama is a godam disaster. Bondholers of GM get like 10% but bondholders of banks retain everything???? I can tell you right now this is going to haunt the country in years to come. You watch. Not only in the courts but in confidence in our markets.

  • Phil Leboe really is pathetic. This guy was crying for months that we had to bail out GM even though the taxpayer said no, and now GM gets their billions in bailout money and hes sitting here saying we arent talking about a bailout, but about bankruptcy. Is this guy serious?? Leboe is a little coward who was paid off by GM unions to push this bailout agenda. What alittle piece of garbage this fat piece of shit is. He should resign.

  • Boohoo. Airlines go under and restructure and take bailouts on a regular basis. Big deal. The only difference HERE is the top guy at GM didn't get rewarded for his incompetence. We the people bailing GM out FINALLY said "we've seen the results of your leader

  • Why do these yuppie assholes in the media and on YouTube think it's OK that GM and Chrysler failed on Obama's watch? Why isn't there a hint of apprehension anywhere outside of FOX News and Talk Radio about this? GM didn't even fail during the worst days of the Great Depression. Obama is a teflon man, if his popularity survives the end of the best unionized jobs in America being outsourced.

  • Why do people think it's OK that in 8 years with Bush we had the worst terrorist attack in U.S. History, the worst economy since the Great Depression which we're still digging out of, and two wars. Let's see, so far this year it's a car maker finally hanging itself. If your product won't sustain a profit, you're bought out or you go under. Period. Welcome to capitalism. Buh-bye MCI Worldcom & International Harvester & American Motors & E.F. Hutton & Pan Am. Good riddance.

  • GM sucks bad. Let them fail. Honda and Toyota will pick up the slack. Hell they make better cars too.(in this country) We would all soon be driving better cars. Think about that!

  • CAGANB: Obviously you voted for Obama.

  • you are obviously on crack! whats going to replace my GM trucks?? Toyota Tundra?? NIssan Titan....i would die..

  • AWESOME and RightON AmericanKnowItAll!

  • hmmmm . . . let's look at the incontrovertible facts . . . both chrysler and gm got in bed with government (i.e. obama) . . . they are now contemplating bankruptcy . . . ford . . . saw saw the writng on the wall . . . thus, ford is not in the news . . . the uaw, ironically, has voted for it's own eventual demise . . .

  • Government Motors.

    GM just laid out a plan to make the government the majority shareholder of the company, to cut 50% of their dealerships, lay off 7,000 people, and kill Pontiac.

    Anyone want to tell me why bankruptcy was a bad idea?

  • They chose to make hummers, camaros, and SUV's, instead of listening to the people who wanted the electric car, the EV1. A company that does not listen to their clients needs, is bound to fail.

    Bye Bye GM....................

  • Gillespie pwnt w/o ever substituting an argument, generalizing, or attacking his opposition. How about a bailout for Reason magazine to get delivered to every residence in the US? A last ditch Socialist effort by the great Empire......

  • GM deserves to fo bankrupt for what they did to the EV1 they killed the electric car out of greed and now its there turn to burn.

  • Nick Gillespie ripped the auto reporter apart, thanks for spreading the right message

  • Not even bankruptcy will be able to stop GM from introducing whole new lines of SUVs!

  • Nothing should stop GM from producing SUVs, their most profitable vehicles. If you think anyone should be stopping GM from producing SUVs, what you are advocating is coercion, which is, by definition, evil. Without the SUV, GM would be in even worse position than they are now.

  • Actually GM abandoned their successful electric car program with Saturn to focus on SUVs, so they made a conscious choice not to be in a better position than they are now. And if you take money from someone to stay in business, they can tell you to do whatever the fuck they want!

  • All the companys did toyotas honda all of them.Not one person here has said anything basesd on fact

  • I love how the reporter's principals do not apply to reality.

    Why have principals?

  • Phil Lebeau is one of those economists that doesn't understand that there is a difference between private investment and government investment. The private sector accumulates wealth by offering a good or service awhile the government just points a gun in your face. The government is not subject to profit/loss factors. Just simply calling the government bailout a "loan" as though it is no different than a private bank doesn't cut it.

  • Gillespie debates strong and holds his own on these liberal "debate" shows. He should do a lot more. they usually schedule the weakest competition they can find and stomp all over them. Good job Nick!

  • PHIL LIBEAU IS A STUPID FUCK. He is the guy that was rolling his eyes back in the fall when Schiff predicted this....DICKLESS FREAK!

  • YES!!! he did!.... "Americans are through buying cars?" as if Schiff was CRAZY. How far down are auto sales now? Phil?

  • Did anyone bailout Packard? One of the best car companies America has produced. I know they were not politically connected like the Big 3, but they did make a better product. It's funny how things come full circle?

  • Who bailed out Kodak? How many workers lost jobs? How many "Kodak dependent" contractors are out of business? Why don't we tax digital media to pay the retirement & health benefits of Kodak workers? When a large company suffers because it can't compete, it SHRINKS, or goes BANKRUPT... or in the Fascist world we are entering: it siphons off HEALTHY businesses with government help.

  • I was really hoping someone knew the history of Packard Motors. Packard survived the depression by producing multiple models on the same assembly line, "Flex Assembly Lines". 70 years later, few of the Big 3 plants have flexible assembly lines. The Japanese adopted this model, and have thrived. Nick, is right, the collusion of politicians, labor, and bad decisions have led to GM's demise. The question is do we throw money at bad business models, or allow new companies to become the Big 10!

  • Packard became DELPHI, as I'm sure youknow. I posted a rally film above. GM is doing exactley what packard/DELPHI DID. Using bankruptcy as a union buster.

  • Packard Electric became a part of GM in 1932, which then was spun off to Delphi. Packard Motors stayed in business until they made the bad decision of buying Studebaker without looking into books of Studebaker. They limped along for a few years, and went bankrupt. I'm not trying to argue with you, but in the foreign plants, labor and management are a team. Each side makes concessions to save the company in bad times. We should learn from our mistakes, not subsidize them.

  • Oh, I have one of the last Ford F150's made in my home state of Virginia. Ford closed the Norfolk Assembly Plant.

  • I partly agree. Management shouldn't be awarding bonuses while asking people making 62,000/year to keep taking cuts. However, most people who share your view I feel have a envy driven opinion. The other point I'll make is, why are some people getting ruffled feathers over GM getting a loan,but are cool with AIG and Chase getting free money?

  • Comment removed

  • I think you've got the wrong idea about me. I do not agree with Bailouts of any kind. Especially when you have bailouts and forced mergers of banks too big to fail into mega banks that are way too big to fail. I was discussing this with a few of my OSU friends. They're mixed on GM, but maybe it will be better to break up GM into smaller, more innovative, and competitive companies. It also helps the parts suppliers who are being squeezed by pricing pressures. GM has to restructure to survive.

  • Gillespie completely annihilated this loudmouth idiot.

  • Lebeau is an blathering idiot -

    his argument was first year business law -

    Thanks Gillespie for the truth

  • If GM can't survive with the foreign import restrictions in place, they deserve to fail.

  • The shirt was brilliant why do we not see more shirt message on these establishment tv networks I hope this starts a trend

    I used the term "Establishment" because it is old school just like the term "free" enterprize

    Ohio livin GM drivin dissent great qualifier !

    Great job Reason !

    GM goes out of business and skips out on all the pensions and can flush their business transaction record as a non operational business

    Man I wish I thought of this scam first !

    Great job Reason !

  • Gillespie doesn't pull any punches.

  • Phil is a SCUM. I wonder how much money from the bailout GM is paying that booger.

  • You've wasted a lot of money bailing out the banks. They didn't ask what the banks came in to beg for money. It was" just put the money in the bag don't ask any questions". Then along comes GM "oh what do you do make cars an industry huh? Couldn't you just be a bank." Dam Hillbillie Southern Cenetors.

  • I've been saying this for months now: the businesses that got bailed out are bad businesses that will fail no matter how much money we keep throwing at them. Subsidizing bad businesses through bailouts only gives us more of it.

  • Americans should be revolting over this... Hey what time is Dancing with the Stars on?

  • Bavo! excellent point

  • Patented Gillespie-style annihilation: sound arguments, organized presentation, and commanding presence.

    Libertarians stop voting for the major party candidates! The belief that voting for the Libertarian candidate is throwing one's vote away is a kind of self-fulfilling prophecy--it is only true because everyone believes it is true.

  • how are they going to pay a loan back if they are not making products that sell?

    Lebeau is an idiot. A separate issue? Industrial policy has made it possible for these companies to be inefficient and still in business. I have no doubt that American workmanship is just as good if not better than most other countries. When the government gets involved and taxes and regulates, they make them inefficient. They further when they guarantee the loans.

  • Nick presented himself very well. Kudos.

  • Even if GM paid all the money back, Obama already has it spent on some other fiscal boondoggle.

  • Back in January they were talking about the government doing the DIP (Debtor in possession) financing, for a structured bankruptcy. I do not know a lot about that, but why was that a bad idea, and would it work now?

  • GM has a marketing mentality deficiency since their marketplace is exclusively in North America.You don't see GMs trademarks anywhere in Europe or in Asia,and thats where Toyota and other JP automaker beat them.They are oriented worldwide,dominating in Asia ,competing well against european brands ,and now taking over America.

  • The problem with GM is it is a communal monstrocity... You have a corporation and a union in a perfect storm of government welfare.

    They need to reorganize.... let them be and let the free market decide where they will land. If jobs are lost and price of transportation increase... its the will of the market and we will learn from it.

  • WTF is this crap? CNBC, a business channel, actually has liberal douchefucks who think bailouts are a GOOD THING??

  • GE owns CNBC

  • I mean, if an economy relies SO HEAVILY on a particular industry or set of companies that the failure of those companies or industries could, as some liberals suggest, "send us into a depression", then the industry or companies are TOO BIG! Split them up! Bankruptcy will be good for them. It will also be good for the consumers and taxpayers. I'm tired of the gov't shielding everyone from teh consequences of bad actions: stupid homeowners, bankers, welfare dependents, you name it.

  • I'm getting sick and tired of hearing about the "manufacturing base." Fuck em! If they lose jobs because of excessive union demands and bad executive planning, who cares! Why should people in those co's get preferential treatment? If you're lucky enough to work for one of the big 3, because of our current bailout system, so many workers are GUARANTEED never to lose their jobs (artificially, of course). Bailouts are a ridiculous market distortion. There's no way to justify them.

  • its a month latter do you still have a job ?

  • jillespie. how many times have they gotten that wrong?

  • Too big to fail.....means too big to keep...and there fore save....they are all systemic risks and no longer assets if tax payers guarantee them all.

  • Ford is finally victorious!

  • "TOO BIG TO FAIL" (I want that t-shirt!)

  • another good t-shirt is

    "TOO BIG TO SAVE"

  • I remember loling when I was reading Free to Choose by Friedman, and in that book, he was talking about GM, Chrysler and Ford and how crappy they were, and why they weren't competing, etc. Basically the same issues that they have today. Free to Choose was published in 1980!!!

  • I'd love to buy a discounted GM car without the "full faith and credit." If they price it right, there will be plenty of people who will buy the cars.

  • Phil has too many friends in Michigan.

  • You'd never know Nick Gillespie has a Ph.D. by the look of him.

  • Am I missing something, because I thought bankruptcy meant the company doesn't pay all of the money back on its loans...So how are we going to get the money back?

  • Restructuring.  Still owe the money.

  • Not that we will necessesarily ever see any the "loan" again.

  • you will not see a dime.

  • I want to go for Chapter 7. Just liquidate and get it over with...

  • They weren't going to pay it back anyway. It's a failed business model. What's better, giving them MORE money?

  • uggh damn mouse clicked two star :-|, meant 5 star all day.

  • GM sold a lot of fleet cars to car rental companies.  they went for the easy money.

  • Phil is a fool.

    -jcr

  • Phil is a douche.

  • nice shirt, good points.

  • Ok NIck's shirt. I definitely would wear that.

  • We just COULDN'T let the correction run its course...

    We just HAD to play god...

  • lol haha good point

  • if you're going to play god, what better than to do it w/ millions of lives?

    buy used.

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