GM announces major investment in auto plant (in Mexico)

[CoolBreeze]

That's Government Motors gratitude for you! From the Wall Street Journal:

U.S. automobile giant General Motors Co. said Tuesday it plans to invest close to $500 million in its Ramos Arizpe plant in northern Mexico to produce a new line of engines as well as a new vehicle...

"We estimate that these technologies allow for a 9% improvement in fuel efficiency from current engines," Lieblein said, adding that the investment will directly create 390 jobs in Coahuila state, where Ramos Arizpe is located.

Another $215 million will go toward upgrading the factory's production lines to build a new vehicle for the domestic and international markets, she said, noting that the investment will be key to maintaining 400 jobs.

Assembly of the vehicle, which wasn't named, is set to begin in the last quarter of 2011. GM plans for it to "give long-term viability to this plant by gradually substituting some production volumes."

Lieblein said General Motors has invested $4.1 billion in Mexico over the last four years.

US taxpayers bailed out GM, next came the Volt, and now this is the payback.

http://www.americanthinker.com/blog/201 ... tment.html

[Greg Goodfellow]

Does the gas from major refried bean ingestion account for the 9% improvement?

[Bob Campbell]

At least they're hiring in the states now.
and they paid all the money back, with interest.
As did Chrysler.
so it didn't cost us taxpayers a cent, in fact we made money off the deal.
and the bailout saved the US auto industry, even though so many said it would kill it for sure.
But I'd prefer the plant in the US. But to make them build or expand here would be socialism wouldn't it?
and that's bad right?
Damn, complex issues make my head hurt.

[CoolBreeze]

Where have YOU been? They paid the money back with MORE taxpayers money!!

That's just ANOTHER reason why these thieves will never get one thin dime from me. They should have been allowed to go bankrupt to start with and THEN attempt a comeback. Fact is that they are HISTORY. They are dying a slow death due to the taxpayers propping up a dead horse, when that horse should have been allowd to die years ago.


What you weren’t told was that GM was able to repay the money by drawing down on a line of credit that it had from TARP! In other words, GM took funds still available to it through TARP and used those funds to repay the loan it received from the government. Of course, it now owes $4.7 billion on its line of credit with TARP, but, that doesn’t make for good news, so it wasn’t reported.

Here is how we know this. During an April 20 hearing on Capital Hill, Sen. Tom Carper, (D-Del.) asked some pointed questions of Neil Barofsky, the “special watch dog” on the Wall Street Bailout, aka, TARP.

It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”…

“It sounds like it’s kind of like taking money out of one pocket and putting in the other,” said Carper, who got a nod of agreement from Barofsky.

“The way that payment is going to be made is by drawing down on an equity facility of other TARP money.”

The bottom line seems to be that the TARP loans were “repaid” with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the Administration have claimed in their speeches, press releases and television commercials. When these criticisms were put to GM’s Vice Chairman Stephen Girsky in a television interview yesterday, he admitted that the criticisms were valid:

Question: Are you just paying the government back with government money?

Mr. Girsky: Well listen, that is in effect true, but a year ago nobody thought we’d be able to pay this back.

[rfhertz]

At least they're hiring in the states now.
and they paid all the money back, with interest.
As did Chrysler.
so it didn't cost us taxpayers a cent, in fact we made money off the deal.
and the bailout saved the US auto industry, even though so many said it would kill it for sure.
But I'd prefer the plant in the US. But to make them build or expand here would be socialism wouldn't it?
and that's bad right?
Damn, complex issues make my head hurt.

Good Lord, this guy has overdosed on the KoolAid!!

[Bob Campbell]

At least they're hiring in the states now.
and they paid all the money back, with interest.
As did Chrysler.
so it didn't cost us taxpayers a cent, in fact we made money off the deal.
and the bailout saved the US auto industry, even though so many said it would kill it for sure.
But I'd prefer the plant in the US. But to make them build or expand here would be socialism wouldn't it?
and that's bad right?
Damn, complex issues make my head hurt.

Good Lord, this guy has overdosed on the KoolAid!!

And yet everything I posted is correct. Wow.
Like you're not ODed on your side's Kool Aid. The side that doesn't have to worry about facts.