RKMBs Forums .::Important::. Politics and Current Events Democrat Leaders Want Automaker Bailout

Yeah, because--as we all know--government programs have notoriously short lives.

This is different then your average government program though

I'll say. Thankfully, most of our presidents haven't tried to nationalize private industry.

Interesting how you never chose to acknowledge that kind of point for Bush when it was pointed out that the economy collapsed just as he was setting up shop in the White House.

I consider a recession to be a recession.

And you considered it Bush's fault since it happened under his watch even though it was the Clinton policies that caused it.

The concessions you're willing to make for Obama right now were not ones you were willing to make for Bush. Except now, it's even worse since Obama was the one who helped along the policies that broke the economy's back (nice job editing that part out by the way).

But there can and is quite a bit of difference between the two that your comparing.

Actually considering both recesions started while Bush was President you probably should just apologize to me for even trying to put me on the defense.

Yeah. The difference is that you're trying to shift this one's blame based on specialized circumstances, but you weren't willing to do so for Bush even though the circumstances of the recession he inherited were more valid than Obama's.
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And now you're making an ad hominem ploy by isolating the segment that mentions how you're skewing the issue and editing out the part that goes into detail about the issue itself.

You're terrified of me aren't you?

DETROIT (Reuters) - General Motors Corp said it burned through $10.2 billion in the first quarter, operating under a federal bailout, as auto sales fell across the globe and it scrambled to cut costs.

The automaker on Thursday posted a quarterly net loss of $6 billion, compared with a loss of $3.3 billion a year earlier.

Revenue dropped by almost half to $22.4 billion as sales plunged in North America and fell in Europe, Asia and Latin America.

Excluding $73 million of one-time net charges, GM posted a loss of $9.66 per share. That was within the wide range of analysts' expectations but narrower than the average forecast of a loss per share of $11.05 as tracked by Reuters Estimates.

GM is facing a government-imposed June 1 deadline to reach agreements to overhaul its operations and cut more than $40 billion in debt. The company has taken $15.4 billion in emergency loans from the U.S. Treasury to date.

The first quarter was also marked by GM's failure to win new federal backing for a turnaround plan that the U.S. autos task force concluded was too slow-moving and too cautious to succeed.

The Obama administration ousted Rick Wagoner as GM chief executive at the end of the first quarter.

Creditors have been looking beyond GM's results, focusing instead on whether it succeeds in winning debt concessions from its bondholders and the United Auto Workers union, analysts said.

The automaker said on Thursday that it had not yet reached the deal it needs with the UAW. It also said the Treasury had not yet agreed to convert half of the loans it has extended to GM into stock in a restructured company.

Venezuela has seized a major oil installation from the U.S.-based Williams companies, Reuters quoted a company source.

President Hugo Chavez said his government would begin seizing control of some oil contractors on Friday following the National Assembly's approval of a law that paved the way for the takeovers.

The law approved by the largely pro-Chavez assembly on Thursday enables state oil company Petroleos de Venezuela SA, or PDVSA, to take over contractors without following the usual procedures to expropriate business.

"Tomorrow we'll start recovering the goods and assets that will now belong to the state," Chavez said in a televised speech late Thursday after the legislative vote.

He said PDVSA would seize 300 boats as well as dozens of docks and other transportation installations in western Lake Maracaibo on Friday, and absorb the 8,000 workers affected.

Venezuela's state oil company has recently clashed with domestic and foreign service providers that help extract the OPEC nation's heavy crude, accumulating billions of dollars in debts as it aims to renegotiate contracts to reduce costs by 40 percent.

PDVSA says some of those contracts are now overvalued due to falling crude prices that have shrunk government revenue. Venezuela relies on oil for 93 percent of its export income, but has seen world oil prices slide 61 percent since their July peak — to settle at $56.71 on the New York Mercantile Exchange on Thursday.

The companies covered by the legislation provide such services as natural gas processing, the injection of natural gas or water into oil fields to improve recovery, and management of docks and boats on Lake Maracaibo.

The law was approved by 153 lawmakers from Chavez's ruling party, while eight lawmakers voted against the measure and three abstained.

Oil Minister Rafael Ramirez said the law could affect foreign companies such as U.S. natural gas processor and distributor Williams Cos. Inc., based in Tulsa, Oklahoma — which said in April that it plans to write off $241 million related to unpaid fees from PDVSA.

"It's fundamental that we control of all of this to guarantee the development of primary activities," Ramirez said in comments published by Venezuela's state-run Bolivarian News Agency.

PDVSA has already taken over the operations of some companies that have claimed a default, including the SIMCO consortium, which has worked injecting water into oil fields in Lake Maracaibo for the past 10 years.

Houston-based Wood Group, which is a 49.5 percent partner in the consortium, said in a statement Thursday that PDVSA took over its operations earlier this year "following the consortium submitting a notice of default due to nonpayment and other contractual disputes." A spokeswoman for the company declined to comment on the new law.

While Ramirez denied that oil drillers will fall under the law, Patrick Esteruelas, an analyst with the Eurasia Group in New York, said the law's vague wording means these and other service companies could also be affected.

At least two U.S. oil drillers have halted operations in Venezuela over delayed payments, including Helmerich & Payne, based in Tulsa, Oklahoma. The company has halted seven of its 11 oil rigs in Venezuela this year, saying PDVSA owes it $116 million.

Venezuelan oil service companies are also "very afraid," said Nestor Borjas, who heads the business chamber Fedecamaras in western Zulia state. PDVSA is behind an average eight months on payments to 220 companies in oil-rich Zulia responsible for everything from oil well maintenance to providing transport, he said.

Under Chavez, Venezuela has already nationalized foreign-owned steel and cement companies, as well as four major oil projects.

But Esteruelas said PDVSA seems to be aiming more to pressure companies into accepting its terms rather than planning for widespread nationalizations.

Greedy oil company, Venzuela gave them a fair offer. They deserved to be seized.

"But Esteruelas said PDVSA seems to be aiming more to pressure companies into accepting its terms rather than planning for widespread nationalizations."

You don't think their terms are their offer? Seriously?

I'm sure it was fair. If the governemnt makes you an offer for less than what you are owed its fair and you are greedy for wanting your money*.

They were criticized by your god for wanting to go to court and let the judge decide. Your god should not have criticized them for exercising their rights.

so you acknowledge he's your god then.

so you dodged what basams was saying, then.

You stated a bunch of your opinions as fact. If you want to defend them you can but I'm satisfied with your take on the two recessions.

Do you see yourself as being something to be terrified off? It's a message board Pariah.

I consider a recession to be a recession.
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I love the smell of strawberries.

are strawberries supposed to be offensive?

Because you implied that it was demeaning to "like strawberries" when you edited BSAMS' quote.