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"GM recalls another 8.4 million vehicles, most for ignition switch defect

General Motors is recalling yet another 8.4 million vehicles in North America, most for another problem with their ignitions, bringing the company’s total recall tally to 28.9 million for the first-half of this year, more than its cumulative U.S. sales over the last decade....

....The recalls are not limited to old cars that can be traced to decisions made or not made by past managmenent teams. Monday’s included the 2014 Cadillac CTS. Late Friday GM recalled 446,000 brand new pickups and SUVs that could roll away when the transfer case accidentally shifts into neutral.

GM has now issued 54 recalls this year, including more than 25 million vehicles in the U.S. It sets a new record of auto recalls for a single year. GM’s actions exceed the 21 million vehicles recalled by Ford in 1981 for 1970-79 model cars and trucks that could shift out of park into reverse."
http://www.freep.com/article/20140630/B ... -2-billion" onclick="window.open(this.href);return false;

Govt motors...

So, since the Supreme Court is treating corporations as people now - can GM go on trial for 13 counts of negligent manslaughter?

Skjellyfetti wrote:So, since the Supreme Court is treating corporations as people now - can GM go on trial for 13 counts of negligent manslaughter?

No no no...
Corporations are better than people (get that straight)
People are held accountable

Chizzang wrote:

Skjellyfetti wrote:So, since the Supreme Court is treating corporations as people now - can GM go on trial for 13 counts of negligent manslaughter?

No no no...
Corporations are better than people (get that straight)
People are held accountable

They'll be tried, just after those fucks on Wall Street are.

Ibanez wrote:

Chizzang wrote:

No no no...
Corporations are better than people (get that straight)
People are held accountable

They'll be tried, just after those **** on Wall Street are.

I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

CID1990 wrote:

Ibanez wrote:
They'll be tried, just after those **** on Wall Street are.

I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

Good luck with that.

CID1990 wrote:
I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

How about start with Anthony Mozilo

Skjellyfetti wrote:

CID1990 wrote:
I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

How about start with Anthony Mozilo

The guy who invented Firefox?

Skjellyfetti wrote:

CID1990 wrote:
I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

How about start with Anthony Mozilo

Is that the same Anthony Mozilo who was allowed to plea bargain his case with the SEC in 2010 and then had the case dropped in 2011?

Yes.

CID1990 wrote:

Ibanez wrote:
They'll be tried, just after those **** on Wall Street are.

I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

The people are those that laxed the regulations, engaged in predatory and unethical lending, etc....

Ibanez wrote:

CID1990 wrote:
I want somebody to point out to me one of those **** on Wall Street.

Everybody says "those Wall Street people"... so I assume they are referring to "people" like Goldman Sachs?

I want a flesh and blood person to vilify- and one that did not contribute to Barack Obama through Goldman Sachs steered PACs.

The people are those that laxed the regulations, engaged in predatory and unethical lending, etc....

So in terms of predatory lending, you mean doing that which they were allowed to do? In some cases ENCOURAGED to do?


I went to buy a new house up in Summerville back in 2006. The lender gave me a bunch of options (it was GMAC I think)... they offered me everything but the kitchen sink... interest only mortgages, ARMs, the whole lot. Not once did the lender offer me a 30 year fixed. After going through the whole rigamarole, I told the agent I wasnt interested in interest only or ARMs. I am not a real estate guy, nor am I a finance person. I am actually quite stupid in those fields. But that said, simple common sense told me that those gimmicky mortgages were risky. Particularly the ARMs. My payment staying the same over the course of the loan was dependent on interest rates doing something they have NEVER done: stay the same.

Seriously... maybe we DO need big, huge government to protect us from ourselves. Were enough American homebuyers actually fooled into these mortgages on a scale that caused the housing bubble to burst? Are we really that lacking in common sense across the entire middle class?

My guess is that no, the middle class is not that stupid. Certainly there were SOME people who fell victim to these lending practices, but by and large I would say that it was greed.... people purchasing homes that they would NEVER be able to afford outright, and knowing this ahead of time. But we are not conditioned to live within our means. From the teenager in need of the latest smartphone all the way up to a government that has no compunction about borrowing more and more money to pay for things we DONT NEED... we are not a frugal culture.

And now, we have combined this cultural fiscal suicidal tendency with a victim culture.... one that says no, it isn't your fault for taking on that ARM that you should have KNOWN you wouldnt be able to make the payments on once the interest rates jump... it is those big, bad mortgage companies (abstract... they have no face, of course) that FOOLED YOU into taking that loan that you were just too simple minded and lacking on common sense to avoid.

IN law enforcment there is a concept called victim facilitation. That's when a 19 year old girl decides to take a midnight stroll down to Line and Nassau Street on the East Side. She gets jacked up, but everybody knows that had she used a little common sense, she would not have been there in the first place and would not have been victimized. We are becoming an entire country of dependent children with zero common sense.

So I'm not averse to government regulation in the financial markets. There WAS a crash and it did have its causes. But at the same time I have a problem vilifying people who make a buck within the law. I could care less how big that buck is. But when we have a big wig on the Senate finance committee telling us how solid Fannie Mae is (take a look at all the people who got low rate loans from the aforementioned Anthony Mozilo) I think our government is as stupid as the people who took those ARMs and probably is never going to have the capacity to regulate markets in ways that are less damaging than just letting them run wild.

CID1990 wrote:

Ibanez wrote:
The people are those that laxed the regulations, engaged in predatory and unethical lending, etc....

So in terms of predatory lending, you mean doing that which they were allowed to do? In some cases ENCOURAGED to do?


I went to buy a new house up in Summerville back in 2006. The lender gave me a bunch of options (it was GMAC I think)... they offered me everything but the kitchen sink... interest only mortgages, ARMs, the whole lot. Not once did the lender offer me a 30 year fixed. After going through the whole rigamarole, I told the agent I wasnt interested in interest only or ARMs. I am not a real estate guy, nor am I a finance person. I am actually quite stupid in those fields. But that said, simple common sense told me that those gimmicky mortgages were risky. Particularly the ARMs. My payment staying the same over the course of the loan was dependent on interest rates doing something they have NEVER done: stay the same.

Seriously... maybe we DO need big, huge government to protect us from ourselves. Were enough American homebuyers actually fooled into these mortgages on a scale that caused the housing bubble to burst? Are we really that lacking in common sense across the entire middle class?

My guess is that no, the middle class is not that stupid. Certainly there were SOME people who fell victim to these lending practices, but by and large I would say that it was greed.... people purchasing homes that they would NEVER be able to afford outright, and knowing this ahead of time. But we are not conditioned to live within our means. From the teenager in need of the latest smartphone all the way up to a government that has no compunction about borrowing more and more money to pay for things we DONT NEED... we are not a frugal culture.

And now, we have combined this cultural fiscal suicidal tendency with a victim culture.... one that says no, it isn't your fault for taking on that ARM that you should have KNOWN you wouldnt be able to make the payments on once the interest rates jump... it is those big, bad mortgage companies (abstract... they have no face, of course) that FOOLED YOU into taking that loan that you were just too simple minded and lacking on common sense to avoid.

IN law enforcment there is a concept called victim facilitation. That's when a 19 year old girl decides to take a midnight stroll down to Line and Nassau Street on the East Side. She gets jacked up, but everybody knows that had she used a little common sense, she would not have been there in the first place and would not have been victimized. We are becoming an entire country of dependent children with zero common sense.

So I'm not averse to government regulation in the financial markets. There WAS a crash and it did have its causes. But at the same time I have a problem vilifying people who make a buck within the law. I could care less how big that buck is. But when we have a big wig on the Senate finance committee telling us how solid Fannie Mae is (take a look at all the people who got low rate loans from the aforementioned Anthony Mozilo) I think our government is as stupid as the people who took those ARMs and probably is never going to have the capacity to regulate markets in ways that are less damaging than just letting them run wild.

I worked for a lender back in 2006 that put people in homes that had no business owning a home. They all went in with ARMs. I was only there a few months. I talked to a buddy that was still working at the company and he said they had almost an 85% default rate. Those loans were bad. They should've known better but, when you're giving $200k homes to people that make $40k, no savings and a shitty score, don't be surprised when they can't pay the adjusted rate.

Not an expert at this, but I think there is at least the expectation in the securities business of risk disclosure. The people who underwrote the securitization of the mortgage backed bonds (at least some of them) knew they were worthless.

What do those posts about people too stupid to know better than to take out debt on a house they could never afford have to do with the gubmit failing at yet another industry it has gotten itself into?

LOL at GM...and anyone stupid enough to buy from a gov backed/owned company and not expect this kinda shit to happen.