[slickdain]

doesn’t look so good to me
http://www.bloomberg.com/apps/quote?ticker=GM:US

[ari-freedom]

Solyndra.
...”yes, this was socialism”....

[Hoodat]

They said the same thing about Messerschmitt AG back in the late 1930s.

[Gator113]

Works for me.... I won’t read any of it.

[Paleo Conservative]

Not in my driveway!

[SkyDancer]

GM may be back but I’ll never buy one. Ever.

[woodenickel]

Really, the bond holders got it broken off in there a**. The stock in down about 35% from it’s IPO price. Yup things are going as planned in the world according to berry.

[TwelveOfTwenty]

But, yes, this was socialism — or, perhaps, “state capitalism” — because the government temporarily took substantial ownership in the companies when no one in the private sector was willing to put up enough capital to prevent them from going under. Today, the companies are thriving.

Uh, no. GM could have gone through a normal Chapter 11, and probably have come out without screwing over the bondholders to pay off the UAW, alienating many of their customers in the process.

More than that: The auto industry exemplifies how unions can do their best to protect the interests of their members while also ensuring the prosperity of the companies that employ them.

The company that employed them is now a basket case known as "the old GM". Anyone who bought a GM prior to the restructuring will now have to get their quality issues resolved by them, as "the new GM" doesn't feel any obligation to honor their warranties.

This month, the United Auto Workers and GM reached a tentative four-year contract that will add or save some 6,500 jobs

Add or save? Where have I seen that before?

“When GM was struggling, our members shared in the sacrifice,” said Bob King, the UAW president. “Now that the company is posting profits again, our members want to share in the success.” Anybody have a problem with that?

Yes. It was the poor workmanship of the cars they built in the 70's and 80's that literally lost half of the US market to foreign makes. Ask anyone why they switched from domestic to foreign makes during this time, and the vast majority will tell you that. Now, with the domestic makes struggling to get half of the US market assuming you count Fiat owned Chrysler as a domestic make, the UAW thinks they're owed something for this fictitious recovery.

A lot of money put into the companies will be earned back by the government, but there’s more: Employed workers will pay taxes (and not need unemployment compensation). The auto industry’s large network of suppliers will stay in business. Everybody involved will be able to buy goods and services that will put other people to work.

Yes, but in what country?

[HarleyD]

Not the GM dealerships that were owned by Republicans.