Posted on 11/18/2010 8:15:13 PM PST by JohnRLott
Only the government would consider it a success to buy stock at $43.84 a share and sell it at $33. -- But President Obama and those who supported his bailout of General Motors and Chrysler are claiming just that today. First, the alternative to the government bailout wasn't to "give up" as Obama claimed on Thursday at his press conference. Bankruptcy didn't mean that all jobs were going to be lost. It didn't mean that all the factories producing cars would be closed. Yet, the president made that claim in his announcement again today and he continually misstates what would have happened in a normal bankruptcy. Courts don't just close down bankrupt companies. In fact, that rarely occurs. Any part of a company that can continue operating profitably continues to do so. Some are pointing out that just a year and a half ago GM stock was trading at just $1 a share and claim that today's closing price of $34.19 is proof of the bailout's success. It simply doesn't account for the over $50 billion in direct bailout funds and the tens of billions of dollars in other breaks President Obama gave the company and its unions. . . .
(Excerpt) Read more at foxnews.com ...
I’ll buy a Chinese car before I buy a US government, union thug car.
The list, ping
Let me know if you would like to be on or off the ping list
What she said.
Great! And thanks for all you do.
FReegards
ping
Bond holders with $27 billion in GM obligations were also crammed down, leaving them with 10 percent of the common and
But then, everyone is already aware that Obama knows squat about business and he doesn't give a rip about honesty or truth.
mods, this is racist.
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