CBSnews is reporting a profit of 10B$
The alternative would have been the direct “loss” of 77,000 UAW jobs at GM in the US and indirect loss of 200,000 supporting jobs in the US. However, the vast majority of those jobs would have been picked up by other auto companies and suppliers, which would have taken over many of those facilities and hired most of the productive, skilled workers, although perhaps not with the requisite groveling in front of the UAW.
The alternative would have been to avoid crony capitalism. The alternative would have rewarded well-run companies and punished those that made reckless decisions. The alternative would have been MUCH better; what we chose instead would have made the National Socialists happy and did make their modern cousins, the Obama voters happy.
GM wasn’t bailed out. The UAW was bailed out.
BUT him saved those union jobs, motor voters don’t cha no?
Soooo...
Now will they compensate the corporate bondholders that they shafted at the time of the takeover?
Why haven’t there been massive lawsuits over that?
Wait a minute. The 0bama administration claimed GM paid back all the money. Of course we all knew that was a lie at the time. Did the admin ever admit the original lie? I lost my lie scorecard.
So even when Obama picks “winners”, they’re losers.
Poor. American. Taxpayers.
Screwed again.
In plain words, did the government LOSE 10B....or did it MAKE 10B ???
Leni
BIG GOVERNMENT IS CRONY SOCIALISM/FASCISM.
Socialism Is Legal Plunder - Bastiat
the plunder continues…
How to Identify Legal Plunder
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
Then abolish this law without delay, for it is not only an evil itself, but also it is a fertile source for further evils because it invites reprisals. If such a law — which may be an isolated case — is not abolished immediately, it will spread, multiply, and develop into a system.
The person who profits from this law will complain bitterly, defending his acquired rights. He will claim that the state is obligated to protect and encourage his particular industry; that this procedure enriches the state because the protected industry is thus able to spend more and to pay higher wages to the poor workingmen.
Do not listen to this sophistry by vested interests. The acceptance of these arguments will build legal plunder into a whole system. In fact, this has already occurred. The present-day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretense of organizing it.
Bastiat “The Law”
Obama throwing taxpayer funds after bad investments.
That is OUR money just thrown away.............
“...the alternative would have been much worse.”
Yes, Obama’s people would have had to buy their own sh*tty cars.
But nobody ever asks and nobody every explains “how the alternative would have been worse”. In what way? Obama bailed out GM to give the auto unions controlling interest by way of kicking the preferred bondholders under the bus to get nothing in return for their investments. The administration selectively put out of business all the suppliers who were not of the “correct” (i.e. DemoRAT) political bent. Even after the bailout, GM went bankrupt anyway and they’ll go bankrupt again with the unions running the show. GM has taken their manufacturing and marketing overseas to China. How has this “saved” US jobs, as Obama so oft repeated. Oh, wait a minute. I forgot....Obama has proven himself to be a LIAR!
Again, how was this a good thing for the taxpayers who were fleeced for at least a net $10 billion loss? How did this benefit them? Or the auto industry? Letting GM go bust without government intervention would have meant that other investors would have bought up the assets and either started a new company or other existing, profitable companies would have filled the void and saved the taxpayers $10 billion. This scam obviously didn’t benefit Detroit either. Look where they’re at right now. In the middle of filing bankruptcy themselves.
This was just one big DemoRAT fluster-cuck to steal $10 billion from the US treasury. Legal theft. This administration is a Continuing Criminal Enterprise (CCE) and should be prosecuted for their frauds and crimes. Oh, wait a minute. I forgot....Eric “The Red” Folder would have to initiate that.
I’m not holding my breath.
So can GM finally go into bankruptcy now?
With that bunch of losers we should be grateful that they only lost 10 billion .... they will eventually lose 50-60 billion on green energy “investments” with taxpayer dollars.
GM can still go F themselves.
Oh, well. It’s only $10,000,000,000.00.
Mark