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The Auto Bailout Failure
Is Now Complete

Creators Syndicate, by David Harsanyi

Original Article

Posted By:Pluperfect, 12/21/2012 5:13:29 AM

You may recall that during the presidential election, the Treasury Department refused requests by General Motors to unload the government´s stake in the giant automaker. Taxpayers had sunk $50 billion into a union bailout in 2009 and were now proud owners of 26.5 percent of the struggling company. Reportedly, GM had growing concerns that the stigma of "Government Motors" was hurting sales in the United States. At the time, any transaction would have come at a steep loss to taxpayers and undermined the president´s questionable campaign assertions that the auto union rescue had been a huge success.

      


Post Reply  

Reply 1 - Posted by: M Stuart, 12/21/2012 5:32:28 AM     (No. 9077142)

I haven´t forgotten the prediction that the unions would as quickly as possible want to divest themselves of a large enough percentage to absolve themselves of responsibility for operations and could start the whole blackmail system again.

Why isn´t 0bama back in Detroit crowing about the "successful" auto bailout?

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Reply 2 - Posted by: Jethro bo, 12/21/2012 5:45:03 AM     (No. 9077146)

The fundamentals that got Goobernment Motors in trouble are still there. GM will be beck in bankruptcy in short order. One wonders with a Rebublican House if Obambi can waste our money on Union goodies once again.

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Reply 3 - Posted by: strike3, 12/21/2012 6:20:20 AM     (No. 9077168)

When GM can build a car as reliable, efficient and inexpensive as a Toyota, they might have a chance. The "stigma" of throwing their lot in with King Barry lost them millions of customers for life.

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Reply 4 - Posted by: globalwarmer, 12/21/2012 7:37:51 AM     (No. 9077262)

The correction will come to GM...sooner or later. If it´s later it will be far more painful. The UAW will become the new food stamp entitlement drain.

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Reply 5 - Posted by: gasmeterguy, 12/21/2012 8:15:52 AM     (No. 9077341)

Perhaps the union should put their money where their mouth is and buy as much GM stock as they can. The union should use 20% of their union dues to buy stock each and every year.

When they have a good chunk of GM stock, they might just see things the way the manegement sees things.

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Reply 6 - Posted by: stablemoney, 12/21/2012 8:17:07 AM     (No. 9077344)

Taxpayers own GM. There is no reason to walk away with a loss so GM management can award themselves bonuses this year.

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Reply 7 - Posted by: tennman, 12/21/2012 10:48:12 AM     (No. 9077679)

I´m still amazed how many people still cite the "million jobs saved" meme. If GM went bankrupt, it would have either reorganized or had untis sold off. Either way would have kept jobs since market share would be there to fill with competition having no capacity avaliable.

Never any mention of the dealers closed or the non-union workers terminated - only union. Oversight???

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Reply 8 - Posted by: sgtfox of the jarhead clan, 12/21/2012 11:26:51 AM     (No. 9077807)

But Bumbling Joe Biden looks at the good side and proudly tells us "Obama bin Laden is dead".

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Reply 9 - Posted by: lylacat, 12/21/2012 12:24:57 PM     (No. 9077968)

There are many of us who will NEVER buy a GM product again, ever. 0bama screwed the American people in order to reward these overpaid ignorant and arrogant union people who will eventually be out of jobs. All of them. The taxpayer is still bailing out GM, because the main loan company, Ally, is owned 80% by the taxpayer, and this allows GM to sell cars for 0% down, 0% interest, and 0 payments for months, because it is the taxpayers that are taking the loss. Some of us are not stupid.

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