We knew it was coming. We knew that General Motors was going to go belly-up. It should have happened sooner rather than later. We have thrown good money after bad for far too long. GM should have been in bankruptcy a long, long, time ago. The company is in the hole for a reported amount of $173 BILLION DOLLARS. Excuse me? How is a company that owes $173 billion, VIABLE, in any sense of the word?
What’s even more amazing than the amount owed by GM however, are the galling comments that Barack Obama made about the bankruptcy. Apparently he wasn’t going to allow GM to become a welfare ward of the American taxpayer. Really? Then why the hell is he throwing another $30 billion at GM?! What do we get for the near $50 billion we’ve pumped into GM thus far? We get a 60% stake in a company that is WORTHLESS. To top it off, the government is going to be purchasing a fleet of vehicles from the “new” GM. No, no corporate welfare to be seen here… shuffle off. Is this guy for real?
I remember when Barack Obama said that he had no interest in running GM. Well, I think somebody missed the memo because while GM is closing plant after plant, it’s also going to open a new plant that will build small cars, apparently the smallest ever offered by the automaker. Seems to me that GM has gotten Obama’s message (more like mandate) loud and clear. Who is it that is going to buy these tiny vehicles? Have Americans shown a real interest in buying these micro vehicles that GM is set to start selling? No…. but hey, who cares, it’s not like GM is actually conducting BUSINESS. After all, when the US government is your sugar daddy, you really don’t have to worry about making something people want to BUY.
This is insanity. It’s time for conservatives and people that believe in CAPITALISM to walk away from every company currently taking money from this government. We cannot REWARD these companies for their failures by buying what they’re selling. These are not American enterprises be they banks, insurance companies or automakers. Abandon them wholesale. You might be stuck with a bank for your mortgage, but you can move investments, insurance policies, retirement funds, checking/savings accounts from these parasitic companies and reward those companies that are conducting a quality business.
Sorry for the rant, but I am enraged by these developments. That Barack Obama would pretend that GM is not still on the government dole because of this bankruptcy filing is an OUT AND OUT lie. We are now in deeper than ever. Make no mistake about it.
