Saving GM

h/t James Taranto

The claim that Obama saved GM is fraudulent. What he did was use political muscle to intervene in a bankruptcy process in order to ensure a settlement on terms favorable to his supporters, the United Auto Workers union, at the expense of taxpayers (or “freeloaders,” in the president’s parlance) and bondholders. It would be more accurately characterized as an act of larceny than salvation.

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2 Responses to Saving GM

  1. John, I don’t know if you read any of Porter Stansberry’s financial newsletters; he has written extensively on this, and his detailed analysis supports this viewpoint. The corruption here is mind-blowing. Not to mention the hackery of the news media in their portrayal of this. In a couple years, GM will no doubt be back for more handouts.

    • John says:

      Hey Andy! How you been? Thanks for checking in. I’ll have to search for some of Stansberry’s stuff, thanks for the recommendation.

      There’s no shortage of things causing me agita lately, but the GM thing just about takes the cake. The taxpayers AND THE COMPANY – never mind the rule of law – would be better off if it’d been handled as a (large) garden variety orderly bankruptcy. But the UAW had a friend in the Oval.

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