I responded to this blog by “obamawatch” in-line, here is my response:
“President Obama bought GM in 2009.”
No, obama loaned them like 7 billion, which they paid back months ago, though it will be years before they pay back the bush era loans. Get your facts straight.
“He gave 17% to the UAW”
No, GM sold 17% of their stock to the UAW because they owed them billions of dollars. Nothing was “given” to anyone.
“which helped to get him elected.”
So obama used his presidential authority to help himself get elected president the year before. I didn’t know he was a time traveler.
“Last week President Obama praised the IPO of GM. He acted as if this was proof postive that his plan had worked. The truth is that the United States Treasury lost 4.5 billion dollars on the stocks sold on the first day of trading. Yet the President says we are well on our way to earning our investment back. President Obama said that the buy out was the only option. That bankruptcy would have just ended the production of cars and the jobs would have disappeared. However even after the government bought GM they filled for Bankruptcy.”
Bankruptcy does not mean the failure of a company, it is a legal tool often used to prevent a company from going under. And the auto industry is responsible for like 15% of the jobs in the country, if 2 out of 3 of the biggest US auto makers in the country went under at the same time unemployment was already exploding, that would be very, very bad.
“The bail out of GM was a terrible idea, and is a terrifying concept.”
“The government stole from the private citizens and gave to the Unions.”
Um, no. They bought stock from a company and then sold some of it to that company’s unions. It’s funny that you think it’s evil to use tax money to bail out a company, and that it’s even more evil for the government to sell the stock in an attempt to get out of the auto business.
“They took wealth from bond holders and gave it to the Unions,”
Buying and taking are two completely different things.
“this makes investors nervous about investing in bonds.”
It would if it were not imaginary.
“The ends do not and should not justify the means. What happened at GM was criminal, that is all there is too it. The buy out created a precedent, that it is okay for the government to steal from us, to shred our property rights, so long as it turns a profit for someone.”
What property rights? The right to personally decide how every penny of tax money is spent? You don’t have that right. You elect representatives to make those decisions. Criticize them for making bad calls, but don’t whine and pretend it’s tyranny.
“That is wrong on all levels and never should have happened. To support the GM buy out is to support the idea of legal theft.”
No, it isn’t. This is stupid.