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Wrong. They went through a contrived, corrupt process initiated and managed by obama, twisting arms and screwing the original creditors and giving the union ownership.
It must be frustrating when the Courts don't adhere to your opinion of what's fair. I am not sure they realized they should have consulted you first.
That was a "loan", not a takeover of the business, not negating contracts, not giving the union ownership.
Chuckle..
It was 'intervention'.
But I guess that's OK with you because Bush did it.
By the way, whose money was he 'loaning'?
Not mine, right?
Chuckle..
I'm also a bit surprised at the (Obama) in the title. It appears to be a serious thread, why slap the kook flag on the title?
Don't you know? Apparently Obama conceived of the car in January 2009 and got it from the drawing board, to a custom assembly line, to production in just over a year. In his rush to ram it down our throats he pulled a Benny Hill and shattered the time space continuum.
They would have gone through a NORMAL bankruptcy process, something that didn't happen because obama intervened, turned contract law on it's head, screwed the original investors and gave the unions ownership. Under a normal process, they would have been able to restructure and alleviate some of the burdensome union obligations that are killing them.
Under the normal process, they would have continued to manufacture cars and there would have been no danger of the WHOLE automotive manufacturing going bye-bye - a ridiculous argument on it's face.
You fail to understand that the union was a major bondholder and any bankruptcy court would have had to deal with the money GM owed the union. Aside from that, 17% of the stock the union holds is hardly "ownership."
Quote:
Originally Posted by wrench409
O went through the courts to nationalize the auto industry?
As an after thought? Just to cover his base?
The stock is going public very soon and the government will no longer be stockholders. Kind of blows your "nationalized auto industry" theory doesn't it.
Don't you know? Apparently Obama conceived of the car in January 2009 and got it from the drawing board, to a custom assembly line, to production in just over a year. In his rush to ram it down our throats he pulled a Benny Hill and shattered the time space continuum.
Don't you know?
Vehicles like this have been consistently pushed and encouraged by the dems and Left, on a public that doesn't want them.
Instead of 230 MPG, the reality is closer to 20-40 MPG, a REAL deal @ $41,000 topped off with taxpayer subsidies.
Let's make some lemonade!
I can't imagine anyone dumb enough to buy this lemon.........well, maybe I can.
Don't forget that limited range too!
I'm shocked, shocked I tell you that Obama's policy fo car manufacturing has failed. Does this mean the unions will be pressured to return the payoff the Briber-in-Cheif gave them at the expense of the legal bond holders of GM?
The government does so much better than private industry at picking winners and losers. Here's proof!
So in the end, we end up with a $40,000 Prius with a slightly larger battery. So much for the revolutionary engineering promised by GM. I't stupid investments in this kind of crap (EV-1 back in the '90s, H2 fuel cells, now the Volt) that have cost GM billions of dollars that they could have invested in more mainstream vehicles with a wider appeal.
After all the hype, investment and bailouts, they have a normal, plug-in hybrid very similar to what the aftermarket has been doing with Prius's for years. One that gets poorer mileage than say a non-taxpayer subsidized VW diesel.
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