The American People Own GM?

Every now and then some monstrous stupidity comes along: unfortunately it’s more and more frequent these days. At times like these, I feel it’s necessary for us to stop what we’re doing and pay attention to what just happened. Or at least to point it out and ask others to look at what’s happening.

The citizen’s of the United States just became co-owners of a formerly multi-billion dollar automaker, in the company of General Motors.

Now stop and think about the implications of this.

This country, a country famed for free enterprise, just bought a huge chunk of the national automaking infrastructure.

The president, regardless of whether you voted for him or not, just gave tens of billions of dollars to private industry.

Are you getting the picture?

Let me put a finer point on it… the president made tens of billions of dollars appear out of thin air, because you know we don’t have that kind of money sitting around, not to mention the multi-trillion deficit. He gave this money to parts of an industry that mismanaged itself right down the toilet.

The U.S as a country has rewarded the flushing of an industry caused by anything from financial stupidity to downright stupidity.

Those of us with short memories need to think back to the bank handout, where billions of dollars was has handed over to the financial sector and very little of it was ever accounted for. It was shoehorned through the thoroughly impotent branch of stupidity known as Congress with the cry of EMERGENCY- WE HAVE TO DO THIS NOW!!!! There is still very little in the way of accounting. This is because the money was given away. To the bankers. We just wind up borrowing more from the federal reserve, which isn’t federal or a reserve. It’s a private banking system.

Both industries allowed themselves to fail. when they were allegedly circling the bowl, they cried poor and their buddy, the president, stepped right up to print up more money out of nowhere and rescue them – whether we like it or not.

When you go bankrupt, you can’t simply print money in a deficit. You cannot cry to a president to bail you out – you’re what’s known as ‘screwed’. When, then, is it perfectly ok to send ten or sixty billion to Corporate America? If I were to open a restaurant and go out of business, I would get nothing but an eviction notice and bills. Why should industry be different?


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