Should GM Buy Domestic?
Fifty-billion dollars. That’s how much money the United States taxpayer
has plowed into General Motors. Back when this terrifying teat-sucking
started, Michigan Representative Debbie Stabenow told the country that
the bridge loans (as they were called at the time) were about “jobs,
jobs, jobs.” To say the rhetoric justifying/sustaining GM’s giga-suckle
has shifted would be like saying Pontiac’s prospects have dimmed. Now
it’s all about “returning the taxpayer’s investment.” If that means
withdrawing a contract from Stillwater Mining (a Montana outfit that
provides New GM with platinum and palladium for catalytic converters)
and endangering 1300 American jobs, to paraphrase the GM spokesman on
this NPR report, tough shit. Nice thought, but—does GM risk a serious
consumer/taxpayer backlash as the federally-supported automaker turns
its back on its investment in the U.S. economy? Apparently not. (Witness
the lack of interest in our story about federal stimulus money going to
Mexican car factories.) Not yet. Meanwhile, what’s your take? Does
America’s nationalized automaker have any obligation to support U.S.
jobs? [thanks to PeteMoran for the heads-up]
Since the American taxpayers do not seem to mind buying imports that are
totally made in counties that do not have all of the restriction placed upon
their manufactures like in this county, to save money why would they object
to US manufacturers doing the same to save money? If US manufacturers do
what the taxpaying consumer are doing, they can sell for less money as well.
That will preserve some US jobs that would otherwise be lost to offshore
manufacturers. Look at the millions of taxpayer dollars going to foreign
manufactures like Toyota, Honda, BMW etal over the past ten years or more,
that only assemble stuff in the US of mostly imported parts and materials to
create or preserve those jobs, and nobody seems to object.
First off, the bailouts never had anything to do with middle class jobs.
Right from the onset it was about funneling taxpayer debt money into private
equity and certain bond holders and other "special interest" parties and
friends of Obama, congress and the senate. Government was more worried
about Cerberus and Carlyle.
In fact to this day, there does not seem to exist an accountability and
detailed record on where the huge sum of bailout moneys actually went. We
know it went to GM, but where after that? $70B so far, where did it go?
Specifically where did it go after it was in GM's account? Senate and
congress don't ask, maybe they don't want the public to know. Maybe they
don't want to know.
Hopefully enough people know and someday the real truth will leak out.
And the jobs were gone years ago. GM was allowed to operate fraudulantly
for far too long, SEC, banks, board of directors should have stopped the
charade many years ago. It was even known on the street some 4-5 years ago
Carlyle and Cerberus were striping GM & Chrysler of the good parts,
packaging the rest into a needy corporate care package. Chrysler
purportedly by its own word had $11B in cash at the end of October 2008 to
buy GM with. Trouble is, no one has seen the money since.
Even judges involved with GM bankruptcy have done things they never would
have otherwise, which makes one think this corruption certainly is involved
in ways they don't want us to know.
People might want to hold their senator, congress person or MP accountable
next time they vote. And 2010 in the US is a magical time to send a few
politicians packing. Which is why the rehtoric of getting out of bailouts
is arising from congress. Now that whatever dirty tricks were pulled are
over, they want to close the books on GM. But Americans need to rememebr
their behavior today and not their BS tomorrow.
I can speak for Jim, but I do every year in about December and running up to
the elections, I have even join on occasion if the candidates are not limp
biscuit butt kissers.
It is big business in DC. Should be banned. It is also why the tax system
is increasing being used to indirectly, and in GM's case, directly fund
corporations. It isn't just in movies any more.
Best to vote out the incumbant unless they ver vocal in opposing this
corruption. Even if they were neutral, it was really a passive yes to
Many were caught between what was right for their constituants and what was
being pressured by the hidden powers. Most buckled, totally un-American and
Yep, it is.
A lot of bribes too. Which is what it amounts too. Even GM had a nice
budget for this.
Yep. How about real time voting on the issues by the people. Turn congress
people into sales people, they propose and the people vote. It isn't the
1800's any more, a pony does not need to go from San Diego to DC to tally
up. You could go on-line, view the pro and con videos and vote directly.
It will not happen as part of the races for presidential candidates is more
or less a stacked deck, you get a choice of A or B, but A and B are in the
pocket. So in reality, party politics really screws up democratic intent.
Yep. My investment strategies count on it!
Unions support herd management. Not likely to get changes there. Who would
watch such a station?
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