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Ironic timing, "new" GM is caught stuffing channel
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Posted by Reality (more from Reality) on Thu, 5 May 2011 13:41:26 Share Post by Email
In Reply to: Car company bailouts, No Snaab, Thu, 5 May 2011 13:19:51
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1. GM did go bankrupt. All shareholders of the old GM were wiped out. The bond holders also took a big haircut. What we have today is refounded government-owned entity that essentially robbed from the bond holders to enrich the union workers; BTW, they took the name of the old company too.

2. How is that new government run company doing? Well, it's stuffing distribution channels with cars that consumers do not want. Could Ford, Toyota, or even lowly Saab have used the metal and other raw material, and made more desirable cars (i.e. cars that consumers would pay up more for)? Probably. So in essence, the new "GM" entity is wasting resources and bidding up the cost of doing business for the rest of the industry, supported by taxpayer money and money looted from the bondholders.

3. A million "jobs" "saved" to make cars that people do not want is no better than a million jobs created to make goods that people do not want, no better than a million jobs digging holes in the ground and filling them back up. The latter probably would be less polluting and less environmentally destructive than making cars that people do not want.

4. Respecting the individual choice by consumers has a much longer history in America than "tea party," unless you are talking about the original Boston Tea Party that committed sabotage against British government protected monopoly. Keeping non-competitive factories running and making products that people don't want, in effect depriving input resources from factories that make goods that consumers do want . . . that is actually quite un-American.



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