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View Diary: GM IPO Underscores Success of Dem Policy (58 comments)

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  •  fair point, but don't be confused by citizien k (0+ / 0-)

    I'm not arguing we should do nothing.

    Rather, what me, and many others, are arguing is that we should do something different than bail out failed management teams. And illegal wiretapper AT&T CEO Ed Whitacre should be in court defending the massive lawbreaking he oversaw, not running GM.

    It's folks like Citizen K who paint with the nonsensical brush that we only have two policy options: corporate welfare or do nothing.

    As to the particular substance:

    It was President Bush and the

    free-market - GOP style ideology

    that implemented the bailouts in 2007 and 2008! Remember, GOP trickle-down, laissez-faire economics isn't about small government. The libertarians hate the corporatists.

    Rather, supply-side economics is about using government to transfer public wealth into the hands of a few, well-connected private actors. I'm all for having a responsible industrial policy. I'm all for government action.

    But, that action shouldn't involve socializing losses. Rather, what should happen is a combination of bankruptcy proceedings and nationalization.

    Particularly in an industry like the auto industry. The problem in our country is not a lack of cars. Our car culture is destroying our communities and our environment.

    The point I'm making here is that the rescue packages for GM and Chrysler cost the government money. We could have built a lot of rail miles or fixed a lot of schools or paid for a lot of unemployment insurance for the expense. It's conceivable that we will one day earn a positive return, but that's highly unlikely. And it's even more unlikely that the return we'll get on the auto loans will exceed the return we would have realized by deploying those resources elsewhere.

    Ask your Member of Congress what they're doing to put Americans back to work.

    by washunate on Tue Nov 16, 2010 at 06:58:36 AM PST

    [ Parent ]

    •  Fake history from you (0+ / 0-)

      Bush would have let GM die - and the Republicans would have been happy with a 100% non-union US auto industry just assembling parts made elsewhere.

      The Obama/Rattner bailout of GM/Chrysler was a radical step away from lemon-socialism with the management team forced out, stockholders wiped out, and the bondholders nearly wiped out.

      Instead of pushing for more labor members on the board or other concessions, our fake-leftists were only too happy to join in GOP bitching about the money wasted on GM and now, to really pass the bounds of imagination, seek to credit Bush with the fucking bailout.

      If you people were getting paid to help Luntz it would be more understandable, but it appears to me to be some sort of lemming impulse.

      •  lol (0+ / 0-)

        you crack me up

        Yeah, I confess. I totally made up the fact that the Bush Administration handed out billions of dollars in loans to GM and Chrysler.

        Ask your Member of Congress what they're doing to put Americans back to work.

        by washunate on Wed Nov 17, 2010 at 05:55:51 AM PST

        [ Parent ]

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