Is every US taxpayer ready to watch and pay for the mega-corporate version of a heroin addict withdrawal?
$50 Billion! How’s That For A Sticker Price?
(Today from: CNBC)
Remember the first time you went into a dealership to buy a new car because you truly felt you could afford a new car loan? Remember the sticker shock when you ran the numbers and said to yourself, "I didn’t really think it would that much." Now you know how many people feel when they see it might take $50 Billion to fix GM (1.22 ↓15.28%).
$50 Billion!!!!!!!!
If that doesn’t make your eyes roll, think about this: The price tag could go past $50 Billion.
This is ugly cost of re-structuring the country’s largest auto maker. We knew it would cost a fortune, but many people are shaking their heads right now and saying to themselves, "How much are we going to spend to clean up GM?" Since December, the Treasury Department has loaned GM $19.4 Billion. Now, the company will need $7.6 Billion after it goes into bankruptcy next week.
If Sinatra's award-winning role in the video below is any indication, we’re all in for quite a spectacle.
Setting aside The Rule of Law (i.e., contract law, other) for the moment (because as a Nation we are), should we rejoice as GM becomes "Government Motors" by virtue of our ownership stake as a Nation?
If you like the way the Post Office is run, you’ll love the next generation of new vehicles emanating from Chrysler/GM "Detroit."
For a glimpse of the way things will work, simply go to: http://www.usa.gov/...
Note the tag line beneath the Federal Worker logo reads: "Government Made Easy."
Compare this with:
Bill Ford Says Shunning Rescue in ‘National Interest’
May 20 (Bloomberg) — Ford Motor (F 5.46 ↑1.11%) Co. Executive Chairman Bill Ford, great-grandson of the company’s founder, said it is in the national interest that the automaker keep operating without federal aid.
"It’s in the country’s interest that Ford remain free of taxpayer money," Ford said yesterday in an interview in his Dearborn, Michigan
Now there’s something we can really believe in!