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  • Morning Bell: Government Motors is Not the Answer

    At midday today, President Barack Obama will announce details of his administration’s $30.1 billion plan to restructure General Motors. Despite claiming that the administration “will not interfere with or exert control over day-to-day company operations” it is instructive that this announcement is being made by the President, from the White House, and not by the company’s CEO from either the company’s Detroit headquarters  or  the New York bankruptcy court. Since March of this year when the White House rejected GM’s restructuring plan, their interventionist actions have spoken much louder than their hands-off rhetoric.

    Just days after the White House informed GM that they were unhappy with the company’s first restructuring plan, President Obama fired GM CEO Richard Wagoner. The payoff from Obama’s hand picked replacement, current CEO Fritz Henderson, quickly became apparent when Henderson stood next to Obama in the Rose Garden and announced his support for the Obama administration’s new fuel efficiency standards: “GM is fully committed to this new approach.” The surreal event underscored the myriad of inherent new conflicts as the Obama administration now becomes GM’s regulator, tax collector, customer, lender, and owner. The Obama administration’s heavy handed management of GM did not end there:

    What Cars to Make – Currently, General Motors most profitable products are the Chevy Silverado pickup and the Cadillac Escalade SUV. These gas guzzlers aren’t exactly popular with the anti-carbon Obama administration. GM’s electric-powered Chevy Volt, however, is expected to cost $40,000 per vehicle, much more than the $25,000 gas-electric Toyota Prius.

    Where to Make Them – The Obama administration plans to close 11 factories and idle another three. It’s hard to see how politics could not dictate the results of that process. Already, the United Auto Workers union successfully pressured the Obama administration to restrict the number of cars GM makes overseas. UAW President Ron Gettelfinger told PBS last week “we, quite frankly, put pressure on the White House, the [auto] task force, the corporation to bar small-car imports from overseas.”

    Salesman in Chief – While General Motors has been rapidly shedding market share, Ford (the last private auto company in Detroit) has actually gained market share. Obama’s new car company will never turnaround if that trend continues. So already President Obama personally promoted a $7,500 tax credit for consumers who buy a GM Chevy Volt.

    We need an exit strategy out of Obama Motors today. Congress could help mitigate the damage down by the Obama administration by:

    • Establish a firm, legally binding deadline–perhaps one year–for the sale of the firm back to the private sector.
    • Prohibit any further taxpayers loans or grants to GM.
    • Strictly bar GM during the period of government ownership from making any campaign contributions or engaging in policy advocacy of any kind.

    Last month, President Obama declared “I don’t want to run auto companies. … I’ve got more than enough to do.” Whether or not the administration is making “day-to-day” decisions, running auto companies is exactly what the federal government is doing. That is the wrong road for Detroit, for consumers, and for U.S. taxpayers. America needs to take the nearest exit.

    Quick Hits:

    Posted in Ongoing Priorities [slideshow_deploy]

    57 Responses to Morning Bell: Government Motors is Not the Answer

    1. IN OHIO says:

      And how closing MORE plants

      CREATE JOB'S

      NOBAMA

    2. David Barth, CFA, Ju says:

      Noted Henderson, like Jeff Immelt, sucking up to BHO. Nothing like blatant conflicts of interest.

      Now BHO controls GM and GE. If the history of government control is any guide when you honk the horn on your GM car the ice maker on your GE refrigerator will turn off.

      The markets appear to love the GM bankruptcy. It will probably go through the roof if we have an Atomic Holocaust.

      This is the Decade of Ignorance!

    3. michael hutchings says:

      THE TWO BIG WORDS THAT WILL COVER IT ALL ARE;

      BRITISH LEYLAND—REPEAT AS OFTEN AS NEEDED.

      START FIGHTING BACK PLEASE, AND STOP MAKING NICE

      OR THEY WILL RUN YOU OUT OF THE SCHOOL YARD AND UP ON THE PORCH.

      THEY HAVE NO RESPECT FOR US AND WHY SHOULD THEY UNTIL IT IS EARNED.

    4. Gary Hintz, Lake Ori says:

      And don't forget they are appointing their hand- picked people to the board and removing current board members(and one comes from the UAW). Also the Car Czar is married to a past Democratic fund-raiser. Also we see that many of the Chrysler dealerships that are being forced to close were heavy contributors to the Republican Party. How much more evidence do we need to see that this is a deep incursion into the private sector that has emmense political gain for Obama and the Dems. Only once they have infiltrated the upper ranks with their own cronies and changed the company goals to non-profit, depend on government mentality will they figuratively leave the car industry.

    5. Becky, Michigan says:

      Obama says he doesn't want to run a car company because he already has enough to do. He is telling us that he can run one, he just doesn't WANT to. He assumes he can run anything he wants, it is just obviously so easy to do.(especially when you get to make all the rules)

      Obama owns the domestic auto industry's fate both on the supplier and consumer side of the equation.

      Maybe it will work out, and for some consumers and workers it will. Like Henry Ford, you can have any color you want as long as it is black, seems to be the new marketing plan. You can have any car you want as long as it is green.

    6. Angel, Ohio says:

      The government started GM down this road to bankruptcy years ago when they decided to tell the car industry what cars to make. Cafe standards has wrecked this industry. The market needs to determine what vehicles should be made.

      My family drives a Suburban not because we want to but because we have five children and can't get around any other way. We also drive this vehicle for safety. In the middle of the winter months the four wheel drive helps us get around and keeps us safer on the roads.

      In Obama's world — we should have aborted 3 of our children so we could fit into a small unsafe vehicle. This way we would be energy efficient. As a side benefit this would decrease our families CO2 output.

    7. Mark, Jacksonville, says:

      The most frustrating parts of this OBAMINATION is that the majority of people that voted for OBAMA – are eithere too ignorant to care OR they are currently getting some type of government help, disabilities, Medicaid, social securities, WIC, food stamps, or other subsidized "goodies" from the taxpayers – or both. People voted to change – change skin color. Illegals, felons, and dead people voted for Obama and no one seems to think that was totally the wrong reason to vote for someone. For years, I wanted a strong woman or black man to win the presidency. But this guy is going to sink the ship. Other countries only respect "power" and "strength." Right this minute, in the "back rooms" around the world – they are plotting and planning how to get us while we are on the economic ropes. We are allowing foreigners to buy up huge amounts of precious farm lands, businesses and real estate. Can we go to Saudi Arabia, Iran, China, and Japan to buy their land, businesses and homes like they are buying ours? We will NEVER get that property back from them…the economic strangle hold is taking place right in front of us. OBAMA is now putting the finishing touches in place. If he can fire a CEO from GM how secure is your position? If Obama can give illigitimate ownership to UAW under the guise of "restructuring" – how secure is your non-union job? He is going to make Jimmy Carter look like a choir boy…he easily gave away the Panama Canal – remember? They are still laughing about that one. You should see how "run-down" the canal is today…sad! People, we must call, write, or email our Congress – BOTH houses. Let them know you will not put up with this "print more – spend more" attitude. Mr. President – stay out of our free market and stay out of our lives!!

    8. Jerry Decker, Housto says:

      GM stood a better chance of success if it had filed for bankruptcy under bush. GM doesn't have a prayer of survival with obama at the helm. This moron has cut the profitable models and increased the fuel efficiency. Politicians learned nothing from the auto fiasco of the seventies when the tried to shove small cars down the consumer's throats.

    9. Lawrence Newport New says:

      While Gov't control of GM may not be best answer, our options are few. There are too many small businesses over the years that have become dependent on GM, I hate to see them hurt.

      I hope under the new leadership we will manufacture a more competative automobile and that the parts will be manufactured in the US. I continue to wonder why we import more auto's than we export? This is where true change must take place.

    10. Nelia, AZ says:

      The "I do not want to run auto companies, I have enough to do" statement from Obama reeks of his arrogant, self-important attitude and speaks volumes. He is surrounded by less than sterling appointees, and we are at the mercy of a group having not an iota of concern for this country, but for whatever damage they can do while eliciting global approval. Even though those self-same onlookers oceans away, snicker at the goings-on of this little tyrant and his minions.

    11. Jack Kyle, Lubbock, says:

      Buy Ford, anything but GM &Chrysler. I have always driven GM products but will not do it again as long as our government has control of them. Obama's action is reminiscent of Hitler's Fascist Government

      fas·cism [ fá shìzz?m ] or Fas·cism [ fá shìzz?m ]

      noun

      Definition:

      dictatorial movement: any movement, ideology, or attitude that favors dictatorial government, centralized control of private enterprise, repression of all opposition, and extreme nationalism

      fas·cist [ fáshist ] noun, adjective

      fas·cis·tic [ f? shístik ] adjective

    12. David Sayers, NC says:

      Government Motors is not the answer and neither is Chairman Obama and the moronic hacks that he surrounds himself with. These marxist think that they can run corporations,banks,health care and God knows what else on our tax dollars. They were elected to run the government,both democrat and republican,and they have failed at that job big time. They all need to go. I,for one, will never buy another GM vehicle and hopefully the unions will like the taste of metal and plastic because no one is going to buy the the little yugo type cars that Obama wants them to build. Buy used,pre 2009, and pay cash.

    13. Steve Smothers-Pensa says:

      Political contributions from the unions should also be prohibited.

    14. NYstatehome says:

      This is just a mess and it grows worse and worse everyday. I fear for our Country that by the time he's done there won't be anything to save. He's an SOB.

    15. Richard Cancemi, Arl says:

      Obama? = "Liar, Liar. pants on fire!"

      How far down the road to Socialism and its accompanying oppression has this man taken us? Will he have a clear path to his destination? I guess the so-called, "Republican Opposition" will continue to run scared and act like wimps while the Liberals/Socialists take us all the way to the promised Marxist/Fascist Utopia!

    16. Wayne Smith , Texas says:

      you don't want the truth, well what I just put on here was the truth, Obama can't tell the truth.

    17. Wayne Smith , Texas says:

      yes this is the USA can't tell the Truth anymore

    18. terry penna. says:

      i wont buy another GM car my last six were

      GM obama cant run anything. ford will be

      my next car

    19. vivian daniels says:

      We the American people have never in history seen

      such take over.We need someone to lead us back to liberity, before its all stolen from us. Please, would someone with a back bone, help us. I realy don't think, we quite know how to handle all this.

      Lets get this man out,now. By binding together, and call for Obama's impeachment. Much more than just our liberity is at risk, now.

    20. Ben C, Ann Arbor, MI says:

      So many problems at so many levels.

      GM made their own bed by bad corporate decisions. When Ford was down sizing GM was expanding thinking they could capture market share and bury Ford. Bad idea.

      Social engineering is Obama's game plan through his stake in GM. Rather than allow the market place to determine the use of golf cart transportation Obama is going to "manage" GM and require production of these vehicles. When has social engineering every worked? Not in the home industry. Jimmy Carter's notion of home ownership in ghettos certainly didn't work. Bad idea.

      Windfall profit taxes on oil companies in the "70s". Oil companies opted for foreign oil – we had gas lines, and now the current mess. Windfall profits – bad idea.

      Perhaps those who make the rules should be held accountable for their successes and failures without a statute of limitations. A scoreboard of sorts published by Heritage Foundation that follows our politicians decisions for decades to determine the good, bad, and ugly votes. A star for the good ones and a mandated Chevy Volt purchase for the bad ones – without a driver.

    21. Chris, New Jersey says:

      "After committing nearly $20 billion in taxpayer dollars…"

      I don't think it's taxpayer dollars any more, those ran out a while ago. At this point it's just money out of thin air

    22. MAS1916 - Denver, CO says:

      Government Motors is destined to be a disaster. After committing nearly $20 billion in taxpayer dollars, Obama will be stepping in to prop up the company with another $30 billion. This will sustain the company for another couple months anyway.

      The same people that brought us the Guantanamo closure without a plan are now in charge of running a major manufacturing enterprise. Surely there is a plan this time, right?

      This is going to be expensive.. at least there will be entertainment value. ( for a top ten list of Changes the Obama administration will make can be seen at:
      http://firstconservative.com/blog/political-humor/political-humor-running-general-motors )

      Democrats now have to run a business and (OMG) turn a ‘profit.’

    23. Steve, Ohio says:

      Why is everyone so upset? Osama just laid off 20,000 people who voted for him. He is putting many communities in the poor house by lowering their tax base. He is unwittingly devastating the very people he claims he wants to help (the working families).

      I find this a satisfying turn of events (admittedly in a somewhat demented way). He can't raise taxes on the "rich" enough to pay for all this and he will begin hurting the "working family" even more with fewer job opportunities, lack of healthcare choices, and higher taxes on the things the poor consume more than the rich, like tobacco and alcohol and soda.

      Those who voted for him thinking he was going to "soak" the rich are getting hit with a tidal wave of nasty stuff. The clouds are always darkest right before the sun shines again.

    24. Jonathan Seid, Williamsburg VA says:

      If I thought GM would make it, I’d buy stock. It’s $0.75 a share today.

    25. Steve, Michigan says:

      Buy Ford. It’s the only one of the Big Three that didn’t go to Uncle Sam hat-in-hand begging for taxpayer money. Let’s reward that self discipline!

    26. Steve Brink, Bellingham, WA says:

      We need to stop calling GM, Government Motors. Let’s call it what it is — Obama Motors so that he gets the legacy he deserves. Government emplies to some extent that it’s supported by the taxpayers of this country. Obama Motors is not supported by the taxpayers of this country.

    27. Dennis A. Social Cir says:

      We noe have "obamamobiles", wonder how well the uaw will like them. They will be gas efficent and will cost twice as much, especially since obama will get a royality from each one sold. The "guvernment" has no business in the manufacture of vehicles, it already has its fingers in most of the things we as citizens do now.

    28. Jim@Redding,CA says:

      When are people going to wake up? What is
      it going to take? Is everyone just going to sit around and wait until the OBAMA
      TIDAL WAVE wipes them all out?
      In the medical world, the best way to
      treat illnesses and medical conditions harmful to us is…PREVENTIVE ACTION. Does
      anyone realize that is the way to deal with what Obama is doing???
      Only an idiot would be unable to figure
      this out. Are you an idiot???

    29. Dorothy Gavin, Pas. says:

      I will never buy a product that is owned by the federal government. They are now trying to shove down our throats health care that we don't want. They are trying to pass cafe standards that no car we drive will be safe. The deck is being stacked daily by acorn and their ilk. They will run the census and we will have less representation in areas they want less and more in areas they want more. If people don't start looking over their shoulders soon we will be encumbered by so many rules we may never escape!

    30. Spiritof76, New Hamp says:

      Obama Motors (Chrysler and the old GM) is destined to be a failure. UAW will be left holding the bag as they can not sell any cars.

      So, the country's governments (federal and states) are all bankrupt. Inside the country, those capitalistic institutions are going bankrupt thanks to the governmental suffocation.

      Social Security and Medicare (giant Ponzi schemes) are going bankrupt so much so in a few years a large reductions in those payments are inevitable. Those that are retired will have to descend into poverty. If people think that eating dog foods was a figment of an imaginative mind, think again. It is coming.

      With July 4th approaching, we must remind ourselves that it is no longer a day of celebration and we must not be deluded in the phony propaganda of the state-controlled media. What we have today is more tyranny from Washington DC than the English King ever could in the 1770s. Yet, we have no protest. Pravda accurately described today's Americans as "sheeples". Just imagine, an old time Communist newspaper describes Americans in that manner! The sad aspect of it is that it is true.

    31. Lawrence Newport New says:

      As much as you say this is about Obama, it is not. This crisis is about "greed" and our inability to change with the times. Large families need large cars that are fuel efficiant. The technology is there but "greed" keeps it from happening.

      Auto parts could be manufactured in the US but because of "greed" and "Percent of Profit" the jobs that built America are no longer here.

      Unions wanted more "greed"

      Corporate Executives wanted more "greed"

      Investors wanted more "greed"

      and this is what remains.

      Who is really at fault?

      Let's get back to where small business owners have a chance.

    32. Ron says:

      Welcome to hell.

      There is no way out and no one is going to rescue us.

      Obama and the DEMOCRAT party are proving that a college degree makes you not only shamelessly arrogant, but so vain that you can't admit that 250 years ago a bunch of realists ran this country with more dignity, sanity and concern for their fellow citizens well being than the present day conjurers can.

      We need a group of farmers, plumbers and iron workers running this country before these indoctrinated imbeciles destroy the world economic structure any more than they already have.

      Obama says he doesn't want to run Gm but then goes right out and does it with no Constitutional authority what so ever!!! Then he hands them more of our money to further depreciate our earned value. When is this frightening demise into Marxism going to be stopped???

      Where is our three point system of government to protect us from this Marxist take over?

      I'll buy Ford, and never a GM again, even if it has Obama's face stamped into the hood, and is a limited addition "green" car.

    33. Mike Sheahen, Hickor says:

      Who said each of the following three (3) things?

      1. "The two enemies of the people are criminals and government, so let us tie down the second with the chains of the Constitution so that the second does not become the legalized version of the first".

      2. They who give up liberty for a little temporary security deserve neither and will lose both.

      3. The American Republic will fall when the politicians realize how they can bribe the people with their own money.

      The answers are at the bottom of this response.

      But before you go ahead and look at the answers, here is something which ties right into them for you to think about and act on, which is:

      Politicians, such as Congress, have now earned themselves among the lowest approval/trust rating in the U.S, below that of health care professionals and even "used car salesmen".

      Yet, we're supposed to surrender to such politicians the control of the most personal and consequential part of our lives which is our health care choices and decisions, etc, control of our finances, and ever more control of our business and choices, including vehicle manufacturing and dealerships which include "used car salesmen"?

      That makes one, big, fat government elitist and statist power and money-grabbing gravy train of a contradiction, which, since it appears unstoppable beforehand, we, the people, better fight back against through the elections in 2010 and 2012, and in whatever other ways we can afterward!

      Answer to who said each of the three (3) things above:

      1. Thomas Jefferson. 2. Benjamin Franklin. 3. Alexis De Tocqueville.

    34. dave, syracuse, ny says:

      I rarely agree with Obama on any issue, but I was very glad to hear that he and the UAW forced GM to scrap the idea of importing a China-made small car. Chrysler showed us all that making money on a US-made small car is possible with the Neon, and there's no reason GM can't do the same thing. With bankruptcy protection, it's even easier for them. Wages and benefits will now be on par with the transplants, and GM will get the new work rules they want. Obama and the UAW get manufacturing jobs, union dues and tax revenues. Things could be worse.

    35. sherrill , NY/ NJ says:

      congress does not have the strength to stand up to the mad Bama and stop him…..I e-mail them all the time and get vapid replies pertinent to nothing. Does anyone have any ideas for making them accountable to us?

    36. Dexter Massoletti, S says:

      Lawrence –

      It is all about Owe-bama … he is the government right now as he is Congress and all the rest of the Political Class; all in one. Just the way we have heard for the last eight years.

      We spend more on putting petty criminal away than what damage they have done; yet give the biggest criminals a position in government and give them an expense account — there is no money left to play that game any longer.

      Greed? nothing can measure up to governmental

      greed.

      It is all-consuming. The law-makers are the prime law-breakers: there is nothing in the Constitution that can be called out to support fascism.

      The Obamanation is upon us and there is no place for you to hide — perhaps soon there will be no place for them to hide.

      We can see them through their lies. We have to see them go.

      Have a nice day.

    37. Barb -mn says:

      If DFL members of the government were working for the common good of all, equally, they'd have the integrity not to make twice as much as the private sector. They wouldn't have COST OF LIVING raises when they're already making hand over fist pocket change. Especially, when we're in a deficit they caused. They wouldn't take free health care while taking away from ours. They wouldn't take amenities.

      It was a freedom of choice to work where you wanted to. Or to quit. Move up the ladder. And don't work for a business that's corrupt. Private businesses love innovation and had the freedom to make their own rules, set their own qualifications of those needed to hire and set the prices. They had a right of freedom to make as much as they could. Employees in most companies, worked their way up the ladder if they chose.

      The only reason why manufacturing jobs are not being conducted in this country is once again, GOVERNMENT INTERVENTION OF NEEDLESS REGULATIONS AND TAXATION. If I were a business owner having to comply with government idiocy, I'd close down or move if I could afford to. The government is employing more people outside this country with this man-made global warming BS.

      IF GM WOULD'VE GONE THROUGH BANKRUPTCY WITHOUT STEALING TAX DOLLARS, THE CONSUMER WOULD'VE BAILED THEM OUT BY CHOICE.

      GOVERNMENT GREED- CAUSES THE CRISIS' GOVERNMENT GREED- MAKES THE RULES, GOVERNMENT GREED- HIRES NO QUALIFICATIONS NECESSARY, GOVERNMENT GREED- HOLDS NO ONE ACCOUNTABLE. GOVERNMENT GREED- WHERE COSTS TO THE TAXPAYER IS LIMITLESS. GOVERNMENT IS REALLY AT FAULT. WHERE ALL THEIR MAKE-WORK UNPRODUCTIVE, NO FINANCIAL RETURN JOBS COSTS, WILL COME OUT OF YOUR POCKET. NO CHOICE.

      PRIVATE BUSINESSES STOLE NOTHING FROM ME. PEOPLE HAD A CHOICE TO BUY PRODUCTS AT WHATEVER COST THE BUSINESS SETS.

      GOVERNMENT IS LYING, CHEATING AND STEALING, FORCING AND DICTATING WHILE TAKING AWAY OUR FREEDOMS AND OF CHOICE, OUR LIBERTY AND OUR MONEY.

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    39. Dan, Valders Wiscons says:

      How about one more item for "Congress could help mitigate the damage down by the Obama administration". Add that as long as the government has ownership of GM the government is prohibited from purchasing any vehicles from GM. This will avoid the real issue of conflict of interest.

    40. John, Colorado says:

      Greed is right. There's virtually free energy to be had, inventor's have already got it figured out. We could be running our vehicles, all of them, on water, even saltwater. Even outside of that, we could be using thermocatalytic cracking carburetors to get 3X the normal mileage even in big SUV's. OUR GOVERNMENT IS NOT REPRESENTING US, NOT SERVING US, IT IS SERVING SOMEONE ELSE. IT SUPPRESSES THESE INVENTIONS AND TECHNOLOGIES BY HOOK AND BY CROOK.

    41. Phil Davis, Florida says:

      GM is not successful and they will not be able to produce a vehicle that Americans will buy in the short term. Since, GM will not be able to produce a vehicle that Americans want to buy, watch for trade restrictions on foreign cars. Also, the government will continue to pump billions into GM until there is a car that Americans might buy. All of this is being done for the Unions at our expense and they don't even blink an eye over it. No shame or honor exists with these workers that pocket our money and smile all the way to the bank!

    42. Rich, San Diego says:

      Lawrence – Buy a pre-bankruptcy Chevy Taho SUV Hybrid if you need a big car, and please stop moralizing. Blaming your fellow citizens for the recession is a worn out page from the Jimmy Carter playbook.

      By the way, do you really think that government employees (including the President) are morally superior and less prone to greed than the rest of us?

    43. Lawrence Newport New says:

      Rich,

      you make a very good point…I will look at a "pre-bankruptcy Hybrid" as long as it is Made in America…by Americans. Maybe someone will benefit.

      Rich…come up for air…profit and greed are different. Until manufacturing returns to America…until local farmers are able to sell their crops in America and make a profit America will be in trouble.

      Do you have a viable alternative?

    44. tom jones says:

      obama thinks he can run anything, He can't. but having a unlimited supply of taxpayer money you got a better shot at it. they are going to keep pouring money into government motors and the uaw (which supports obama). our money!!!! and then try to get us to drive cars we dont want while they raise the tax on gas. It will happen and their is nothing we can do about it. obama has given us change like he promised. we are all sheep now!

    45. Boonnhong Korasack, says:

      Stop blaming and start building, as every one knows North American should educate ourself, that the Industrilize Economy is not the answer. We are Information Consumption Revolutionize continent. We can not rely nor learn from the past, but heading to the the Future with Gen.Y/X. If you embrace with the VISION, you will see the opportunities every where, but you have to start with right move. For sure it's hard to accept the change, the change is mostly the sign of growing and living process. Don't be panic, just hang in there,have a positive energy ie.E=mc2, sorry I can not put #2 as a square, you have to figure out on your own.

      BK

    46. Pat, NM says:

      This link is dead on your website:

      2009 FEDERAL REVENUE AND SPENDING BOOK OF CHARTS

      Fed up by false claims of fiscal responsibility? Get the facts with the research to back it up. Visit the Federal Budget Chart Book and see for yourself.

    47. oscar says:

      Not sure it the government financial involvement with GM ownership follows the FAR (Federal Acquisition Relulations)….?

    48. Larry Katz says:

      Our Socialist President has taken 60% ownership in General Motors and rewarded the United AutoWorkers with a 17% stake in the company for their loyal campaign support. I always thought corporate investor equity meant ownership even during bankruptcy restructure. Why should the UAW possess more ownership rights than stock and bond investors? How ironic that those who destroyed the company with excessive greed and legacy costs are now it’s principle proprietors.

      Thanks to Barack Obama’s politically driven governance, America bears no resemblance to the country my father willed to me. I recall his financial advice when I commenced a life of matrimony 55 years ago. He said, ” Remember three important things. Never buy what you can’t afford. Always put aside for a rainy day. And, when able, buy blue chips for that’s like buying America.” Evidently, in Obama’s America, blue chips constitute government ownership and political fodder.

      I followed my father’s advice, purchased shares in GM and have owned many of their vehicles. In fact, upon returning from military service in Korea, my very first was a 1953 Chevrolet 210 that carried my wife and I on our honeymoon and to the birth of a son.

      Our President belittles the miracles of our economic system and is intent on replacing Free-Market Capitalism with an omnipotent government and European style Socialism. Nationalization, a symbol of leftist dictatorships, will change the character of the country I leave to my grandchildren and burden them with intrusive government power and unlimited national debt.

      Purchasing a new GM vehicle abets the destruction of our Free-Market Capitalist system and hopefully, compelling manufacture of dangerously small green cars that few want will be a bust. My advice is to never buy another GM car. Does that sound as if I’m angry? You bet I am.

    49. Tom Iowa says:

      First Obama tells us we need to give GM X amount of money to keep it from Bankrupcy to save millions of jobs. Now Heforces it into Bankrupcy and closes 12 to 14 plants costing over 20 thousand jobs. Then we will give them 50 Billion for 60% ownership and to top it all off, GM is to pay the U.A.W. 558 Million every year for prime stock premiums. COME ON… WTF are we letting go on here. My butt is getting sore….

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    51. Trish, New Mexico says:

      I thought those misguided people of America voted for Obama to run the country, not several businesses! He is like a kid in a candy store with all the money he desires, but can't get enough of spending our money to satisfy his whims: purchasing banks, car companies, flying to New York for a date……I wonder if we are not a Christian nation any longer, then are we to be more Islamic, and is Mr. Obama going to tell us next that he is of the Islamic faith?

    52. Whicket Williams Kin says:

      If you voted for anybody that is currently in office, you are getting exactly what you deserve. I think that we must change evey single one of them every single time ONE TERM VOTE< do not wait on trem limits We have the power, if we have the gumption to use it. Do not listen to the old lie"the other guy did it"

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