Among the “bailouts” the one for which the Obama administration is happy to take credit is the GM bailout. Forget that it turned a century of bankruptcy law on its head and flagrantly favored unions over bondholders. Forget the hundreds of dealerships that were forced out of business. Forget that $80 billion of your hard earned money was used to prop up the enterprise. Obama touts the fact that “Osama bin Laden is dead and GM is alive” at every campaign event. However, is GM “alive” for Americans or Chinese? Well, in fairness, he borrowed the $80 billion from China. Keep a wastebasket nearby. You are about to lose your dinner.
Continue reading and watch a video you won’t believe at: http://theruggedindividualist.wordpress.com/2012/05/31/gm-and-ge-you-are-not-going-to-like-this/