This morning, a CPR revived General Motors made its initial public offering of stock, hoping to raise $23.1 billion. Yes GM is now publically trading it stocks again under the familiar stock symbol "GM."
As a result of the offering, which is the largest in the nation’s history, the federal government’s ownership in the auto company was halved “and billions of dollars in bailout money was returned to the federal government.” According to the New York Times, “a complete exit by the government could happen even within the next two years.”
“Supporting the American auto industry required tough decisions and shared sacrifices, but it helped save jobs, rescue an industry at the heart of America’s manufacturing sector, and make it more competitive for the future,” said President Obama in a statement today. At the time of the auto company rescue, however, Republicans severely criticized the administration’s effort, warning that keeping the companies from a catastrophic collapse would lead the country down “the road to socialism,” and end in “predictable” disaster:
According to the Center for Automotive Research (CAR), “if the government had not invested in the automotive industry, up to 80,000 automotive jobs would have been lost, and General Motors alone would have lost one million units of sales in 2009. Once Chrysler and GM emerged from their ‘orderly’ bankruptcies, the growth of automotive sector employment has been strong, with 52,900 workers added since July 2009. Had GM and Chrysler not successfully emerged, those jobs would have been permanently lost.”
Unequivocally readers, had not "Big Government" stepped in, we would be without American made vehicles. The ideology of the right is "all for none and none for all", and clearly this stance was never more prevalent than with this loan (AKA Tea bag name is bailout). Today the U.S. government achieved its objective in the politically unpopular rescue of General Motors Co. Much to the chagrin of radical republicans.
Tea baggers labeled GM "Government Motors". The plethora of tea bags jumping the anti B-ROCK plan are too many to name in this blog. The incoming Republican House Speaker-in-waiting John Boehner (Tan Man) (Ohio) said the bailout was a "mistake" and that "GM's fiscal troubles could have been better handled by a bankruptcy judge."
Collected below are more famous quotes from a party who's stance is "your on your own baby" when it comes to struggles for either yourself or your country:
July 1, 2009 Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?”
May 29, 2009 Sen. Richard Shelby (R-AL): “It’s basically going to be a government-owned, government-run company. …It’s the road toward socialism.”
June 1, 2009 RNC Chairman Michael Steele: “No matter how much the President spins GM’s bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign.”
June 2, 2009 Sen. Jim DeMint (R-SC): “Now the government has forced taxpayers to buy these failing companies without any plausible plan for profitability. Does anyone think the same government that plans to double the national debt in five years will turn GM around in the same time?”
June 2, 2009 Rep. Tom Price (R-GA): “Unfortunately, this is just another sad chapter in President Obama’s eager campaign to interject his administration in the private sector’s business dealings.”
July 22, 2009 Rep. Lamar Smith (R-TX): The auto company rescues “have been the leading edge of the Obama administration’s war on capitalism.”
July 22, 2009 Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.”
"Disasters", "Socialist", "Capitalism", are the terms the right adopted for this program, yet on October 25, 2010 The Washington Post reports that 23 firms that received over $1billion in government funds have made political contributions, mostly to Republicans.
This shouldn’t be too surprising. Some of the biggest companies in America received TARP money, and they’re often among the biggest political donors through their political action committees. (The companies aren’t directly contributing to candidates’ campaign committees.)
Moreover, it’s hardly shocking that employees of banks that took TARP money–like Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup–give to primarily to Republicans. Wall Street is hardly thought of as a liberal bastion.
Does the terms hypocrisy or "JUDAS KISS" apply here with regards to current Republican regime?
NFTOS applauds POTUS for standing his ground and doing what was right for not only the automotive companies, but those Americans whom hold careers in the automotive field.
NFTOS
