In my head I can hear my stockbroker yelling, “Dump that turkey!” What am I talking about? The current state of the government’s investment in General Motors.
Yesterday the Daily Caller posted an article about the current state of the stock in General Motors that the government still owns.
The article points out:
President Obama glowingly defended the $85 billion auto industry bailout during a speech to Detroit auto workers Friday, saying “the investment was worth it.”
But the government still owns 500 million shares of General Motors which, if sold at today’s market price of $20 a share, would leave taxpayers on the hook for $16.5 billion in losses.
And…under the law of unintended consequences (I’m not sure about the unintended part), the agreement the government signed with General Motors and Chrysler makes Ford (the company that is not partially owned by the government) the only company that the United Auto Workers (UAW) can strike against. As reported in rightwinggranny.com on October 13, 2011, the UAW is already making plans to strike Ford Motor Company.
Where is this going? Unless someone throws a wrench in the works, it is leading to a nationalization of the American auto industry.
My husband, a drive-by reader of this site, just pointed out to me that if the UAW strikes Ford, forcing them to be bailed out, then the UAW will not be able to strike any American auto company. Payback is a *****!