Today General Motors filed for Chapter 11 bankruptcy. The federal government will pull a Hugo Chavez style takeover and control 60% of the company. The UAW will be rewarded for bankrolling Obama’s Presidential campaign with a 17.5% share. Existing shareholders will be wiped out and the taxpayers will be stuck with a $50,000,000,000.00 combined bailout bill for GM alone.
It is important to remember that we are not allowed to call it socialism. Sure, the government is taking over private sector industry to be run directly by the government. We’re not allowed to call it socialism. Sure, the government is directly taking massive amounts of wealth from one group of private citizens and redistributing it to another group of private citizens. We’re not allowed to call it socialism.
MORE BELOW THE FOLD….
Once again, this is all my fault. I was warned that if I didn’t support the massive, bloated auto bailout these companies would go bankrupt and people would lose their jobs. I didn’t support it, and sure enough, GM is going under.