Monday, June 01, 2009

GM Files for Bankruptcy...

The irony of my politics is, while I detest most Republican social policies, I find they do tend to have their head screwed on when it comes to financial matters.

(Or, at least, they talk the talk, even if they don't always live up to their bravado in real life!)

For example, when it comes to GM's imminent bankruptcy, I can't help but agree with all the Republican cynics who are demanding to know why this has been dealt with so inefficiently.

GM represents the biggest bankruptcy in US history - and the end to at least 21,000 worker's jobs. But, more than that, it represents $19.4 billion of wasted taxpayer money - the low interest 'loans' intended to keep the floundering auto-manufacturer afloat.

$19.4 was spent to keep GM out of bankruptcy. Now $30 billion will be spent whisking the auto-giant through 'restructuring.' It occurs to me (and please, correct me if I'm wrong) that we could have saved nearly twenty billion bucks if we'd thrown GM into bankruptcy in the beginning of the year, when the Republican pundits suggested.

I'm just saying...

1 comment:

{{ d a n i m o }} said...

yes, sir, when it comes to finances the republicans sometimes have it right. we gave failing companies enough taxpayer money to fix california's budget crises tenfold. as the joke's been going, that's like when your junkie cousin comes home after spending all their money and you actually grease their palms with more cash you know you'll never see again.

in the last year, this country went from tolerably doltish to ridiculously ass backwards. obama's still working to rectify bush's term as a lame duck! ugh.