Spoonman
Gold Member
- Jul 15, 2010
- 18,163
- 7,661
- 330
Obama's plan allowed GM to stiff their creditors, skip payments of billions for outstanding invoices for goods and services. Tons of suppliers went out of business as a result. Which added to the massive unemployment in the rust belt states. Obama screwed the workers in those states royally which is why he is stumping there so hard now. November will be payback time and Obama has failed so miserably across the board he is going to be hit from all sides. Obama paid back the unions for support in his election. GM will suffer their same fate over again because they still do not produce with competitive labor rates.You owned stock in GM and you got screwed. Ford was in the same position GM was in but pulled out better and faster without Obama's help.No. Obama did not save GM. He helped the UAW plunder it and the bond holders.
And even worse, legitimate bond holders who had a superior claim on assets were screwed in order to pay off the UAW.
That is Gangster Government.