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GM's Profits are Still a Huge Net Loss For Taxpayers - Megan McArdle - Business - The Atlantic
This is a good story and a very bad event.
The GOP is going to have a field day with this stuff in 2012
This has been covered.
Technically speaking, GM does not owe the government money. They have an ownership stake. Same as if you buy stock in Microsoft, Microsoft does not "Owe you money." It doesn't work that way.
If the government sold today they'd lose in the range of $6-$10B. But the purpose of the rescue was not to turn a profit. It was to save 200-some-odd thousand manufacturing jobs for the U.S. It appears the taxpayer will ultimately make a profit, but that wasn't the motivation.
The move was necessary and successful.
How can you claim that it saved 1 job?
what about Enron?
why did we let Enron go under and saved GM?
Why did we let Lehman go under and not GM?
And as far as saving one job, Toyota, Ford, Etc.... build there cars right here in the USA and the only difference is most do not use UAW labor