The Democrats like to tout how they saved GM and its 250,000 jobs.
Not so.
GM was facing bankruptcy. But corporate bankruptcy does not mean "out of business". In a structured bankruptcy, the company is made solvent by removing a lot of the debt and reorganizing. People keep their jobs. Dealerships are not forced out, as happened with Obama's action.
GM not only would have survived, but would have been healthy again - and it would not have cost taxpayers $25 billion.
So, why did Obams "save" GM his way? One word - UNIONS.
Under a bankruptcy, the unions would have forfeited much of the excessive, cushy benefits. And as we know, Obama is deep in the union corner, and deeply indebted to them. By doing what he did, he saved the unions, not GM. And under his plan, thousands lost jobs as dealrerships were closed and Chrysler was forced to move to Italy. Not to mention the billions in wealth that investors lost because he took away their investment and gave it to the Unions. Every penny of GM owned by investors was taken, without compensation, and given to the unions.
No, Democrats did not save GM. Democrats saved unions, stole from stockholders, closed dealerships and stuck taxpayers with a $25 billion loss.
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