Quote:
Originally Posted by djplong
Except when the alternative is "nothing". That's exactly where GM would be. *All* those autoworkers would have had their jobs at risk. In the end, after it's all over, GM and Citicorp will be in the hands of private investors. That's not Socialism. Socialism says the government KEEPS ownership.
You can argue that it's Socialistic, just like Medicare is, just like the military is, etc. But there is no difference between what happened here and what happened with Penn Central which became Conrail back some 30 years ago. The government sold THAT enterprise at quite a profit.
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We'll see what happens when it all shakes out. Already GM has lied about paying back the Stimulus monies and we'll eventually find out what else is duplicitous in this government takeover.
If GM couldn't make it and failed; their business would have fallen to their competitors who are better equipped to handle the new marketplace as it has been since the beginning of free enterprise.
There are companies failing every day; why not take over their businesses and institute unfair government owned competition of their competitors?