Obama: I refused to let these companies become permanent wards of the state

[thewiseguy]

That is why he is willing to use an additional 30 billion dollars from the taxpayer money to bail them out.

Sorry but I absolutely despise it when the government interferes in the business. :thumbsdown: :thumbsdown: :thumbsdown:

[phleshdef]

1. And by interfere, you mean you hate it that hundreds of thousands of jobs were saved and...

...likewise the healthcare and retirement opportunities of just as many families.

I suppose your alternative would be to let GM and other large labor companies to fail and say goodbye to the unions too.

You sound like a friggin free market Republican that worships at the feet of unbridled, unempathetic capitalism. What are you even doing here?

[mystieus]

2. Take it easy on him, phleshdef

ha haha

[thewiseguy]

5. No we should reward bad business decisions with bailouts

[phleshdef]

6. Oh for f---s sake, its not a reward. First off, the initial money was a LOAN and the additional $$$

...that we are now putting in as a result of the bankruptcy restructuring is forcing GM to give up a LOT on all fronts. You act like we are just handing them charity money and letting them do whatever they want and thats disingenious and ignorant.

This isn't a god damn reward, its a pragmatic attempt to salvage one of the nation's largest employers and hold off the economic backlash that the only other alternative would entail. Either you have put no critical thought into this situation or you really just don't care.

[backscatter712]

7. This isn't what I'd call a bailout.

More of a buyout - taxpayers are going to own 60% of GM when it's all done.

Which is how it should be. Do you think a private "white knight" investor will just give his money away? No, he'll demand at least partial ownership of the companies he rescues.

It may still not work out, but if it does and GM becomes profitable again, the taxpayers will get a piece of it.

[phleshdef]

8. Exactly. The taxpayers will suffer if we just let it go under, this way we stand a chance to help...

...AND benefit if the company manages to recover. If the company doesn't recover, we may not get any benefits, but its the only option where the possibility of a "win" for taxpayers exists.

[Thrill]

9. He's not doing it because he just loves GM. He's doing it for the jobs

If it was as easy as letting a business fall. He wouldn't bail them out

[liberal N proud]

3. The only other option was complete economic collapse

Companies cease operations, suppliers go out of business, shops close, people starve and the tickle down is complete

[uponit7771]

4. The free market WOULD HAVE corrected after killing Americans middle class as the

...banks have done.

[Occam Bandage]

10. Yeah, things are so much better when the government doesn't protect citizens from economic collapse.

Hoover was a genius.

[PretzelWarrior]

11. all Republicans worship at feet of free market until THEY need a bailout

then suddenly they get converted to the notion that "oh...actually...the government should be there to help us."

I hate Republicans that cannot see clearly what a crock the whole idea of completely free and unimpeded capitalism truly is.