Tea Partiers Eat Crow As General Motors Becomes The New Wall Street Darling

[babylonsister]

:evilgrin:

http://kikoshouse.blogspot.com/2010/11/tea-partier-eat-crow-as-gm-becomes-new.html

Tea Partiers Eat Crow As General Motors Becomes The New Wall Street Darling

This {GM bailout} is somewhere in between Baghdad and fixing the flood in Louisiana. Obama has decided to take this over. He now owns it.
~ GROVER NORQUIST

I was all over the place on the Obama administration's decision to bail out General Motors because the executives who had thunk up the years of butt-ugly, rust-prone and unreliable crapmobiles that had pushed the once mightiest automaker to the brink of insolvency did not deserve a cent of my money. Or yours. But I eventually decided that the workers who made those cars didn't deserve to be thrown out into the cold, anti-union Republican rhetoric notwithstanding, nor could the Rust Belt stand another belly blow.

And so 16 months after Obama took over ownership of the General's shaky future, GM is the new Wall Street darling with an initial public offering expected to raise at least $16 billion.

But while tens of thousands of assembly line workers will be celebrating, the IPO is a bittersweet turn of events. This is because while you and I have recouped about $7 billion of the $49 billion bailout from the Troubled Asset Relief Program, will get back billions more in the coming months and make billions in interest on those billions, the entirety of the original bailout will never be repaid.

Although GM sales are way up, its product line is dramatically improved after it took the ax to several of its redundant model lines and it is the leading automaker in China, the world's biggest emerging market, the automaker has still not completely turned the corner. But I too will be celebrating as Tea Partiers, Grover Norquist and their no-bailout ilk chow down on a big plate of crow.

[Cirque du So-What]

1. You needn't go visit a gaggle of teabaggers to hear grousings like that

There are DUers who espouse similar opinions...and if experience is any kind of teacher, I expect them to show up in 10...9...8...

[elocs]

3. Actually it's a little early right now on a Saturday morning,

but it will likely still come.

[Cirque du So-What]

4. Who knew we had so many shade-tree accountants & economists on DU?

They like to cite the 'cost-per-job-created' or somesuch garb when making their case against the intervention that saved our economy from meltdown. Short-sighted as they are, they fail to show the slightest concern for those who would have been thrown out of work - also failing to foresee the ripple effect of such job loss - until it affected them personally, that is.

Hello? Won't you come out & play, all you gripey malcontents who fail to recognize the scope of disaster that would have been wrought if the US automaking industry had gone down the toilet? Bring your best economic analysis (nothing lifted from the webpages of WorldNutDaily, please).

[lovemydog]

2. The GM bailout, while difficult, was the right thing to do

Because, as you say, of the jobs saved. And the value of manufacturing in our country. I'm delighted that it's working for Detroit and the midwest.

I've tried posting with some tea partiers. They're too rock solid dense to eat crow. They pretend they never held that position - and rant their next load of hysteria.

I hope most see that the tea party 'policies' are piss poor for our country.

[ingac70]

5. kick

[ProSense]

6. Socialism works! If you missed it

check out the WH White Board.

[JoePhilly]

7. Republicans will take credit for it ... Fox business channel will claim ...

That the GM stock IPO went better than expected because investors are happy that the GOP took the House in the recent mid-term elections.

This meme will quickly move from Fox to CNN, because CNN has to treat anything Fox says as a valid position. From there, it will show up on Joe Scab on MSNBC.

And by next Friday, Andrey Mitchell will have on an endless stream of GOP hacks making this very claim.