Sen.: U.S. Stake In GM Akin To Socialism
(AP Photo/Haraz N. Ghanbari)
Speaking to The Early Show Friday, a day after the auto giant reached a deal — brokered by the U.S. government — with its bondholders that will eliminate the company's unsecured debt in exchange for stock, Shelby said bankruptcy was unavoidable, but that the decision should have been made six months ago.
"This is a sad day," Shelby, the ranking Republican on the Senate Finance Committee said. "This was a great company and look at it today."
Along with a $30 billion infusion of government aid, taxpayers stand to own more than 70 percent of GM.
The Alabama senator said he fears the company won't be able to compete if it's run by the government. He added that he foresees more taxpayer money going into GM, a company that was "run into the ground."
"We should have let the market forces work because there is no end in sight," he said.
Best-selling author Mitch Albom on his first nonfiction work since "Tuesdays with Morrie."
- 1
- 2
- 3
- 4
... - 21
- next
See all 413 Comments"Senator Shelby is just another double-dealing politician, talking out of both sides of his mouth."
********************
Yep....actually that piece of garbage shelby, from the deep RED southern state of backwards alabama, does talk out of the sides of his mouth, and certainly could never be trusted.
"It bothers me that my kids wont get the opportunities I got, that they will be paying of these debts their entire lives"
*************************
Yep.....thank you george w. bushevik, the $5 Trillion bozo
That is the name of the game better if you are a third world country. Look around the last 60 years.
USA loves keeping down third world countrys to keep like the Germans wanted-- To be the superior race to man kind. White American goverment and bankers greed
Then Government has to clean up the mess, and get Mr. Market back on the road until the next time. It is not like the RNC or the GOP is going to do it, they also use Government resources when needed.
You can be sure that when GM, Chrysler, and all the bailed out banks get profitable again, Mr. Government will be pressured to sell out at a loss so the greedheads can again claim the profits.
Our brand of "socialism" remains one in when we privatize the profits and socialize the losses.
---
Which would have been during dubya's reign.....a top repub openly accusing of dubya of doing nothing when he should have?
Of being "asleep at the wheel", so to speak?
Caught with his drawers down?
I never thought I'd see a modern repub admit the obvious about one of it's own.
As refreshing as it is amazing........
Posted by formrusmcsgt
Don't bet on it, more than likely he is too stupid to count backwards without using his fingers and his toes if necessary.
If you're right, and you very well may be, it would point to the fact that the repubs are still suffering from the dubya hangover.....McCain didn't even come close to erasing it....momentarily maybe, but with no measureable long-term impact.
..."Shelby said bankruptcy was unavoidable, but that the decision should have been made six months ago. "
---
Which would have been during dubya's reign.....a top repub openly accusing of dubya of doing nothing when he should have?
Of being "asleep at the wheel", so to speak?
Caught with his drawers down?
I never thought I'd see a modern repub admit the obvious about one of it's own.
As refreshing as it is amazing........
Don't waste our time bothering to lie to us! We KNOW what you were doing---you were supporting both failed policies!
Now, like other guilty Congressmen who caused this mess---you want to pretend you had nothing to do with it!
Let me guess? YOU must be up for re-election in 2010, huh?! Surely, Alabama has better leadership to offer than you, sir! IF they don't, they're in real trouble!
When government misleaders buy control of a company in the public's name, against the will of a vast majority of the public, but part of the control AND the real decision-making remains in the hands of ignorant private execs, you have FASCISM! OK!? Let's get it right!
It's called FASCISM, Shelby! You got that!? Geez---I am so glad this guy DOESN'T represent me!
Blow it out your ass senator, it's the same old fear and panic cry you use.
And, might I just point out your party started the buy in and help cause the financial collapse due to deregulation?
How about the other side of the coin GM comes back, taxpayers and the treasury get paid back or GM buys it's stock back.
Republicans-------drama queens
Then there was the trip to Japan in 1992 with none other than George Bush to cry to the Japanese that they were being unfair and not importing American cars.
Sound like Socialism?? Funny two former great GOP Presidents didn't think so.
All you gotta do to start folks running around hollering about the sky falling is to use the word "Socialism" . . . .
and the world as we know it is about to end.
What a hoot.
The Republican Party set out to break every governmental process, policy, and functions. Chaos was allowed to take place on 911, Iraq invasion/occupation, and the Katrina Hurricane.
With the American People in SHOCK the Republicans sought their opportunity to divert LARGE AMOUNTS OF CA$H from our Federal Treasury in the name of these disasters.
Now, in the after math of unfettered Conservatism the Republicans really don't have one leg to stand on, accept rolling out their same old playbook of fear mongering.
If you're not part of the solution you must be REPUBLICAN!!
- 1
- 2
- 3
- 4
... - 21
- next
See all 413 Comments