Did Political Correctness Help Kill GM?
by James Buchanan A Reuters article reports “General Motors Corp filed for bankruptcy on Monday as the Obama administration took the first steps to try to revive a failed icon of American industry by extending unprecedented federal funding and oversight. The bankruptcy filing was the third-largest in U.S. history and the largest ever in U.S. manufacturing. The decision to push GM into a fast-track bankruptcy and provide $30 billion of additional taxpayer funds to restructure the automaker is a huge gamble for the Obama administration.” The failure of GM could ultimately cost our government $100 billion dollars on top of Obamas $787 billion stimulus plan and another trillion or two to bail out various wall street firms. And dont forget the continuing toll of bank failures. Were up to 36 this year so far (11 more than for all of last year). Bank of America needs $34 billion to keep going. If left on their own, they would probably be the big bank failure of 2009, but Obama probably doesnt
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