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John Stossel - General Motors. Never Again?

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November 23, 2010 – Comments (6) | RELATED TICKERS: GM

My charming wife hit me with this zinger: “Doesn’t GM’s stock sale show that you were wrong to complain about the bailout?”

Yikes.  People just don’t get it.

As one big investor (who prefers to remain anonymous because he fears government retaliation) wrote me:  “Government bought 914 million shares at 43.71. Sold half at 33, own 500 million or so at 35. Taxpayers down about 9 billion. Why is there such celebration today about this 'great government success?'”

Not to mention GM has no taxes to pay on its first 135 billion in profits. 

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6 Comments – Post Your Own

#1) On November 23, 2010 at 12:50 PM, blake303 (29.54) wrote:

What a huge oversimplification and failure to look at any outcome that would contradict a simple mind that is already made up. GIVE ME A BREAK! 

 

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#2) On November 23, 2010 at 3:06 PM, eldemonio (98.74) wrote:

Yikes.  People just don’t get it.

I don't think John Stossel will be getting it for quite some time either.

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#3) On November 23, 2010 at 3:24 PM, TheDumbMoney (42.99) wrote:

John Stossel accuses the government of failing to understand what that $55 billion might have alternatively purchased.  Opportunity cost is a two way street though.  John Stossel is totally blind to the alternate reality of the billions that might have, and likely would have, been lost if those two companies had gone under, even though regular bankrupcty, including a cascade of bankruptcies through their suppliers, with many, many more job losses, with their attendant social costs. 

Come on, oh fuzzy-headed John, at LEAST offset your cost calculation by deducting the unemployment benefits that did not have to be shelled out...   I'm not a ra-ra 100% fan of the bailout of the car companies, but the implicit assumption that not bailing our the car companies would have been cost-less is, frankly, ridiculous.

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#4) On November 23, 2010 at 11:27 PM, thepull (99.54) wrote:

Oh goodie, I was really wondering what John Stossel has to say about things.

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#5) On November 24, 2010 at 1:58 PM, rfaramir (29.57) wrote:

Not to mention that taxpayers are subsidizing Volt purchases to the tune of $7500 per.

Not to mention that this was a union bailout, not GM. Non-union employees got bupkis. GM stockholders got zip. Obama is owned by the unions as much as by the Chicago thugocracy. Obligatory note: Bush was wrong to initiate this.

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#6) On November 26, 2010 at 12:46 AM, Lordrobot (87.42) wrote:

Its really very simple. I will never buy a GM vehicle PERIOD. As for Gov buying and subsidizing the VOLT. It is another junker clunker deal and another reminder of how little Obama knows about business and that his failed presidency is coming to a lame duck end. Thank God. 

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