And what you're missing is that bailing out the existing shareholders in a bankruptcy would be highly unusual -- and, I might add, would just end up being another point of criticism and alleged favoritism / waste of money etc anyway.
That's not how it works.OK show me for every dollar they loaned GM what did they receive back for that dollar?
In a bankruptcy proceeding, creditors are first in line, and there's often negotiation about who gets what. Usually, everyone takes a bit of a haircut. It's rare that any bondholders get back 100%.
They would've fired a ton of people, other companies would have sacked employees, Ford would be screwed, wages would bottom out. Job losses would be huge.What are you talking about, sure I can fault Obama, first 1 million jobs is a crock and a crucial American industry, is nothing but liberal spin. That is the biggest lie of liberal BS. GM under bankruptcy would have been sold off in whole or in pieces at a bargain price....
The private sector "never had a chance" because the US was in the worst recession and credit crunch in 70 years. No one had the will or wherewithal to buy GM and Chrysler, especially since the entire US would've had a ****-fit if any foreign company tried to buy 'em out.The private sector never had a chance, GM was never up for sale in part or whole.
And as I said, they were going to lose it no matter what. Even a cursory understanding of bankruptcy proceedings should make that clear.who do you think all those shareholders and bond holders were that lost all their money.
No, it's coming back as taxes on wages. Oh, and corporate taxes, forgot about that one.Sorry, but that is as naive as it gets, the billions of lost tax payer money will never be returned, it's dead and gone.
During 9%+ unemployment and the worst recession in 70+ years? Were YOU going to hire them?The union worker instead of working for GM would be working for brand X and they would still be working and paying taxes.