The Rant

Another way to look at the GM "restructuring" is an experiment in Socialism. After the Obama Plan is put into place, the Federal Government and the Union will own one of America's most famous companies. Here is a chance for Big Government and Labor to show what they can do. Go get 'em .

The bondholders own 27 billion of GM. They get ten percent in the Obama supervised reorganization. The UAW owns 10 billion. They get 40% of the stock. The government gets nearly fifty percent. This is reorganization political style , rather than as supervised by a bankruptcy Judge. Well, fifty percent of nothing is still nothing. With the union controlling GM, it is doomed.