General Motors received a bailout because they were too big to fail. Bankruptcy protection for restructuring was unacceptable. The bondholders were left with nothing. Unions received an ownership percentage. And to date only a small percentage of the “loan” has been repaid.
Meanwhile the government has no problem allowing an energy providing coal company go under; in fact Obama planned on it and said as much. So why is a car company worth saving through bailout, but energy providers are not?
And what about municipalities? Where are the government bailouts for Stockton, Mammoth Lakes and San Bernadino, all of which declared bankruptcy?
I can come up with a few explanations:
- Shut up and sit down, wingnut.
- Obama inherited this from Bush.
- General Motors always punches above its weight.
- Look! Mitt Romney’s portfolio!
- That damned do-nothing Republican Congress again.
- America has no greater ally than General Motors.
- Look! Mitt Romney’s dog!
- If Patriot Coal likes their bankruptcy, they can keep it.
- You have to let them go bankrupt to see what’s in them!
- Stockton, San Bernadino and Mammoth Lakes are Doing Fine ™!