Government Owning businesses

[joerockhead]

Well, it looks like GM is going to get a major bailout, and the US Government will own 70%.

They already own percentages of many Banks and Mortgage companies, interests in Chrysler, and maybe most of GM.

I am sorry, but this is bad news!!!!

We are headed down a very bad path!!!

And no one is protesting or fighting this!!!!

What do you call a country that has a government that owns many major corporations, and controls all the money??

Socialist?
Communist?

Sorry boy's, but we are going to be fucked!!!! :ugh:

[CD]

At least admit that it didn't start on Obama's watch and we can debate this civilly.


Oh, I noticed this on the first bailout, and I have been opposed to both bailouts. It's just a way that the government can get their greedy hands on more shit.

[Krasch]

Well, it looks like GM is going to get a major bailout, and the US Government will own 70%.

They already own percentages of many Banks and Mortgage companies, interests in Chrysler, and maybe most of GM.

I am sorry, but this is bad news!!!!

We are headed down a very bad path!!!

And no one is protesting or fighting this!!!!

What do you call a country that has a government that owns many major corporations, and controls all the money??

Socialist?
Communist?

Sorry boy's, but we are going to be fucked!!!! :ugh:
And the answer to your question is?... Canada... (although somewhat less so than years ago.)

Not a great solution I agree, but saying you're going to be fucked? A tad hyperbole. We've somehow managed for many years, and our economy hasn't taken as severe a downturn as the US despite having such control over large companies.

[fmb]

Thanks for the input, Krasch. I guess the grumbling stems from the long tradition of keeping government, as much as possible, out of things as much as possible. Face it, in general, governments don't do so well at business functions.

[Krasch]

You'll get zero argument from me about the skill of government running businesses.

However, we've had several crown corporations (companies owned by the government) in Canada for a long time without the sky falling down, so that's at least SOME reason to be optimistic.

[fmb]

I've noticed several stories in the news about how the "old" preferred stock owners are being screwed because of how the "new" preferred stock is distributed. I'm baffled that those previous preferred stock owners (with first dibs on cash during bankruptcy) haven't brought a lawsuit about the way the old preferred stockholders have been treated.

Also, the car companies were bailed out using TARP funds. I was under the impression the TARP funds were intended for use only for banks and lending institutions. What's up with that??

[licupssy]

I've noticed several stories in the news about how the "old" preferred stock owners are being screwed because of how the "new" preferred stock is distributed. I'm baffled that those previous preferred stock owners (with first dibs on cash during bankruptcy) haven't brought a lawsuit about the way the old preferred stockholders have been treated.

Also, the car companies were bailed out using TARP funds. I was under the impression the TARP funds were intended for use only for banks and lending institutions. What's up with that??



On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program he personally deems necessary to avert the financial crisis, and declared Section 102 to be nonbinding. This has allowed President Bush to extend the use of TARP funds to support the auto industry, a move supported by the United Auto Workers.

[fmb]

Quote:
Originally Posted by wikipedia
On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program he personally deems necessary to avert the financial crisis, and declared Section 102 to be nonbinding. This has allowed President Bush to extend the use of TARP funds to support the auto industry, a move supported by the United Auto Workers

Well, damn. I guess it is okay to do that. Man, I can't wait until I get in a position to make the rules...