Government Motors Files Bankruptcy Today

Ok, so GM files bankruptcy today, and the taxpayers are on the hook for 50 billion so far. Yes, I'm convinced we'll probably end up putting at least another 100 billion into Government Motors.

Obama insisted we couldn't let GM go down the tubes,,, after all, we would have lost 3 million jobs. Or was that we'll save 3 million jobs? Maybe it was we'll create 3 million jobs.

It's hard to keep up with his double speak,,I mean, he tosses around nonsense million, billion, and trillion numbers like they're meaningless--but I digress.

So, we the taxpayers will now own 70% of GM, and the unions will own 20%, and Obama's wacky left wingers are telling the car company they are going to make teensy tiny little green cars.

Right-- let me know how that works out for ya.

Somehow, I'm not reassured by this business model. Government owned and operated, along with the union.

Does anyone see why I think another 100 billion is going into this black hole?

Oh!! But lets cheer!!

Now,, GM will make tiny cars no one wants, but do not despair-- I'll predict right here and right now;

Obama has a plan-- Since the public wont buy these cars, he'll just enact new rules and the government will buy them. Millions and millions of government fleet green cars.

See? That'll work out great. Almost as good as the Fed buying their own T-Bills and bonds.