Article Source: msnbc.com
from:msnbc.comThe Obama administration plans to sell its shares in General Motors Co. and Chrysler Group LLC as soon as it can, the head of the autos task force told a congressional panel Monday.
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The whole taking over of the auto industry (GM and Chrysler) was and is unconstitutional.
Heres an idea:
Since we the taxpayers bailed out these companies, why don't we the taxpayers be issured shares of stock in these companies equal to the amount with which they were bailed out?
The same should also apply to Chrysler, Fannie, Freddie, AIG and all of the other's who got bailed out with our money. Wouldn't that make sense?
In what way was taking over the auto industry unconstitutional? Be specific.
It is a legitmate question. Now before I am blasted I would just like to say that I truely do not know how or why temporarily taking over one company (GM) is unconstitutional. But if it is, Id like to know what part of the constitution it is breaking. We must also remember that every president has broken the constitution (Jefferson expanding the country with the Lousiana Purchases was unconstitutional technically). Bush with torture is against the constitution (8th Amendment). So inform me on this.
...don't know if it is unconstitutional or not...but I do believe that our government IN NO WAY should be in "Business". They have been elected as officials to "GOVERN".
This being said...I will do all I can..."NOT TO PARTICIPATE" in anything owned by our government! I do not want to be living in a Socialized Country!
Our government made a huge mistake with this bailout! Although, I do believe something needed to be done, but it should not been done in the way it was dished out. Our government just empowered more monies and power to those companies that should have not been allowed to do so!
Unconstitutional -
But GM and Chrysler, their unions, and the Government are all ok with it - including Congress and the House. Who has declared it unconstitutional? Some branch of the Government, the Supreme Court? Oh, they're all being influenced and told what to do by Obama.
And the Government is making it clear that they want to get out of the business as soon as possible - even selling off the majority of the GM debt in an IPO in 2010 - making them not majority owners of the company. And still you rabbit on about not buying anything from government motors now or ever.
Reality is what you perceive it to be, and I can't change the 'reality' many of you are living in. But consider that the majority of the US is living in a different reality.
Yes, but that is not breaking the Constitution. If your going to say the Obama Administration is breaking the Constitution, you need to find the section he is breaking. If rumors are true that torture is still going on then he is breaking the 8th Amendment like Bush did.
What?? Obama hasn't given the unions those shares?? WOW!!
Give it time, they will sell them to the UAW and then they will have the majority share. I do find it interesting that the Unions contributed to the Democratic funds this past election. I mean Karl Rove got in trouble with this for the military contracts, shouldn't Obama get in the same situation with this. Oh well, the sooner the government gets out the better.
Hey I don't give a damn who they sell them to, just sell them and get the money back. I could care less who buys them.
obama knows business , never had a job before , but he is really smart
Whatever it is, this is NOT smart.
It's never a good idea to signal to the market you're prepared to dump a large number of shares. I can guarantee you it won't help the price of GM and Chrysler stock. Why pay a good price when these dopes are so anxious to sell?
What fools these people are.
good ole Dumbama..
who is going to buy these shares? i would not spend a single penny on any gm or chrysler car now, i sure as hell wouldn't buy stock in the companies. they(company executives) make it sound like they are going to have no problem paying back the billions and billions they took. they act like it will be so simple, just a walk in the park. how in the hell are they going to pay all that money back. have they done the math yet? tell me just how many cars will gm have to sell to repay the 50 plus billions they got from the government? of all the people i know only one person has bought a new car within the last year, one single person. i must be a super idiot. for some reason i cannot, no matter what the government and the media tell me, understand how the bailouts were a good thing.
It does matter who buys the shares. The unions may be the lessor of all evils. There are many potential buyers that would not serve either our country or the companies.
Way to show some faith in one of the government's acquisitions!
You might have at least waited a while and made a little profit.
You see- these guys know nothing about business or investments... only how to spend, spend, spend.
So Government Motors wants to sell shares of it's losing businesses! I'll buy some as some as I see my dividend check in the mail from MY original investment that I didn't want. It was call a taxpayer bailout! The government can't even run it's own business serving the American Public! Do we think they can run the automobile industries? I don't think so!
Oh yeah, they are not "aware" of any rate discrepancies, this year, that will all come out in the open next election when they line up to cut each other's throats.
Just hope that the American People DO NOT PURCHASE anything from government owned business's... Had our government let the business follow the rules of bankruptcy...there wouldn't be any competition with government and other business's. However, it appears that the automakers that did not ask for help are the ones that needs the business "FIRST"! Otherwise, we continue to allow government to intervene in business practice's.