No joke, Harry Reid, Nancy Pelosi, and of course Barack Obama want to increase the stake of the federal government in the big 3 car manufactures, in exchange for a humongous ownership stake in them.
A key House Democrat is writing legislation that would send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid are pressing for quick passage of an auto bailout during post election session of Congress that began on Monday.
The legislation being drafted by Democratic Rep. Barney Frank, chairman of the Financial Services Committee, would dip into the $700 billion Wall Street bail out money approved by Congress last month for the auto aid.
It is awful that we've to all intents and purposes we are entering a period of socialism.
What else do you consider the following:
* The government takes your tax dollars
* The government invests your tax dollars in companies it feels represent a good investment choice [AIG, AMEX, the Big 3 Auto Makers], based on criteria determined by the government and not by YOU
* You gain nothing from the investment if it succeeds, the government does, but if it fails, your tax dollars which were invested without your permission, have gone down the drain
Folks, of this is not socialism, We don't know what the hell it is!
Why should the government determine what we invest in, and how we invest in it? What happened to the ability to choose how our money is spent?
Obviously, GM, Ford, and Chrysler have all been publicly traded companies for ages, if consumers thought they were good investment option, they would have invested in them and driven the cost of their shares up, thereby keeping the companies financially solvent.
Secondly, if consumers thought their products were superior, they would have bought them instead of Honda's, Toyota's and what not, obviously, that is not what public sentiment is.
To make a long story short, the Government should not be in the business of investing taxpayer dollars in failed companies.
This is not Soviet Russia, Communist Cuba or Socialist Venezuela!
