Our Socialist President has taken 60% ownership in General Motors and rewarded the United AutoWorkers with a 17% stake in the company for their loyal campaign support. I always thought corporate investor equity meant ownership even during bankruptcy restructure. Why should the UAW possess more ownership rights than stock and bond investors? How ironic that those who destroyed the company with excessive greed and legacy costs are now it’s principle proprietors.
Thanks to Barack Obama’s politically driven governance, America bears no resemblance to the country my father willed to me. I recall his financial advice when I commenced a life of matrimony 55 years ago. He said, " Remember three important things. Never buy what you can’t afford. Always put aside for a rainy day. And, when able, buy blue chips for that’s like buying America." Evidently, in Obama’s America, blue chips constitute government ownership and political fodder.
I followed my father’s advice, purchased shares in GM and have owned many of their vehicles. In fact, upon returning from military service in Korea, my very first was a 1953 Chevrolet 210 that carried my wife and I on our honeymoon and to the birth of a son.
Our President belittles the miracles of our economic system and is intent on replacing Free-Market Capitalism with an omnipotent government and European style Socialism. Nationalization, a symbol of leftist dictatorships, will change the character of the country I leave to my grandchildren and burden them with intrusive government power and unlimited national debt.
Purchasing a new GM vehicle abets the destruction of our Free-Market Capitalist system and hopefully, compelling manufacture of dangerously small green cars that few want will be a bust. My advice is to never buy another GM car. Does that sound as if I’m angry? You bet I am.