Obama and GM
The idea that Barry Obama rode in on a white horse and saved GM and Chrysler is nothing more than an Administration press release; a way for the government to pick winners and losers. Mainly losers.
Chrysler, less Titanic-like than GM, is experiencing some sales success (but given their earlier circumstance, how could they not?). But GM, no matter what the government says, is failing, at least in relation to their contemporaries.
What to do? How about some deceptive reporting?
And how did this whole market interference/cronyistic auto-drill workout? Poorly. It wasn’t a bailout. It was a handout; throwing good money at bad.
And the bondholders? Their rights were trampled for Obama’s political expediency.