Obama “I Saved the Auto Industry…” errr

16 Aug

General Motors Is Headed For Bankruptcy — Again

Right now, the government’s GM stock is worth about 39% less than it was on November 17, 2010, when the company went public at $33.00/share.  However, during the intervening time, the Dow Jones Industrial Average has risen by almost 20%, so GM shares have lost 49% of their value relative to the Dow.

(Obama) should probably start giving some serious thought to how he is going to justify bailing out GM, and its unionized UAW workforce, yet again.  And, during the current campaign, Obama might want to be a little more modest about what he actually achieved by bailing out GM the first time.

Obama’s team is doing everything it can to keep GM afloat through October…

We have been vociferously pointing out the incredible levels of channel-stuffing occurring at GM in the US, then China, and most recently into Europe (must read here) and now the WSJ confirms the latter;

Forbes, Zero Hedge

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