Monday, June 1, 2009

Without Congressional Or Legislative Authority

Cybercast News Service begins its General (or rather Government) Motors bankruptcy story by asserting that it's being done outside legal authority. The US government now owns 60% of the company after $67,400,000,000 of government bailouts since last fall. I.e. we taxpayers owe that money with interest while our political elite will make all of the decisions about management, car production, and dealerships and the previous managers will obediently do as they are instructed.

The money flow started when Bush diverted $17,400,000 in TARP funds (supposedly only to assist the mortgage industry with bad loans) from the banks to GM. Later Obama added $20,000,000,000 to the pot and has just promised an additional $30,000,000,000 of our money to the company.

All along, taxpayers have insisted that going through bankruptcy and a legal restructuring would be the better course for both the company and the country. However, the legal bankruptcy procedure would leave government out of the management of a private company, which is fascism, according to Dr. Thomas Sowell. And apparently the new administration really wants to be in management. The same media that has stalked and hounded Sarah Palin since September seems to be remarkably silent about a total redirection of the country into uncharted territory without legal authority.

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