In response to:

Obama's (Un)American Auto Bailout

Joseph64 Wrote: Sep 05, 2012 10:07 AM
It wouldn't have been a liquidation bankruptcy. If the bankruptcy had been allowed to proceed normally instead of the government interfering, the bondholders would have gotten control of the company and the debt would have gone away.
Joseph64 Wrote: Sep 05, 2012 10:10 AM
See, that's how bankruptcy is SUPPOSED to work in this country. When you can't pay your debts, the creditors get the assets and any debts that aren't covered go away. The Obama administration violated hundreds of years of bankruptcy law when they screwed over the creditors and turned the company over to the unions.

CHARLOTTE, N.C. -- Cue "Fanfare for the Common Man" and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the "rescue's" benefits for American workers. UAW President Bob King will sing the savior-in-chief's praises.

But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce.

"I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back," Obama bragged...