Obama takes over GM

Remember the old joke about the horse designed by a committee that turned out to be a camel? Well, what do you think a car designed by Washington will look like? Government taking control of some of the largest industries in the U.S. is not a good sign for our sagging economy. How long can Obama and the Democratic majority continue to blame the sad state of things on the Republican Party. True conservatives need to fight these socialistic economic policies. Government is the problem, not the solution.

From the Washington Times today:

"Within two months, the U.S. and Canadian governments together under the plan would own nearly 70 percent of the storied Detroit company, which is considered the backbone of the U.S. auto and manufacturing sectors, according to sources familiar with the discussions. Canada would receive a small share in exchange for assisting GM, but the sources declined to be more specific.

"The overwhelming share of the company the government is giving itself much exceeds the 50 percent share originally reported last month and angered bondholders who feel that the government should have offered more to investors in light of the union's agreement to halve its earlier reported 39 percent share." Read the rest...