- - Tuesday, December 17, 2013

President Obama’s recent rationalization for the $49.5 billion General Motors bailout went beyond the pale when he said that the $10-billion-plus loss was well worth the investment because it averted a total market collapse. Of course, he did not offer any economic reasoning for this claim, and as a result showed his remark to be mere political conjecture.

The reality of the bailout ploy was to repay the unions and other Wall Street investors for their support in the presidential election. General Motors should have been declared bankrupt and made to pay the price for its mismanagement and union greediness. Instead, an injustice was inflicted upon the U.S. taxpayers for Mr. Obama’s Ponzi scheme.

DINO VINCIGUERRA
Forestville