Now we are going to have a national car company. GM’s proposal was for the US Government to own 99% of the company. Why don’t we also buy Chrysler and then keep the best of both? We could also revive the old name of American Motors for the combined company and in the process drive Ford out of business by the unfair position it will be put in. The only auto company that is actually working will be at such a competitive disadvantage that it will not be able to compete with a national company, and the bottomless funds the government is now throwing at GM and Chrysler, that hopefully will not be run like our government. The Government will have even greater ability to tell them what kind of cars to build regardless of whether the public wants them or not, as the administration said. Isn’t that what caused the problems they have now? They built cars no one wanted to buy at costs that were not competitive with international manufacturers.
This is a stupid idea. If they can not survive with out Government ownership then they should fail.
I just know that I want to put in a sell order on my shares (after all we will all have an ownership stake in GM right?) of $5.00, even though with Government ownership I never hope to see that price. Since the Government will own 99% will the stock even trade? Or will it be considered a private company where the Government can hide how badly the company is fairing much the same as details of the famous Stimulus Package are now hidden from review by the American People?
