"This IS COMMUNISM"?
There should be no further bailouts of the American auto industry. Capitalism has a way of correcting itself when companies are so extravagant that they become bankrupt. According to the Associated Press: Obama is to announce plans to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
The White House (The WHITE HOUSE!) has asked the CEO of GM, Rick Wagoner to step down, and the government is going to restructure this private business in exchange for more money to keep this dead horse from becoming a rotting corpse.
So what's bad about that, you say?
Lets take a look at who else has governmental control of their auto industries shall we?
1. The Soviets owned the Volga Automotive Association (Most soviet owned car companies were privatized with the fall of communism there.)
2. Another great example is IRAN: One of the state-owned industries in which the government of Iran directly holds over 40 percent of
the shares--and over 70 percent indirectly--is its car industry.
3. China runs State owned car companies.
That's just a few. What examples do we have there? Two Communist empires, and a theocratic dictatorship.
All Hail Obama, eh Comrade?