The new GM
General Motors Guv’ment Motors, stolen from the bondholders of the old GM!
Like some bizarre time warp from the Weimar Republic or a Venezuelan junta, we have the government forcing companies into bankruptcy and subordinating senior creditors (bond holders) to junior creditors (the union – a branch of Gettelfinger’s UAW thugocracy ).
And like a reverse boomerang, the stock market is raising on a tide that will soon be large enough to drown future generations in tsunami debt – forever indentured to guv’ment plantation.
This is a historical theft of personal liberty. Unbelievable that this is happening in the United States of America!
A sad day indeed.