It has been argued by President Obama and his band of Merry Men that he salvaged General Motors from imminent demise, a brutal liquidation that would leave hundreds of thousands unemployed, uninsured and unloved as only the federal government can.  The threat was so great that long-established and facile bankruptcy laws were abandoned; secured creditors, the bond holders, were stripped of their priority in bankruptcy, the very assurance that causes capitalists to invest their own money; shareholders were rendered and their investments completely evaporated; and several thousand dealers were thrown under the bus (What a tired cliché that is!) and received not one dime in compensation for their franchises, losing many millions in the end.

In exchange for its support and advocacy and major political contributions to the President and his acolytes in the Democrat party, the United Auto Workers were rewarded and, along with Uncle Sugar own 89% of Government Motors which the UAW bleeds for cash to reward its “workers” who then pay more in forced dues and enrich the President’s coffers.  The result is that GM is now positioning itself for the big collision that our President argues we avoided.  Its stock has plummeted (GM skids into the ditch) and the company will again seek protection from the courts, this time properly reorganizing and resizing, emerging smaller, leaner and less valuable to Democrat politicians. And it will have cost the U.S. Taxpayer billions, wasted . . .