What a bailout

The ONE is beating up hedge fund managers, bondholders and widows as greedy capitalist pigs.
Shame on them! They won’t part with their secured holdings at pittances between $0.15 and 0.29 on the dollar. Obama wants to give this booty to the unions as a reward for campaign donations.
In return, Mussolini Motors er Fiat will build cars that Obama says you WILL buy!
Government Motors, after it restructures, by grabbing every widow’s mite will build their cars everywhere but in the US.
Under Restructuring, GM To Build More Cars Overseas
The U.S. government is pouring billions into General Motors in hopes of reviving the domestic economy, but when the automaker completes its restructuring plan, many of the company’s new jobs will be filled by workers overseas.
According to an outline the company has been sharing privately with Washington legislators, the number of cars that GM sells in the United States and builds in Mexico, China and South Korea will roughly double.
The proportion of GM cars sold domestically and manufactured in those low-wage countries will rise from 15 percent to 23 percent over the next five years, according to the figures contained in a 12-page presentation offered to lawmakers in response to their questions about overseas production.
As a result, the long-simmering argument over U.S. manufacturers expanding production overseas — normally arising between unions and private companies — is about to engage the Obama administration.
Essentially in control of the company, the president’s autos task force faces an awkward choice: It can either require General Motors to keep more jobs at home, potentially raising labor costs at a company already beset with financial woes, or it can risk political fury by allowing the automaker to expand operations at lower-cost manufacturing locations.
“It’s an almost impossible dilemma,” said former labor secretary Robert B. Reich, now a professor at the University of California-Berkeley. “GM is a global company — so for that matter is AIG and the biggest Wall Street banks. That means that bailing them out doesn’t necessarily redound to the benefit of the U.S. or American workers.
“More significantly, it raises fundamental questions about the purpose of bailing out these big companies. If GM is going to do more of its production overseas, then why exactly are we saving GM?” [snip]
Force them into bankruptcy court, where Obama cannot play around. The courts will deal fairly, correctly according to established law and cut Obama’s bully tactics out of the equation, the unions too.
The more Obama loses, the more America wins.