GM Bankruptcy: 6 Months & $60 Billion Too Late

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Back in the beginning of December 2008, I posted this editorial on NY for Mitt, "There Will Be Bankruptcy."

Now, 6 months and what looks like $50 BILLION dollars of US taxpayer money later (plus $10 Billion from Canadian taxpayers) they're finally admitting it.

Just think how much better off we'd all be if they just listened to Mitt Romney last year, and let the market forces do their job.

Now Mitt is calling for the equity to immediately be distributed to the union members and the taxpayers. The government should sell it's stake in the reorganized company immediately. The UAW should give their shares to the union workers. It's the only way to de-politicise and free the new company to be successful.

Let's see if they learned any lessons this go around. Unfortunately I'm not too optimistic on that front. The Obama deficit keeps growing and shows no signs of stopping until he's voted out of office in 2012.