Daily Archives: May 30, 2009

Lawmaker Laments Federal Stake in G.M.

Well if these auto manufacturers would bring the price of these cars down to a price that at least 85% of the people could afford them then maybe you can sell them.

At the way the economy is to day very few will be able to qualify, because peoples credit is gone thanks to wall street and our Government, few are working, so who can buy.

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AP

Sen. Richard Shelby said Friday the government should have allowed the marketplace to decide General Motors’ fate and that the huge federal stake in the company puts Washington on “the road to socialism.”

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Shelby, ranking Republican on the Banking Committee, argued that the financially beleaguered GM could have saved “lots of money” if it had chosen six months ago to file a Chapter 11 bankruptcy petition. “What I worry about” is Washington’s large interest in the company, the senator said in a nationally broadcast network interview. “It’s basically going to be a government-owned, government-run company … a company that has been sadly run into the ground.” (Read “Government Motors: Can a Reinvention Save GM?”) Continue reading

Categories: money, news, people, politics, taxes | Tags: , , , , , , | Leave a comment

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