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So the U.S. govt. owns Fannie Mae, Freddie Mac, a few banks, and now a car company....when is enough, enough?

Corporate welfare IS NOT COOL. http://news.yahoo.com/s/ap/us_obama_gm The government's partial stake in GM comes on top of a far smaller ownership of Chrysler LLC, as well as significant federal equity in banks, the AIG insurance giant and two mortgage industry titans — all victims of an economic crisis unrivaled since the Great Depression. Republicans lobbed questions in Obama's direction even before he finished speaking. "The only thing it makes clear is that the government is firmly in the business of running companies using taxpayer dollars," said House Republican Leader John Boehner of Ohio. "Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation to economic viability? It's time for the administration to fully explain what the exit strategy is to get the U.S. government out of the board room once and for all," Boehner said. But the president said the actions were part of a "viable, achievable plan that will give this iconic company a chance to rise again." Speaking at the White House, where he was flanked by Cabinet secretaries and top economic advisers, he added, "What I am not doing, what I have no interest in doing, is running GM." The president said auto executives "will call the shots and make the decisions about turning this company around." He said the government would refrain from playing a management role in all but the most critical areas. american............no common sense says let bad business fail so that good business can replace it. zaphod.............you're obviously a little fuzzy on the details. This GM bankruptcy is going to come with AN ADDITIONAL $30B from the Obama administration.

Public Comments

1. When we're all broke and crying, "Uncle" so they can own us.
2. As long as executives in large corporations continue their fraud/mismanagement the government will continue to fire them and take over.
3. Freddie and Fannie were ALWAYS government backed...the others REQUESTED the bail outs when GW BUSH was President DUH!!!! ... So, I've gotta ask since I'm seeing this question all too often...How long can a Conservative actually remember anything? From the looks of it, a week ...tops.
4. I don't know, but you better get your ass to a GM dealer and buy a car because they re all crapping their pants and practically giving them away hoping to stay open.
5. And they are not done! Health care is the next one on the list. Will we have a choice in anything anymore?
6. As big a burden as these bailouts are, the alternative of doing nothing would have been much worse. There would have been a huge ripple effect, and millions more jobs and homes would have been lost.
7. when all of america is one big company town. this is what we asked for.
8. welcome to the socialist republic of america vice united states of america.
9. At some point, the taxpayer is going to stop going to work. No income - no tax money. Obama can't be stopped. The people around him are on auto teleprompter. They apparently are telling him what he wants to hear. Health care is next and a VAT tax on everything. Is this the Hope and Change and Yes We Can that the folks that voted for him wanted?