One of the biggest, most embarrassing frauds in the United States was the looting of General Motors’ bondholders by their own Federal Government. Millions of ordinary, decent Americans had their pension money invested in General Motors bonds. They were prudent people seeking safety. Then, the looters got into office! Their bonds were devalued to zero. Losses were catastrophic, universal, and utterly unnecessary. Some wonder why it happened.
Their assets were stolen because their new government hated and despised middle-class Americans. The newly elected officials didn’t simply hate them because they’d sought a safe investment. They were hated just for being what they were; middle-class Americans. They were, and continue to be, scorned, derided, and despised by the ruling leftist junta and its obedient battalions marching throughout government, big business, and its wholly-owned media. As long as they remain in power, our ongoing impoverishment promises to continue, unabated.
Shortly after its bankruptcy, the President of G. M. went on television. He said, “We’ve paid back all the government’s money.” He was not telling the truth. G. M. had made a partial transfer from the proceeds of one government loan to pay off a small part of another government loan.
After propping up the company and its union with uncountable billions, the government decided that G. M. should sell stock. Yesterday, that stock came on the market in the mid-thirties.
Buying G. M. stock is giving a seal of approval to those who stole bonds from our neighbors and then compounded that theft with a lie, saying they paid back what they borrowed when they really didn’t. Many of us have taken the “G. M. Pledge”, and will never buy, and try to avoid renting, any G. M. vehicle any time, new or used.
The best of the G. M. subsidiaries, by the way, was Saturn. It was closed in the fiscal bloodbath, sticking millions of Saturn owners with cars that have been devalued because parts will not be as readily available.
The current administration was not content with jiggering the automotive markets to financially damage all the middle class Americans it could. Its insane “Cash For Clunkers” took thousands of older cars off the road and forced them to be made utterly undrivable. As a direct result of that, today, all Americans buying used cars find that the government-induced scarcity has forces them to pay a thousand dollars more for a used car.
