May 6, 2009
The Obama administration brokered (or forced) a deal with GM in which it would forgive half of what it is owed and receive a 50% stake in the company, his close ally the United Auto Workers would receive 39% and other private lenders would forgive 100% of what they are owed and only receive 10% of the company. So, in effect nearly 90% of GM was nationalized.
There is zero question that the raison d'être of the Obama Administration is expanding government control over the economic and social life of the United States.
The only question is if this is detrimental to the welfare of the United States.
For socialists and eurovestites (those who want to remake the United States into the imagine of a sickly European social democracy), this is positive.
For those who believe that constitutional rule, limited government and economic liberty made the United States the freest, most prosperous nation on earth, this is a nightmare.
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