Now there is talk about a GM bailout or the impending collapse of the prehistoric automaker. I want to make a couple of points here.
1 – Capitalism is designed so that the smartest, leanest, best-run companies survive and the dinosaurs go under. You can’t complain that giving healthcare to citizens if communism without agreeing that giving welfare to giant conglomerates is communism as well – it is just welfare for the rich.
2 – GM’s largest stake holder is State Street Global Advisors. They are an 800lb gorilla in a room of 800lb gorilla institutional investors. They are owned by Barclays of London, Credit Suisse, themselves – you name it – all fabulously wealthy companies. In fact, if you look at the largest companies in the world, nearly all are owned by a dozen of these financial giants. THEY need to bailout their company. They have more money than the US Government and certainly more than the US taxpayers, who they are asking to foot the bill for their mismanagement.
3 – If your company was doing poorly, there would be no one to bail you out – at least not without taking over some ownership. They do NOT need a bailout from the US taxpayer. If these companies value GM, they will save it. We need to call their bluff.
How do you call their bluff. Bitch. That’s right – get on the phone or shoot an email to your elected officials (at every level) and tell them that you WILL NEVER VOTE FOR THEM AGAIN if the bailouts do not stop NOW.