Little Green Idiocy Part 2: Taxpayers Taking A Bath On GM Is Great News!

Little Green Idiocy Part 2: Taxpayers Taking A Bath On GM Is Great News!

Back in November of 2010, I mocked towering uber-genius Charles Johnson of Little Green Footballs for this silliness.

General Motors went on the public market today, with one of the largest IPOs in US history, and from all accounts it was a monster success.

GM is well on track to a full recovery; they’ve returned billions of dollars in bailout money to the federal government, and it looks like they’ll be completely free of government involvement much sooner than anyone predicted.

So this might be a good moment to look back at what Republicans said about the GM bailout at the time, because they could not possibly have been more wrong.

From there, he went on to mock Republicans who talked about what a disaster the bailout had been. In case, you were wondering, Charles Johnson now looks EVEN DUMBER than he did back then, which is quite a feat.

The U.S. government plans to sell a significant share of its remaining stake in General Motors Co. this summer despite the disappointing performance of the auto maker’s stock, people familiar with the matter said.

…Shares have been hurt by rising fuel prices, industry production disruptions and management turnover. At Monday’s price, and taking into account shares sold during the IPO, taxpayers would lose more than $11 billion on the rescue if the government dumped the rest of its stake now.

….GM share price could become further depressed after investors holding bonds of the now-bankrupt “old-GM” receive warrants and stock for existing GM shares. That will happen April 21.

Will the taxpayers end up losing $11 billion dollars to bail out Obama’s fatcat union pals at GM? It’s hard to say for sure. It could be more, could be less, but short of a miracle, there’s no way that we don’t lose billions on the deal.

Told ya so, Charles.

PS: Isn’t it a little ironic that the same people who incessantly complain about corporations and the rich threw away billions of dollars worth of your money in order to make life easier for an incompetent, but very well connected business?

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