We're About to Buy GM

The auto bailout bill is now supposed to be around $15B. GM's market capitalization is about $3B. The bill would "give taxpayers stock warrants equal to 20 percent of the loans" which amounts to $3B. Even if the loans are divided among all three automakers equally, that amounts to us buying a 1/3 stake in GM. There's also this.

The Democratic proposal would let the president appoint a so-called car czar to oversee industry restructuring, and give taxpayers stock warrants equal to 20 percent of the loans. It would prohibit the automakers from paying dividends and owning or leasing corporate jets, and pay and bonuses would be limited.

This is madness. Almost no one in congress has any commercial world experience at all, much less experience running even a small business, let alone a monster like GM. Add to that the fact that Barack Obama has no experience at this at all. Not good.

Together, we can get GM this car working again!
Image used without with permission from the WickedStyle blog. Thanks, Veronica!