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Hopey-changey

So, the GM stock I bought a couple of years ago at $32.95 is worth $2.70 today ($2.67 in after-hours trading).  That’s a 92% loss in value.  Not, I must say, all Obama’s fault, although after yesterday, I’m pretty sure my investment is going to be absolutely worthless.  The funny part is that I considered selling when GM was trading in the low $20 range, but, cynical bastard that I am, I decided not to, because I figured there were too many UAW jobs on the line and the government would bail them out.

Wow.

In the mean time, I defy anyone to show me anything anywhere that explains exactly what gives the President the right to fire heads of corporations.

Also, the President is an idiot if he actually believes that if GM goes bankrupt it will cease to exist and the American Auto Industry™ will disappear.  Yeah, just like the airline industry disappeared after Delta went bankrupt.  That’s not how bankruptcy works and our Dear Leader damn well knows it.  But it is a good sound bite and makes him look like he’s personally going to save the industry.

I’m not an economist and my “catch-up” study of economics is still woefully inadequate, but I know what I know and what I don’t know, so to speak.  And, at least I didn’t appoint a Treasury Secretary who claims to be too stupid to figure out TurboTax. (As he is a former Goldman Sachs employee, I’m guessing that’s a lie.)

And, that’s what I object to most about the whole mess.  Tell me you are going to conduct the biggest naked power grab by the government in history.  Tell me you intend to nationalize all major industries.  Tell me you intend to regulate pretty much every significant aspect of my life.  Tell me.  I won’t like it, but I’ll deal with it.  This business of blatantly, obviously and demonstrably lying to me just pisses me off.  (And they aren’t even particularly good lies.)

Meanwhile, I’ve added another feed to my daily reading.  I am Simon Jester had a link to an article by a guy who used to be the chief economist for the IMF.  I may be wrong, but I think his take on our financial crisis is that we let the financial organizations get too big and the only thing that will work is to nationalize them, break them up into smaller units, sell them off and then revamp our anti-trust laws.  I’m not sure I agree with that, but it’s hard to argue with, as it’s what has worked in other countries (and apparently what our government has told other governments they had to do if they wanted our help.)  Anyway, it is an interesting read.

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