Thursday, November 18, 2010

The GM Bailout Success

With the close of the NYSE this afternoon, it was clear that the Obama Administration's tough decision to "bail out" General Motors is turning out to be a success on several fronts: over 1 million jobs saved, a major manufacturing company (and perhaps an entire industry) saved, and the taxpayers poised to receive more than their $50 billion investment back. GM stock was offered at $33 a share, and closed at $34.19. The NYSE was also up sharply (173 + points) on the GM offering, as well as on increasing confidence that Ireland will resolve its debt crisis.

The only thing down? Rethugs/teahadists who've been railing against this "gummint takeover" and would've been happy to see GM - and a large part of the American manufacturing sector -- collapse on Obama's watch.

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