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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