Posted by
Always To The Right on Friday, November 26, 2010 1:02:51 PM
The occasion for this spot is last week’s IPO, which wasn’t quite the
Popeye-eating-spinach moment as this vid might lead you to believe. For
one thing, they’re still not remotely close to paying back all the
money they owe: According to ProPublica, GM itself is still on the hook
for close to $30 billion while GMAC owes close to $15 billion more on top of that. Mickey Kaus, meanwhile, offers upwards of a dozen reasons
to believe, per the boxing analogy in the clip and despite The One’s
insistence, that GM hasn’t yet gotten up off the mat and might not be
getting up anytime soon. And not surprisingly, thanks to Obama’s
largesse towards the UAW in brokering the initial bailout deal, it turns
out that the union ended up being the big winner from the IPO,
recouping $3.4 billion from share sales and positioning itself to break
even if GM shares rise modestly. By comparison, share prices would have
to soar for the feds to get back to zero, and as for longstanding GM investors, well…