Bailout Watch 553: If We're Going to Own GM Shouldn't We Actually Own GM?
That’s the question motivating an alternative plan for the government’s “investment” in GM drafted by Sen. Lamar Alexander. Under Alexander’s plan, the Treasury secretary would be required to distribute the government’s GM and Chrysler stock to the 120m or so Americans who submitted tax returns for 2008. “This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people who paid for it,” said Alexander. The proposal, which Alexander plans on attaching to the current tobacco regulation bill would:
• Prohibit the Treasury from using any more TARP funds to bailout GM or Chrysler.
• So long as the government holds stock in these companies, require that the Secretary of the Treasury and his designee have a fiduciary responsibility to the American taxpayer to maximize the return on that investment.
• Not later than one year after each company emerges from bankruptcy, require that the Treasury distribute its common stock holdings in that company evenly to every American who paid taxes on April 15.
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Eventhough in another thread, I am at odds with long126mike, I agree with him here. I think he is a little short with scary though. There are issues a foot that directly address scary's concerns and when you group them together (as he does in his post - without the link I might add), it makes him sound like a conspiracy theorist at best or looney at worst. I think neither is case. But I've said it before, once the GOV takes my money (in taxes for services rendered - whether I want or use them or not), it is the governments money. If they want to buy a car maker - and if it is legal for them to do so, I can only give my unsolicited advice (don't). Would I take the stock? (I paid my share of taxes.) Yep, sure would. Do I think theres a snowballs chance in hell of it passing? Nope.* *(Caveate - see other thread where long126mike takes offense to my post. The process of amending a bill could allow it to slip through with only the Presidential pen in the way.)
I like it, A LOT! But good luck considering the leftists democrats are running the show in DC. They want to keep their new found power, no matter the lives it destroys or the billions in debt that our children and grandchildren will be stuck with.