... Why don’t conservatives look up the facts about bankruptcy law and learn that stock holders are the very first group wiped out in a bankruptcy. Google is your friend and educator... I'm a little surprised our conservatives don’t know how bankruptcy... works....
Government Motors in effect filed chapter 7. Chapter 7 bankruptcy is the biggie. Any company that files chapter 7 is in effect closing up shop and going home, never to operate again. That also involves investors loosing ALL their equity.
The pale bleeding vestage of Government Motors didn't go away, they totally shafted all the investors in Government Motors and all the creditors in Government Motors (people who GM owed money to) except for the UAW's pention fund and the UAW itself. You should remember that actions like the ones engaged in by Obama with regards to Government Motors represents an awaking of Feudalism. In other words in the future instead of the rule of law to protected us as we relied on it to do in the past, we now require a pantheon of Feudal Lords and armed Knights, each one who commands a ruthless army of paid henchmen and tax collectors whose only job is to meat out justice as the laird of the mannor sees fit. Or who ocasually robs from Peter to buy Paul's loyality.
When the Emperor's new cloths are all striped away and he stands before the people in all his naked glory, it becomes obvious that Progressiveism or Liberalism is the same old system of slavery and repression that has continually plagued mankind every where on Earth, except here for the last 238 years. Serf observe, your brave new tomorrow, enjoy it.
The Government bail out of the Auto Industry was just a dress rehearsal for the full bankruptcy sans bailout of the United States of America and maybe inorder to gauge the reaction by the nations that will be lining up to get their citizens Euros, Yen, Pounds, and Renminbi back. In some perverse twist of history, look for Brittan, France, and China to band together and occupy San Diego and San Francisco until we pay our debts in full. This could give San Francisco's China Town a whole new meaning.