The government's bailout of GM was nothing more than an appeasement to big labor.
The Chevrolet Volt is everything that is wrong with Washington on four wheels, and investors (that’s you and me) should be furious. Wrong #1: The Volt should be re-named the Vote. Who can forget that Super Bowl ad, with the pseudo-assembly line of Volts rolling through Hamtramck, Michigan, and the voice overlay that “this isn’t the car we wanted to build; it’s the car America had to build…from the heart of Detroit to the help [sic] of the country.” How true—corporate welfare on wheels, buying votes in a state vital to the President’s re-election. There is simply no way that GM can kill it.Wrong #2: Paying workers for not working....Wrong #3: Subsidizing well-off taxpayers. The Administration is doing everything it can to goose sales. The President’s new budget raises the subsidy paid to Volt buyers another 33%, to $10,000 per car in a direct tax credit. ...Wrong #4: Corporate cronyism and coercion....
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