Obama setting dangerous precedent while wasting taxpayer dollars
Just one day after forcing the CEO of GM to resign, President Obama is outlining an ultimatum to the ailing US auto industry.
Dictating the top leadership of a private company is dangerous enough, but committing taxpayer dollars to a venture that should be handled in bankruptcy court is just irresponsible.
Bankruptcy court was set up for this specific purpose: to orderly restructure weak companies in hopes of preventing them from collapsing. The main difference between Obama’s plan and bankruptcy court is that bankruptcy court doesn’t cost the taxpayers billions of dollars.
