June 3 at 10:13AM
Jon Stewart on the GM Bankruptcy
Now that we taxpayers own a controlling stake in General Motors, I'm really looking forward to sitting in on design meetings and offering my two cents. Maybe I'll finally realize my dream of owning a car with a glove compartment that makes spaghetti. Just kidding, I haven't paid taxes since 1997. Here's Jon Stewart's take on the issue.
The Daily Show airs Monday through Thursday at 11pm / 10c.
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Doug — Ford restructured by borrowing a ton of cash. When those loans come due next year, where are they going to get the money to pay them off? It just happens that Ford borrowed while there was money to borrow and Chrysler & GM didn't. Ford will be in the same boat in a few short months.
Ford was the only auto company to not take a bailout, because they had been restructuring years before the "crash" for which they received HEAVY criticism. They are also currently the only American auto company not on the brink of bankruptcy. Do they get rewarded? No, they get more regulations, no tax money and can only watch as their only American competition goes into bankruptcy. So why does the only company that knows what the hell they are doing need the government to tell them how to run their business?
I'd buy a trabant or a lada before I'd buy a government motors car.
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