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A Quick Way To Cut The Canadian Deficit By 20%

May 27th, 2009 Posted in Economy

dream car

Where have we heard this before?

Stephen Harper, the prime minister, and Jim Flaherty, the federal finance minister, have been steeling Canadians in recent days for the possibility that the aid for GM will be large.

“Look, it will be a very expensive proposition” helping the Detroit automakers, Mr. Harper said in Calgary last Friday. “That said, the reality is that not doing anything would be a lot more expensive, a lot more damaging.”

Tell that to the Chrysler dealers, investors, and suppliers.

And now that Obama and the unions have taken control of the car industry, GM somehow decided they should pay staff three weeks early.

Canada poised to take stake in ailing GM

Canadian taxpayers are poised to own a stake in General Motors Corp. under a reorganization plan being hammered out for the automaker as it edges towards a bankruptcy protection filing by Monday.

Political and economic observers expect the federal and Ontario governments to take a portion of GM shares in exchange for offering the automaker an estimated $10-billion in financing to help it reinvent itself and pay its bills while it is under court protection. The aid would represent roughly 20% of the US$50-billion that will be pledged to the automaker by the U.S. government of Barack Obama, according to separate media reports in Washington. The U.S. aid includes US$19.4-billion in loans GM has already drawn down.

I say it would be more than wise to let em go.. would you invest in a company headed to bankruptcy? Wait till they are through with proceedings, then decide whether it’s worth throwing OUR money at them.

We could also be on the line for the class action suit shaping up…

Obama has made sure this investment (along with Chrysler) is one of the worst possible… ever:

G.M. BONDHOLDERS: PEOPLE LIKE YOU AND ME. “The government is punishing one group of workers to reward another.” That’s the Chicago Way.

Hmmm: Chrysler dealers shut down in Obama bankruptcy are mostly Republican?

2 Responses to “A Quick Way To Cut The Canadian Deficit By 20%”

  1. aa Says:

    Harper/Flaherty are not up to the challenge of fiscal manageent. These past 6 months have been a disaster. And these clowns don’t know what is going on.

  2. Durward Says:

    See what happens when you compramise with socialists, now even Harper & Flahrety can’t admit how stupid the whole “Stimulus” idea was because they caved and went along with it, now it is Conservative problem, nobody remembers that it was the coalition who forced the whole mess to begin with, political memory is short in this country and they are in the drivers seat.
    Harper once said he would not make the mistakes of Trudeau and Mulroney, well sucking up to the never happy Quebecers is a Mulroney fault and socialist spending sprees are a Trudeau fault. 0 For 2.

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