Last night, the Democratic convention kicked off. They talked a lot about the choices that Obama made. I thought about those choices. Obama always takes the easy way out, makes the easy choice.
Obama made the easy choice. The stimulus went to his cronies. 99% of it was a waste.
The President made the easy choice. Obama bailed out his cronies in the unions, crushed down the debt and shareholders of GM. A managed bankruptcy would have allowed GM to stay in business, along with all the suppliers that depend on GM-but it would have changed the pensions and salaries of all GM employees-including the white collar employees.
You lost money if you bought the GM IPO. The company is losing money, has a massive pension liability and will go bankrupt again.
Easy choice, use political majorities to pass socialized Medicine (Obamacare, Affordable Health Care) vs Hard choice of staying focused on the Economy