Monday, June 01, 2009

Nader Speaks Truth on the GM Bankruptcy

With America's turn toward the left, I believe we would have had a far better President at the helm than the incumbent with principled leftist Ralph Nader. Today, Nader weighed in on the GM bankruptcy, saying, "Today's bankruptcy declaration in federal court by General Motors is an avoidable, crude weapon of mass devastation for workers, dealers, auto suppliers, small businesses and their depleted communities. For GM's voiceless owners -- the common shareholders -- it is a wipeout. . . .

"[L]late last week, the bondholder problem was moving toward rapid resolution, and was clearly resolvable. Why then are GM and its multibillion government financier proceeding with bankruptcy?

"The bankruptcy and the GM restructuring plan are the product of a secretive, unaccountable, Wall Street-minded government task force that assumed power because of a Congressional abdication of historic magnitude."

You might want to read the entire statement.