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What Obama and his cronies did was take a wrecking ball to the free-market process, established over centuries of business dealings, lawsuits, rules and regulations that give business owners, bondholders, stockholders, investors and employees some reasonable expectation of the pros and cons of good and bad decisions and markets.
As the article correctly points out, perhaps the single biggest outrage was the unfair treatment of the respective stakeholders in the failing company. All of the stakeholders understood the risk/rewards of the investment they made when either buying stock, entering into bond agreements or entering into labor and wage agreements. All such risk/rewards of these various positions were in turn factored into the market established price and valued accordingly.
Enter Obama, who proceeded to act above the law and decide who the winners and losers will be based primarily on political affiliation. Game, set and match for true free-market capitalism. Obama's favored unions got the sweetheart deal while the stockholders and bond holders got the shaft. Nothing about this process resembled free-market capitalism.
He has set a terrible precedent with these selfish and self serving actions. As our founders once said, "we are a nation of laws, not a nation of men." Obama has proven to be above all history, all laws, the constitution, public opinion and any sense of fairness or reasonableness. He has destroyed confidence and executed his will with impunity. Actions that a free-market can never be comfortable with, actions that will create instability for as long as he holds any semblance of power in our government.
So, let the media tout the success and accomplishment that this IPO milestone presents. Let the pundits manipulate public perception by ignoring the rampant injustice and outright illegality of Obama's actions. Let the stock market rise with the supposed good news. But let us not forget the truth, this was a sham and just another shakedown by the Obama administration to protect his union buddies. For that reason you will not find me on the GM bandwagon any time soon.
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