GaMe over for the automotive pyro

GM went to Congress numerous times to beg for billions in emergency loans to keep the struggling automaker afloat, and most of the time, they got those loans. Now that they’re filing for bankruptcy and the government is taking a controlling share in the company, I believe it is now the time to stop the pretense and charades and start looking at GM for what it is and what it has been for decades: the corporate equivalent of Afghanistan or Somalia; and utterly failed state.

As a taxpayer who surrenders not inconsiderable chunks of my paycheck to the government on a biweekly basis, I am a shareholder in the U.S. Government. Since GM and the government are now essentially one and the same (again, when one sweeps away all the pomp and pretense), democracy should have a greater role in GM’s fate. On principle I cannot allow the government to blindly inject chunks of Americans’ hard earned wages and salary down the GM toilet forever.

I’m going to want some of my money back, please. I am asking Obama and the government nicely now, but my patience, and that of the American public, is not as limitless as the U.S. Mint’s ink supply.

Since we are breaking ever new ground on the encroachment of government on business – necessity aside – we must also break ground on the contract between government and its shareholders. We will still pay taxes, and the government will still have the latitude to do with them what they see fit, but when they start financing corporations that cannot help themselves, some of that cash will have to be sent back to us eventually.

I don’t care how they do it, but bankrupcy or not, General Motors had better pay back its loans to the American people. I will be watching very closely to see how serious they are about regoranizing into a profitable and competitive company, and how they plan to repay us for the risks they have forced upon us.

If they shirk their responsibilities for any reason, then capitalism will have failed in its current form. Capitalism cannot work if private citizens have to follow the rules, but large companies don’t. GM can make things right. If they don’t, I hope the American car buyer turns on them for good – even if it hurts their own interests as virtual shareholders.

GM has long been an unapolagetic thief and a lazy, cynical, hard-headed, short-sighted automaker who snatches money from citizens regardless of whether they buy their cars or not and then spits in their faces as a thank you. Hopefully those times are over, but old habits die hard.

As hard as it may be to swallow, they deserve liquidation and oblivion ten times over, not resurrection. And no part of the company should see one dime of profit before their financeers and shareholders – us – get back what we’re owed.

Yeah, that’ll never happen, I know…

Finally, I cringe just as much as the next guy at the prospect of a government that can barely manage itself could try to manage General Motors, but their assurances that they won’t are just as worrying to me. I don’t trust the government or the corporate elite who ‘run’ GM.

Imagine if GM was an pyromaniac who had torched his house. This isn’t the first time it’s happened, but regardless, the government reacts by building a new house for the pyro, but lets him keep as much gas and matches as he wants, to avoid any perception of intrusion. And the house is still made of wood. All well and good, but has GM the pyro really learned his lesson? I forsee future flameups.