Shelby: Washington “On The Road To Socialism”

Senate Richard Shelby Alabama Senator Richard Shelby believes a government bailout of General Motors sets a dangerous precedent

by Associated Press

Published: Fri, May 29, 2009 - 6:07 am CST Last Updated: Fri, May 29, 2009 - 6:11 am CST

WASHINGTON (AP) - The ranking Republican on the Senate Banking
Committee says he believes the federal government's key role in a
likely bankruptcy filing by General Motors Corp. puts Washington
"on the road to socialism."
Alabama Sen. Richard Shelby said the financially beleaguered GM
should have filed a Chapter 11 bankruptcy six months ago. And he
said the U.S. government's stake in the company now facing a
restructuring-or-bankruptcy deadline in the next few days is
entirely too large.
Appearing Friday on CBS's "The Early Show," the Tuscaloosa
Republican said, "What I worry about is the government is going to
have over 50 percent invested in GM. It's basically going to be a
government-owned, government-run company."
The Treasury has loaned GM $19.4 billion and would provide $30
billion in additional financing to keep the new GM operating under
bankruptcy protection.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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BamaBob Says:

Fri, May 29, 2009 at 1:49 pm

Do you agree with Shelby’s assessment of the GM situation, or not?

tbandrowksy Says:

Fri, May 29, 2009 at 1:28 pm

I remade the Alabama state flag to be more suitably Japanese, such is the loyalties of Mr. Shelby and Mr. Sessions.

http://www.treatyist.com/issue1/alabamasnewflag.aspx

I’m blue state Republican, and its funny how red state Republicans always complain about handouts for everyone but themselves.

If Mr. Shelby is so big into free enterprise, why does he and his buddies have no problem forking over hundreds of billions of dollars in subsidies to farmers? When do you think Mr. Shelby and company would actually support an end to sugar and other tariffs and regulations that block American food.

Bottom line is, all this complaining about gov’t bailouts from the red states is a crock. If it wasn’t for gov’t bailouts, red states would be starved to death.

mob1 Says:

Fri, May 29, 2009 at 9:08 am

Wow, Shelby revealed something we all already figured would happen. Wow, I can do this mans job. All you have to do is state the obvious but I will keep voting for shelby anyways…lol

BamaBob Says:

Fri, May 29, 2009 at 7:37 am

He is right about that!

Saw a guy talking about this and the future of Ford this morning. He was asked about how Ford can stay competitive against the new Government Motors. He made a very good point.

The U.S. Postal service has been a round a long time, but not only do Fed-X and UPS compete with them, they are able to make a profit providing those services. Something to think about…..