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Thursday, December 31, 2009

Hey Let's Steal Your Money, Buy GM, and Steal Some More Money From You!

NEW YORK -- Stock futures pointed to a mixed open Thursday after the government's decision late Wednesday to give an additional $3.8 billion in funding to bolster GMAC's mortgage division.

Futures for the S&P 500 were higher by 2.2 points at 1,124.3 and were 2.23 points above fair value. Futures for the Nasdaq were off by half of a point and were 0.8 points below fair value.

After the close of trading Wednesday, the U.S. Treasury said it would commit $3.8 billion in new capital to automotive lender GMAC, which comes on top of the $12.5 billion GMAC received from the Treasury previously and increases the government's stake in the company to 56% from 35%.

Absolute insanity. Thankfully, they have a bottomless pit of money to dip into.

1 comment:

CompleatPatriot said...

Remember the infamous Mustang Ranch in Nevada, It allegedly was actually ran by the US government for awhile.

Seems the definition of Socialism could have been expanded then to include "the government controls the means of reproduction".

But they couldn't even do that right, but this just proves the government will always find a way to screw you.

Now of course since they can't run a whore house and make money, why should we let them take over the car industry, banking, insurance, housing, and heath care industry?

Hell this country is bankrupt, it is over except the crying.. And a guy can't even find a good whore house no more..