I will not buy NEW Chrysler or GM ("Government Motors") vehicle products, because unlike Ford, they got government bailouts in their government-sponsored illegal bankruptcies.
Early in Obama's term, around 2009, Chrysler and GM went through government-assisted bankruptcies. There were 2 problems with this:
1) Secured creditors got illegally stiffed to the tune of BILLIONS of dollars, and
2) Democrat-supported constituencies (primarily unions) got paid off at the expense of those legally entitled to bankruptcy funds.
If the government let GM and Chrysler go through a legal (non-government sponsored) bankruptcy, private investors would have competed for the assets of the car companies, and started anew - this is how bankruptcy is supposed to work, or so I am told. No, I am NOT a bankruptcy expert, so please correct me if you are (and I need correcting).
Now I read this morning that the state of Indiana was hosed by our federal government to the tune of $42.5 million, when their secured credit was denied by the Obama administration, and instead went to UNsecured creditors at the United Auto Workers union.
