There will be three kinds of buyers. The first will be people who are willing to risk some money on a long shot because they are rich enough to afford it, and can always use a capital loss to their advantage come tax time. The second will be the people who foolishly think that GM stock will skyrocket once this is over because GM can't possibly go under, no matter who is in charge. The third? The US government.
This is what happened to shares in British Leyland:
(From this Wikipedia page on British Leyland.)
Three years after that certificate was issued, British Leyland was socialized.
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Here is an example of the human cost of the Obama bankrupcy. I wonder if what happened to this man is an example of "eminent domain"? I don't know if the takings clause applies to non-physical assets such as franchise rights. If I were this guy I would hire a very good lawyer and see what I could do to get a restraining order, pending a lawsuit....
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The Anchoress on this issue.
So at a time when they can ill afford it, Obama has made it harder for American automakers to make money. Heck, at least he's made it harder on everyone, because there isn't an automaker in the world that can meet a CAFE standard of 36 MPG.
On the plus side, looks like my Jeep is going to hold onto its resale value rather nicely, because in order to meet that CAFE standard, trucks like that will either be phased out entirely or else cost 3x what they cost now--and so people will be looking to buy good used vehicles.
The urmudgeon Emeritus at Eternity Road also opines.
So if you want to own a "fun" car, you'd better be able to buy it this year, or next year. Expect that they won't be around for much longer than that, or else cost ten grand more than they do now.
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More evidence that our media have a liberal bias! As if we needed it!
If the New York Times had had any evidence that the NRA was secretly funnelling money and support to McCain, illegally, it would have been front-page news. The editor would have been asking his typesetter how big the headline font went: "I don't care if we use the entire page! 'McCain Campaign In Illegal Collusion With NRA'! I want it as big as it can be! We'll buy a press that can print a bigger page if we have to! We're going to print billboards!"
But it's Obama, and no one in the press gives a rat's ass about a little thing like illegal campaign collusion.
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This makes no sense whatsoever:
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(And a few entries below that, "Cyclist Fail". I put my mouse pointer on 0:09 and kept clicking it, thus repeating the big moment over and over and over again. The "kchunk" sound effect really helps the humor factor when doing this.)