Nationalization or theft? Same thing
From the couldn't-have-said-it-better-myself department comes today's lede editorial in Investor's Business Daily. While the lede on the front page of the R-J by The Washington Post included the word "nationalization," IBD called the takeover of General Motors by the federal government theft.
"They call it 'restructuring.'" the editorial said. "We call it theft. Never in our memory has there been a more thorough, systematic effort to disenfranchise the shareholders and bondholders of a major American firm."
For $27 billion, stockholders got 10 percent of GM. For $50 billion the government got 60 percent. The unions got 17.5 percent for their $10 billion.
Is that economic justice? President Obama?
