GM's fate toward bankruptcy almost certain

By Steve Collier, Colorado Springs

Hate being proven right? In this instance, like Chrysler, the TEA Parties should. While economists across the country have said bankruptcy for the auto giants GM and Chrysler is almost inevitable (Chrysler has claimed it), our nation continued to pump BILLIONS of dollars into the auto companies, presumably not for the company's profitability, but to prop up the unions (our current president was propped up BIG TIME by the United Auto Workers). Here's the latest story for proof.

But, even though those dollars could have gone to teachers in Michigan where the Unions hold a death grip over the companies they infiltrate, the BILLIONS of dollars were still pumped into dying companies. Bankruptcies, via the Chapter 11 avenue, allow businesses to have a judge declare null and void debt owed to creditors. Obviously the company's credit rating will plummet as it restructures and retools itself to come out of a bankruptcy better than before. But if that's the case, why didn't GM and Chrysler go through bankruptcy hearings months ago? Weren't we told around Christmas time in 2008 that without an infusion of case into the companies, they would collapse in weeks, if not days?

And here we are just four months later... bankruptcy. So where did all that BILLIONS of TAXPAYER money go, anyways? If the government HAD to spend this money, let's take a look at what the state of Michigan could have gotten:

In 2005, the average teacher's salary was $56,973. That means for the$39 billions spent on the bailout, you could fund more than 6,800 teachers in the state. Or, you could have easily have raised their salaries. Just to put it in perspective.

And we aren't holding any of our political leaders accountable. Are we calling our Congressmen/women, and voicing our opinion as to their original support for the bailout dollars? If not, we are the ones to blame. We need to ratchet up the attacks on those politicians who feel it's okay to spend OUR money on a company that was going to go into bankruptcy anyways.

Here are some the main culprits of the original bailout:

House Speaker Nancy Pelosi, D-Calif.
Congressman Barney Frank, D-Mass.
Senate Majority Leader Harry Reid, D-Nev.
Senator George Voinovich, R-Ohio
Kit Bond, R-Missouri

Just to name a few. Call them... and give them a piece of your mind.