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Anonymous asked in Politics & GovernmentPolitics · 8 years ago

0bama nationalized GM. How could he do this when Trumans actions were ruled Unconstitutional in 1952 by the?


WASHINGTON — President Barack Obama asserted unprecedented government control over the auto industry Monday, bluntly rejecting turnaround plans by General Motors Corp. and Chrysler LLC,

Other presidents have forced showdowns with major industries, with mixed results. Harry Truman's decision to nationalize the steel industry on the eve of a strike in 1952 was ruled unconstitutional by the Supreme Court.

United States Supreme Court ruled in Youngstown Sheet & Tube Co. v. Sawyer, 343 U.S. 579 (1952), that the president lacked the authority to seize the steel mills. The Steelworkers struck to win a wage increase. The strike lasted 53 days, and ended on July 24, 1952, on essentially the same terms the union had proposed four months earlier.[1]


******************************************************** You people will swallow anything

GM paid back the debt with TARP Money where did that come from?

GM will begin paying back the TARP money in December, the company announced this morning. It's a statement in need of a little context.

Basically, GM will be using a portion of the $50 billion in TARP bailout money it received to in turn repay another portion of the TARP loans.


Update 2:

GM prepares to sell stock to the public

Stakeholders in the company, including the U.S. Treasury Department,................

“Treasury will retain the right, at all times, to decide whether and at what level to participate in the offering,” the department said.

The U.S. government owns roughly 61 percent of the company................

Government ownership has hurt the company’s public image and sales.................

GM’s IPO would have to bring in $70 billion just to pay back all of GM’s stakeholders. The largest U.S. IPO so far is Visa Inc.’s 2008 offering that raised $19.7 billion.

Read more: GM prepares to sell stock to the public - Washington Times

Follow us: @washtimes on Twitter

5 Answers

  • emp
    Lv 6
    8 years ago
    Favorite Answer

    If the loan was paid back then what are the feds prohibiting GM from doing if not pay the feds in full?

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  • Carl P
    Lv 7
    8 years ago

    Learn to read.

    No one nationalized GM, the offer for a US Government loan on the bailout had a lot of conditions attached to it to protect the American public from a bad debt. GM has paid the loan back.

    No stock was "seized" it became devalued or next to worthless paper. That is what happens when a company does a chapter 11 and 7 and a few other tricks to pay the bosses but not the workers.

    Quit trolling. And try reading something with backbone, I recommend the NY Times if you can handle the words.

    Foolish person, you post 3 year old data as facts: This is the date on your info link.

    by Paul Kiel

    ProPublica, Nov. 16, 2009, 3:39 p.m

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  • 3 years ago

    The shape isn't his creed! He could have had an American mom, yet he became into by no skill talked approximately as one. the foremost area of Obama's well being Care Plan is, THIS administration is annoying us to purchase it! i be responsive to maximum individuals positioned the blame on Obama, yet the place became into he while those morons surpassed the Plan into regulation? i don't be responsive to the way ONE guy could desire to effect one in all those extensive team of human beings to throw our shape decrease than the bus! The administration positioned Obama into skill, no longer because of the fact he became into the neatest guy interior the international, nor the main knowledgeable in Politics and international affairs, basically the alternative! NOW, as Obama is folding decrease than the rigidity of the Republican social gathering taking photographs the homestead lower back, the Dem's are truthfully turning against their chief, and ultimately determining they made one large mistake putting an green infant into skill. i could want to confirm bill knock some experience into Obama's head, even it is such to maintain a touch face for the subsequent 2 years. we will not have a President who has to benefit a thank you to run a rustic by using a prior President!! That became right into a conventional to confirm Obama relinquish the rostrum to bill and run off to that Christmas social gathering! the place became into our large orator then?

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  • logan
    Lv 7
    8 years ago

    GM is not nationalized. Yep, there's your answer.

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  • Anonymous
    8 years ago

    This one is worth the 2 minutes to watch.............too bad everyone cannot see it.


    Youtube thumbnail

    ....History repeats itself

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