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Isn't it OLD GM that owes the money? If so, they can just skip out on the loan--they're bankrupt. Obama said it was OK to violate the bankruptcy laws to screw the Old GM bondholders and favor the unions, so why should a government be any different than a bondholder? Both were allegedly "secured" in their debt, but with one wave of the magic wand that "security" gets blown away.
Isn't government controlled capitalism wonderful?
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