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Originally Posted by dogzilla
'Temporary' nationalism is like being a 'little bit pregnant'. Obama nationalized GM. Again, from Wikipedia article on nationalism
Nationalization, also spelled nationalisation, is the act of taking an industry or assets into the public ownership of a national government or state.
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Taking into the public ownership is not the same thing as purchasing a majority of shares. Nationalization would be the government seizing a company (or companies) in their entirety and taking control of them. What the Treasury did was purchase stocks while GM was going through Chapter 11. This is colloquially known as partial nationalization, but in truth it's quite different.
Quote:
Originally Posted by dogzilla
That's exactly what Obama did by having the feds buy controlling interest in GM and throwing out GM's CEO.
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this isn't true. Frederick Henderson resigned due to pressure from the board. According to his own words:
"There was no direction or input from the government," he said. "It was completely by the board and of the board."
Barack Obama is not a socialist and anyone that says otherwise is flat out wrong. It's not a legitimate complaint.