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You Bought It You Own It!

What do you think of this concept?!

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Senator Lamar Alexander (R-TN) introduced the "Auto Stock for Every Taxpayer Act" today, which would "require the Treasury to distribute to individual taxpayers all its stock in General Motors (GM) and Chrysler within one year following the emergence of the companies from bankruptcy proceedings.”

“Instead of the Treasury owning 60 percent of shares in the new GM and 8 percent of Chrysler, you would own them, if you were one of about 120 million individuals who paid taxes on April 15,” Alexander explained. “This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people in the marketplace where it belongs. The stock certificates would be in your name, not that of your government.”

http://www.politico.com/news/stories/0609/23286.html

I think it's a GREAT idea! :o)

 
LoriKeet

Asked by LoriKeet at 8:06 PM on Jun. 5, 2009 in Politics & Current Events

Level 45 (194,908 Credits)
This question is closed.
Answers (24)
  • I would need more details. But on the service it sounds like a great idea. In fact, it might even put a little faith back into my feelings of GM. If the workers KNEW they were working for the taxpayers who were saving their arse, maybe... Just maybe they would work with quality in mind.

    But I also also see "some" politicians NOT being for this because it only offers a potential reward for those who pay taxes. It does nothing for those who do NOT pay taxes. So, I am inclined to feel the direction this current administration is heading~this may not go over well with some. jmo
    grlygrlz2

    Answer by grlygrlz2 at 9:57 PM on Jun. 5, 2009

  • I also think this concept should be applied to everything else that the government owns that the taxpayers unwillingly/unknowingly pay for!
    LoriKeet

    Answer by LoriKeet at 8:09 PM on Jun. 5, 2009

  • I like that idea, about the auto companies that is.
    LadyChamp

    Answer by LadyChamp at 8:10 PM on Jun. 5, 2009

  • Go Lamar he's my governor have not always agreed with him but this sounds good.
    tnmomofive

    Answer by tnmomofive at 8:15 PM on Jun. 5, 2009

  • sounds good but not feasable.
    Carpy

    Answer by Carpy at 8:16 PM on Jun. 5, 2009

  • Yay!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Great idea if it's workable.
    mustbeGRACE

    Answer by mustbeGRACE at 8:21 PM on Jun. 5, 2009

  • I can picture it now:

    Where's my check??? Obama said we were getting a check from GM!!!! How come my GM check isn't here yet???????
    NotPanicking

    Answer by NotPanicking at 8:43 PM on Jun. 5, 2009

  • OOPs meant to say senator lol
    tnmomofive

    Answer by tnmomofive at 9:23 PM on Jun. 5, 2009

  • Lol n p!
    lovinangels

    Answer by lovinangels at 9:44 PM on Jun. 5, 2009

  • It seems reasonable. However, it may lead to 'too many cooks in the kitchen'. meaning that spreading the stock to the masses may mean thinning it out too much and it may just dissolve over time. Many people with a small ownership may be worse for the actual company and decision making versus a few people owning a bigger chunk. Kinda like what that finance professor was saying in the article.

    I agree with the equity part though. Only those Americans with incomes high enough to pay taxes should get the stocks. sucks to be those who don't if the stocks boom in a decade or something.
    thundernlight

    Answer by thundernlight at 9:53 PM on Jun. 5, 2009