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Cramer: GM is now a Jobs Program, Not a Car Company

Submitted by shaq on Wed, 06/03/2009 - 16:40
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http://www.msnbc.msn.com/id/3036789/vp/31082960#31082960

Paraphrasing...

Cramer: “GM is now a jobs program, not a car company. The only thing we can feel good about is the fact that it is a jobs program that costs $50 billion instead of $100 billion.”

Scarborough: “So this is an insurance policy for the politicians so they don’t have to run for re-election with 12 -13% unemployment”

Cramer: “Why are you so un-cynical? The whole goal is to transfer capital from bondholders to the unions, because they think the unions can run a better jobs program than the bondholders.”

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