This morning, Glenn told listeners the story of how he made the decision to cancel his advertising contract with General Motors – the biggest contract he had at the time – because of the auto bailout.
“My word to you is worth more,” he explained.
Glenn recounted this story because of news that broke earlier these week about the auto company. The feds are refusing to sell their shares of GM.
TheBlaze reported that:
General Motors Co. executives want the Treasury Department to sell its almost 27 percent stake in the company because, they say, the feds are hurting their image and government pay restrictions are chasing away top talent.
But Treasury officials aren’t interested in selling because it would mean posting a multibillion dollar loss during an election year, the Wall Street Journal reports.
GM officials offered to repurchase 200 million of the 500 million shares the feds hold with “the balance being sold via a public offering,” MarketWatch notes.
Government officials weren’t interested in the deal.
Glenn noted that the last thing he said to the people he negotiated with at GM was, “You ever get out this thing, you call me up. I do believe in GM, but I can’t do it when you’re in bed with the government.”
What was their response?
“Mr. Beck, we are going to get out of bed with the government.”
What did GM end up with as a result of the bailout? They’re not allowed to buy out the government stakes. They’re stuck in this deal now, and chances are, if they hadn’t gone through bankruptcy in the first place, they would probably have made it to the other end by now.
“I can guarantee that those stocks would be worth more,” Glenn said.
This isn’t the first time this has happened in our history – the banks went through a similar situation during their bailout. There were banks who didn’t want the bailout, but they weren’t given a choice.
“Are they better off? No you know why? Because they don’t own themselves anymore,” Glenn said. “They are controlled.”
Glenn compared the situation to going on food stamps. It should be a last resort. Go to your family, your church, your town, before you go to the federal government.
“But get out of that system as soon as as you possibly can,” he added. “Find another way. Get out because they will control you.”
Americans are giving up their freedom one welfare check at a time – willingly giving up control of their decision making for a handout.
“I contend that anybody who is telling you now how could they possibly tell you we are better off as a country than we were four years ago. How could they possibly tell you that we’re on the road to recovery when things aren’t working?” Glenn asked. “When you see the roles of people who’re living off the government teat, not only expand but in some cases double six months ago 36 million were on food stamps. Now it’s 49 million – that’s crazy. How are we better off? How is this working unless this is your plan to enslave people. It crushes the American spirit. It crushes the individual. And they control you. This is a debate we should have. 47% of the American population? We’re not talking about poverty, we’re talking slavery. And if you don’t believe me, maybe you should read Booker T Washington and Frederick Douglas, and what they said about government handouts.”