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Toyota overtakes GM lead in global sales

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    Political, business implications of change

  • Duration 3:42
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-- on the -- gone well and was third quarter on the move and the American auto industry has come -- back.

GM -- back at number one.

Arena happier later.

GM and number one auto maker -- damn.

-- years.

GM is number one -- -- an American auto has come.

That was then and this is now Toyota outselling the bailed out automaker last year taking over the number one spot in global sales market watcher Jim can't.

-- -- or go ahead tell us what.

You know he tells -- GM was number one it was number one for a little while but they still lost a lot of money don't -- -- there's an insinuation that because they were wide number one at one point in time or another point in time that this was a good deal for taxpayers -- this is not a good deal for taxpayers.

Taxpayers are gonna get any of this money back it back the government is losing money on that investment.

You have to get a market valuation of nearly twice where GM shares are trading today for the government just a -- -- even.

Are -- taxpayer dollars on the GM investment.

So they can talk about whether GM's never won or not using taxpayer dollars to get there.

What they're not talking about is whether this should have been done this way in the first place we have a process for bailing out companies we have a process for bankrupting companies.

We are bailing out way too many companies and we are allowing enough companies to go bankrupt shirt and then we'll do that.

Gilani jumping or take and so have we let GM go bankrupt there may have been another car company that came in and bought GM sort of -- -- chapter.

Eleven I guess restructuring.

The reveal a bit hard times but they would likely be in the same place we may not own two they may not allow us when he we may not be -- -- -- billion dollars at this point that we -- Exactly how ironic is it that the government won't allow -- to invest.

In in our Social Security programs but they will take our taxpayers and invest in -- companies like Solyndra.

Or at their -- in do about a company that's failing like General Motors.

Now there was an insinuation at the time.

That if we led General Motors go bankrupt that -- shut down all the factories.

And every all the wheels would stop turning in ever I would live -- yeah yeah that's that's it doesn't happen in the airline industry.

The airlines are still operating American Airlines right here where I'm at they're still operating.

It's a natural process this is what happens in capitalism you let destroy you reward -- strong.

And you become stronger because of it and it hot I don't know may wish to build -- the eight track -- bullet.

Let's talk about rewarding the strong Ford has been very quiet they've just gone about their business making good cars strong cars.

The what what where they -- they.

Are they saying.

-- -- where they are.

-- out there where they are they they could have stepped at some point.

And and picked up assets from Chrysler picked up assets from General Motors and operated them more efficiently because they.

Knew how to operate efficiently we all would've probably been better off now I'm not wishing that GM does poorly I hope they do great.

But I think the government needs to get out of the business of bailing out somebody for political games and that's what this was they avoided a normal.

Legal process and and didn't use taxpayer dollars and now we're all losing taxpayer dollars because of it.

Jim very quickly on about a half a minute -- so talk to us very quickly about the bond holders in GM who lost evidence.

Well they they skirted the rules of -- -- bond holders are supposed to be first in line when you go to bankruptcy.

And when you when you take bondholders and you neuter their legal process then -- a future bottle buyers are gonna buy those bonds and so would disrupt the entire capitalistic process you have to -- -- -- camping you very much.

Thank you Eric.

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