Just heard a mind-bogglingly stupid news report on KLBJ-AM at the bottom of the hour. It was embedded in a stock market update, where it was mentioned that the new GM stock was trading up at around $35/share, compared to under $1/share when it previously went bankrupt.
Brilliant.
As if the old price could in any way be compared to the new price. This makes it sound somehow as if GM is suddenly 35 times more valuable than it was before. The crisis is over! But wait...how about a few questions, like: how many shares exist now, compared to back then? What is the market cap now, compared to back then? What assets does the company possess now, as opposed to back then?
So many morons on the Democrat line of C-SPAN's Cavalcade Of Idiots, er, Washington Journal believed somehow that because an IPO had gone out, somehow that meant that we had recouped the GM bail-out money. Misleading reports like this just serve to reinforce that incorrect belief.
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