Skip to comments.Obama's (Un)American Auto Bailout (Government Motors)
Posted on 09/04/2012 7:51:11 PM PDT by jazusamo
CHARLOTTE, N.C. Cue "Fanfare for the Common Man" and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the "rescue's" benefits for American workers. UAW President Bob King will sing the savior-in-chief's praises.
But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce.
"I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back," Obama bragged on the campaign trail. Here's the inconvenient story they won't tell you:
GM is once again flirting with bankruptcy despite massive government purchases propping up its sales figures. GM stock is rock-bottom. Losses continue to be revised in the wrong direction. According to The Detroit News, "The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast."
The claims that GM paid back its taxpayer-funded loans "in full" a story peddled in campaign ads narrated by Hollywood actor Tom Hanks were debunked by the Treasury Department's TARP watchdog this summer. GM still owes nearly $30 billion of the $50 billion it received, and its lending arm still owes nearly $15 billion of the more than $17 billion it received. Bailout watchdog Mark Modica of the National Legal and Policy Center adds: "In addition to U.S. taxpayers anteing up, Canada put in over $10 billion, and GM was relieved of about $28 billion of bondholder obligations as UAW claims were protected. That's an improvement of almost $90 billion to the balance sheet, and the company still lags the competition."
(Excerpt) Read more at creators.com ...
I think this was called “fascism” back in school.
FIAT was an Italian govt corporation hearkening back to the Mussolini days ( please correct me if I’m wrong ). Not many of them coming off the line now.
Screwing the bondholders who should have been first in line did great damage to future investment in Detroit.
But, that was the intent, I suspect...
I am burning mad here in Reno TV market.
Could only get PBS for the Republican convention......
Tonight, both ABC & CBS are carrying the DNC, along with PBS.
I cannot get NBC, so don’t know what’s happening there.
Tomorrow—a phone call to Dean Heller’s office about lack of local coverage of RNC. I’m royally pissed.
I cannot stand Gwen Ifil & that’s all I was able to watch last week!!! She, Judy Woodruff, Mark Shields & ‘conservative’ David Brooks. GGGGUUUURRRRR!!
Exactly!, and well said.
bump for tomorrow!
And they don’t have to pay taxes
Don’t blame you for being pissed, when MSM stations carry one convention they should carry both.
Sadly, the enemedia is and has been in the tank for “The Won.”
Only sales to government parasites prop these crappy car companies up. No one buys these cars. Ever see one? They are total history.
I watched the RNC on YouTube and C-SPAN, online, in large-screen format.
I’m watching the DNC on C-SPAN. I REFUSE to watch it on the alternative, obama’s own website. Phooey!!!!
No commentators of any kind, except my own rants as I hear one falsehood after another from the Dim speakers. And EVERY ONE of them is referring positively to “gay” “marriage”. Phooey again!!!!
GAG, FNC is praising MO speech.
I heard a few minutes of Hannity debating a Dem on his radio show today and naturally the Dem brings up Obama ‘saving GM’ and so Hannity argues that taxpayers shouldn’t be forced to bail out GM.
Sound good?? Except in 2009 Hannity had a very lucrative contract with GM and he was telling his listeners that the Federal government has to bailout GM to save the economy. Some of you remember me pointing it out at the time.
I wouldn’t believe anything Hannity says.
GM advertising money buys many supporters in the media. Hannity has his good points as well as bad, it's sad but that's the way it is and I do take a lot of things he says with a grain of salt.
You’re a stronger man than I am. I would be putting rounds through the TV if I watched the bilge being peddled by the Demons.
Most of the new GM vehicles I see on the road (with temporary tags) are Chevy Camaros. That's an "enthusiast" car with a fan base that is arguably broader than that of the Corvette - and they had to wait a number of years for GM to put it back in production. So I can understand why that model is selling.
Other than that, I don't see much rolling off of the dealer lots. Fleet sales are definitely GM's bread and butter these days - they brought the RWD Holden (GM Australia) chassis (formerly seen as the Pontiac G8) back as a Chevy Caprice for the law-enforcement market. The departure of Ford's Crown Victoria sedan opened that door of opportunity for them.
They can't survive without government fleet sales. Even that may not save GM; I'm seeing more Dodges than Chevys with U.S. Government plates these days.
” Except in 2009 Hannity had a very lucrative contract with GM and he was telling his listeners that the Federal government has to bailout GM to save the economy. Some of you remember me pointing it out at the time.
I wouldnt believe anything Hannity says.”
I have this problem licked too. I turned Hannity off 10 years ago : )
Bet you haven't missed him at all, you probably did the right thing. :-)
Hannity is just a cheerleader for the RNC. We need people to put their feet to the fire. Hannity is also a lightweight in the brains dept.
” Screwing the bondholders who should have been first in line did great damage to future investment in Detroit.
But, that was the intent, I suspect...”
Sure seems so.
Hannity: Governed by instinct
Sowell: Governed by intellect AND wisdom
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