GM Bailout : Lies, Deception and more Lies
Remember that great commercial with the GM CEO Ed Whitacre strutting around a GM plant pea cocking his way into one of the Obama Administration’s biggest lies? You know the one where he states that everything is going great here at GM thanks to the government bailout and the cars are flying off the lots and the company has already paid back the loan in full with interest ahead of time?! Well sorry to pop that bubble but once again the public has been had.
If the government did not interfere with the bankruptcy of GM normal market forces would have sold off the profitable divisions and the others would of been scrapped and either streamlined or done away with entirely. Along with this process would have meant tens of thousands of jobs gone not permanently but transferred to other areas that have been upgraded to profitability. That is how the greatest system in the world works. It is survival of the fittest not the fattest. This is why we have the highest quality of life -that is why everyone comes here to “Make It”. We are the benchmark for the entire planet. When you pick and choose winners I don’t care how much tax payer money the government steals from us it never pans out. Even when we supposedly made a profit during the bank bailouts it was Barney Frank who told the Obama Administration we can’t give the money back to the people or else they will want it back every time. We should transfer it to one of our entitlements. How typically liberal to be so generous with “Other Peoples Money”
What Big Ed neglected to tell the American people was that the money that was paid back was paid back with more Tax Payer Dollars. We initially gave GM 6.7 billion dollars at first at 7% interest which was a great rate then 60% of the equity of GM was transferred to the U.S. tax payer.( Did you guys get the interest on the dividends? No? me neither still waiting for my check) Now we are stuck bearing all the risk financially on this deal if GM doesn’t turn a profit and start to pay back its’ enormously mounting debt. But wait…we are talking about a government deal…logic and math has no place here at all. Instead lets loan GM more money so they can pay off the loan we gave them- yeah that’s the ticket and that’s exactly what they did. See how much fun it is playing government? Still there comes a time when the governmental pixy dust wears off and reality smacks you right in the wallet and in this case it does in the form of a ” Volt” Yup the green innovation of the future. This puppy is going to put us on the global market as the leaders of Non- Fossil Fuel Vehicle only one teeny little problem. People don’t like them. They don’t feel they have enough charging stations to actually travel a significant distance and the singular charge only gets you 25 miles or so and then you have to go back to gasoline. That and the exploding factor. Oh yeah forgot about that little tidbit. This lithium battery likes to go BOOM when you park it. LOL! Go figure. C’mon don’t worry I’m sure it clears the new CAFE standards that the Obama Administration is enforcing. Cars explode …so what?
Looks good though …don’t it?
OK enough with the satire Obama claiming he saved GM and all of those jobs AND paid back all the loans is nothing more than one lie after another. He took OUR MONEY and used it to extend the life of a company that was selected by the Free Market to either fall or be redesigned and propped up this mutation that we are now seeing the full damage of. The way this Administration lies and has total disregard for the Constitution is disgraceful. Everything from the Health Care Nightmare to the Financial “Dodd Frank” Bill named after the crooks who brought us the collapse of Home Ownership to prosecuting the CIA agents who handed him Bin Laden’s head on a plate you sir are a divisive failure of a leader and need to step down before you cause any more damage to the greatest nation the planet has ever had.
A Tax Payer