FAILURE: Obama auto bailout losses grow as GM faces a possible second bankruptcy
August 21, 2012 at 2:45 pm in News by Tea Party Patriots 23 Comments
FAILURE: Obama auto bailout losses grow as GM faces a possible second bankruptcy. Meanwhile Obama plans more bailouts — for every industry!
This month, the Treasury Department announced that the government will lose at least $25 billion on the taxpayer-funded auto industry bailout, a number that is at least 15 percent higher than previous estimates, according to the latest monthly report by the department. And, the report detailed that taxpayers could be on the hook for even greater losses if the price of GM stock continues to decline.
The decline of GM stock and more losses for the taxpayers seems assured even as President Obama campaigns across the country relentlessly claiming credit for saving the auto industry.
In the August 15 issue of Forbes, magazine contributor Louis Woodhill wrote, “The company (GM) is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.”(General Motors Is Headed For Bankruptcy – Again.)
“Big government is a terrible investor – especially with taxpayer dollars,” said Jenny Beth Martin, National Coordinator for Tea Party Patriots. “The government’s investment in GM is just another excellent example of a massive, poorly managed and unnecessary government bailout. Even more frightening is the President’s desire to do more bailouts!”
In a recent campaign speech, President Obama explained his desire to extend his bailout losing streak to “every industry.”
Campaigning recently in Pueblo, Colorado, President Obama announced:
OBAMA: “I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back and GM’s number one again. Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
“This President will make any promise and spend any tax dollar to ingratiate himself with the voters,” said Martin. “Tea Party Patriots is here to remind him that the American people support limited government, fiscal responsibility and free markets for a good reason – they work. Big government and wasteful bailouts don’t.”
For more information on content within this release:
United States Treasury Department
http://www.treasury.gov/initiatives/financial-stability/reports/Documents/July%202012%20Monthly%20Report.pdf
Detroit News
http://www.detroitnews.com/article/20120813/AUTO01/208130392#ixzz23Yt02A2E
Washington Post
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/15/auto-bailout-price-tag-rises-to-25-billion-how-high-will-it-go/
Boy did he ever speak to soon!
GM actually never had a first “bankruptcy”.
We can only hope they get one this time.
Were is this Navy vet and 28 year public service Police Officer, is my bailout. I’m tired of eating all this administration’s dog food. I’m fed up of this Kenyan as president. Time for the revolution??
Charlie, you upset you can’t call Negroes “boy” anymore. Go burn a cross you pile of poop.
Only Democrats are KKK members!
What is really is bad about the bailout is that the UAW pension will go bankrupt if GM fails, it was set up this way so that who ever is in the White House will have no choice but to Bail GM out again or face rioting Union workers because their pension is gone.
Ba the retirement accounts have been controlled by the UAW for the past 25 yrs. The workers wanted it that way. The retirement accounts are handled by MetLife. My mother gets one from GM retirement and one from Ford retirement since dad had worked for both companies. Both checks are from Metlife.
we as a tax payer the rich get ricer an we keep working for them make them money buy yher car ect what happend to all that money.GREED thy cant get anuff if we miss use are pay check what part of the gov. system will help us there to mini balout not enuff workes / pax payer sport thy are to damm GREEDY.AMERICA was made with blood blood blood and now we are gone to let some ONE person give it AWAY just like that
What?
I think this dude was one child left behind!
We started as a non partisan attempt to voice our concerns and make a positive difference, … but it seems we have been usurped by lying politicians on the right as bad if not worse then those on the left.
. As concerns this alleged news report, It was Bush who gave GM , Chrysler and the banks those alleged lost 20 odd billions with no strings attached, … not Obama.
Nearly all the the billions Obama LOANED, [not gave] GM and Chrysler and the banks has been repaid WITH BIG INTEREST.
Further more ; If GM and Chrysler had indeed gone under it would have cost the government far, far, far more in unemployment benefits, Welfare, pension insurance, food stamps and other benefits for the millions of Americans whose lives would have been destroyed ,, not counting the billions lost from no one paying income tax . .
The country is in bad enough shape without all these lies .
I believe that was a Democratically-controlled Congress, elected one year before the recession, that held a lengthy televised hearing, heatedly grilling the big 3 CEOs on why their companies needed more money. Isn’t Congress responsible for allocating such spending, and then being approved by the president? What I find appalling is Chrysler getting a second bailout to keep the auto workers working, then a few years later, there’s a 100,000 car recall because the workers left debris in the steering wheel column that could cause a steering failure, possibly killing the very taxpayers that bailed them out! That’s gratitude for you!
Barry, I’m sure you know the taxpayers still own lots of GM stock, and that stock needs to rise in price to a level nobody believes realistic in order for ‘us’ to recover ‘our’ investment.
I’m also sure you know that the most likely option to the bailout/takeover of GM would have been Chapter 11 reorganization, which would NOT have liquidated GM or destroyed everyone’s job. A Chapter 11 bankruptcy would also have been constitutional, in that it would have respected the law of contracts, something the bailout/takeover didn’t do.
Not only was the bailout unconstitutional, it also didn’t work. GM’s current debt is equal to ALL of the profits GM has made in it’s entire history, added together.
Just like the big banks that were ‘saved’, it’s just a matter of time until GM collapses.
Thank you Barry.I am SICK of the LIES tooo! OBAMA 2012!!
No more Obama!! That healthcare bill is ridiculous! We paid up for a Cadillac plan so we could have an HSA for retirement, now Obamacare is going to tax it!! Doctors are leaving the field because of it! Its taking from Medicare Advantage, a government program that works, and giving it to regular Medicare that doesn’t! Obama’s crack that government built businesses is a slap in the face! Government funds wouldn’t exist without businesses! Enough of his divisiveness!
Sue, have you compared what Obama said he was going to do when he was campaigning in ’08 to what he has actually done?
And you think he’s been telling us the truth for years now when he’s kept telling us the economy is recovering?
The auto companies are smart. They take free hand outs from the US Taxpayer. Who doesn’t want free millions. They feel that they have to pay taxes for all the welfare recipients so why not get some of it back. I don’t think any of it is right but we are the ones paying. Like Lee Iacocca said, “Kick the Bastards Out”.
Be sure to realize that Paul Ryan is part of the problem. See for yourself. http://www.facebook.com/MadamePresident2012SammTittle#!/photo.php?fbid=315648335197525&set=a.315648331864192.68735.100002570832208&type=3&theater … and for those of you who don’t realize Paul Ryan signed on NDAA (National Defense Authorization Act) signed by the incumbent on New Year’s Eve while the Citizens were either partying or sleeping………go figure but make the RIGHT CHOICE !!! Samm Tittle is NOT a Politician. Not in this for money or the celebrity ……. this one’s for YOU !!!
SAMM … One step at a time son! Never forget: us independent thinking, living, voting people punish whoever lets us down. We do not vote in lockstep. Independents were fooled by BO in ’08 but did punish the party of TARP and “go along to get along”. We were called “enlightened” then, until we saw what a liar BO was, so we clobbered the Demos in ’08 and were called the Tea Party. We need to clobber the Demos again this year and need the Repubs to get it done. If R&R are not fiscally conservative enough to save the country, we’ll flood Demos primaries with fiscal conservatives and use Demos power to punish Repubs. Anyone so stupid as to vote party first is not just putting party ahead of country, they are setting up the initial conditions that allow independent voters to exploit their vote for our cause.
If we stick to our principles, playing one party against the other in successive elections, we will shift both parties in the fiscally conservative direction and save the nation for our grandchildren.
If we split into a separate party, or fail to vote because the pony we’re riding in a given race is not perfect, we will destroy our clout and accomplish nothing.
Remember the strategy: think independently, live independently, vote independently, using the power of one party as a tool against the other alternatively, and the independent vote RULES!
…think, live, vote independently and Independence grows!
Let the waw burn this trime no bail out allowed this time america cannot affoed it
I say, let them go bellyup. The US makes crapy cars anyhow. I buy only Japanese. And I don’t care a rat’s patoot about the millions of Americans who manufacture parts and sell American cars. “Let them eat cake.” (The only thing I wrote that I really mean is that I buy only Japanese cars.) You know, “rice burners” instead of “wheat burners”.
Never mind that, though. What really steams me is this: Please help me to understand why all the members of the different Tea Parties are not livid over the Republican voter suppression laws. At last count, there were 11 states and 4 pending. Isn’t the Tea Party all about protecting the US constitution? Come on, show some backbone. Live up to your ideals. This is about as anti-US constitution as you can get!!!
Hey Wake Up,
Is a Toyota made in South Carolina a Japanese car, or a “crappy” U.S. car?
I only buy Japanese cars with a “J” in front of the VIN. Several years ago, I bought our daughter a Nissan made in Tennesee and got tired of repairing it. It is surprising that you can give some Americans the highest quality parts and they can still screw it up. We had a house built six years ago. The construction was done by Brazilians, hired by the builder, the finish work by Americans. The construction was near perfect, the finish work somewhat sloppy. They only dressed up what was readily visible. Pride in our work, that is what we Americans need to redevelop.
I will admit that the Japanese have surely caused a drastic improvements in US car manufacturing. The almost bankruped industry was also a big wake up for them.
Okay, Craig, now what are you doing about protecting the constitution from the mainstream Pubs’ abuse? I see that the Federal courts have shot down the Ohio, Texas and some of the Florida sleazy voter suppression laws. But I only hear Dems taking a stand against this shameful degeneration of American integrity. Are we going to need the Japanese to teach us again?