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The Obama regime announces General Motors exit strategy, taxpayers could lose billions

December 20, 2012

 The Obama regime has announced its exit strategy in regards to their takeover of General Motors, so here is the good news: The Obama regime will sell 40% of its ownership stake in the company shortly and by March of 2014 the regime will sell all of its stock in the company.

  Now for the bad news:

Still, taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout – and the government would need to sell its remaining shares for about $70 each to break even. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion. But profits from the bank and AIG bailouts will largely offset the auto bailout losses.

  The taxpayers stand to lose billions of dollars in this deal and this is what Barack Obama considers to be a success story as he continues to claim that he saved the auto industry with this bailout.

  All this proves to me is that Mitt Romney was right all along: We all would have been better off if General Motors was allowed to file for bankruptcy. If General Motors was allowed to file for bankruptcy they probably would have emerged with a plan similar to the one imposed on them by the Obama regime with the only difference being that the taxpayer wouldn’t be on the hook for the loses.

  Despite what Barack Obama claimed during the campaign Mitt Romney wasn’t for the liquidation of General Motors but rather for letting the company go through the long standing bankruptcy procedure so they could emerge from bankruptcy with a plan for the future that wouldn’t have included the American people picking up the tab for the failures of General Motors or their mismanagement.

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11 Comments leave one →
  1. bunkerville permalink
    December 21, 2012 12:00 am

    How many even care anymore. If I would be good at math I would figure out how much it cost for each job. Bet it was millions.

    • December 21, 2012 7:27 am

      Sadly nobody care about this and in fact we voted for more of it.

  2. Anonymous permalink
    December 21, 2012 1:18 am

    While you are doing math, you can add up the 3 to 5 trillion we spent (counting what we will still spend) on invading Iraq. I will take the GM bailout and have 2.87 trillion left over….. Oh, by the way. Where are the wmd’s? The things that could produce mushroom clouds seem to have also not turned up? You know Saddam’s nuclear arms program built around anodized aluminum tubes that could not be used for centrifuges because they were anodized.

    If GM (and Chrysler) went down, Americans would have lost a lot more than 13 billion dollars. I know doing math is way too difficult for the Fox Lies / Glenn Beck psychoworld crowd, but it is what it is.

    Now just start working on having the wealthy begin to pay taxes at the same rate you and I do, and bam, the budget is balanced….. Problem solving is easy! USA! USA! USA!

  3. December 21, 2012 11:36 am

    All taxpayers should get a discount the next time they buy a GM product.

    • Anonymous permalink
      December 21, 2012 12:05 pm

      Absolutely they should get a discount! And pay a $5,000 fee for buying a car assembled overseas…. Up to 40% of the parts of “American” cars are made overseas anyway. (See Delco)

      Actually, look up the story of how a “vulture fund” bought Delphi, then held us hostage, sold their shares for a 3,000% profit, and then moved all their factories except one to China anyway.

      “Capitalism” at it’s finest. Actually reading the story of Delphi would make any taxpayer sick.

      http://www.thenation.com/article/170644/mitt-romneys-auto-bailout-bonanza#

      It appears that much of the 13 billion want straight to “hedge funds” who work the bankruptcy system to steal pensions, rob workers, rob the government, and pay their “investors” billions in stolen loot. This “bailout” was a prime example. It was a billionaire bailout first, as usual.

      Welcome to America!

      Just remember. The number one job of our government is to make sure billionaires like Paul Singer can make billions upon billions feasting on our once great nation’s carcass. And paying next to nothing to nothing in taxes on the loot, because it is all held in the Cayman Islands!

      My friends. You are angry at the wrong people…..

    • Anonymous permalink
      December 21, 2012 12:16 pm

      My friends, I am not here to attack anyone. I am just trying to spread a little perspective, with a bunch of facts. I know many Americans are angry. It is sad that they just don’t know enough about what is really going on to be angry at the right people.

      I am angry at our president too. He stands idly by while our corporate rape system keeps rolling on, pumping billions, excuse me trillions into the Caymen Islands, while cutting food stamps for starving AMERICAN children, who’s parents would kill to have a good job. Who can’t take their kids to a doctor because it would bankrupt them, or their wages would be garnished to pay for one visit.

      We should all be united forcing the people that make most of the money in this country to pay most of it’s bills. The Walton heirs pay a 15% tax on all of their income while sitting on 80 billion dollars. I pay over 50% in witholding and income tax on my income, and I got nothing. Wonder why I am angry?

      And one of our political parties will fight to the death to keep things this way. You and I pay our nation’s bills, and billionaires get by paying an effective tax rate of 15% or less.

      Please join me and the rest of the 99%. We are you. Time to fight for fairness, and justice, instead of letting the corporate handout, billionaire bailout system roll on, and crush more families.

    • Anonymous permalink
      December 21, 2012 12:34 pm

      Remember. “They” have 21 t0 31 trillion in the tax havens. And they expect you and I to pay ALL of our country’s bills.

      http://www.forbes.com/sites/frederickallen/2012/07/23/super-rich-hide-21-trillion-offshore-study-says/

      This isn’t class warfare. The war is over. We are in the genocide phase. Just look around.

      They have all the money, all the power, they own the government, they own most of the politicians, and the rest are scared to death of their $$. The law works to protect them (not you) and the world’s banking system is designed for them to extract more, and more, and more, and hide it.

      Are you with me? Conservatives, liberals, libertarians, poor, middle class Americans? I am not including billionaires, because most of them are not with me/us, even though even a few of them are calling foul.

    • Anonymous permalink
      December 21, 2012 12:43 pm

      I forgot. They own almost all of the media too….. Gotta distract us…. Can’t be having people wanting a piece of the American Dream anymore. Americans are supposed to work their asses off, pay their taxes, never get ahead, and watch it all go to the 1% and keep their mouths shut. They are supposed to work their whole lives, one slip on the ice from disaster, and retire with nothing but a “soon to be chained to cpi” Social Security check. The new American Dream. Work hard, retire broke. (The middle class hasn’t had a raise in 30 years)

      When was the last time you watched a show on PBS, CNN, Fox, or MSNBC on how much wealth the wealthy actually have, and how little they pay in taxes? How many trillions they are sitting on. How much money they stole from “our” families.

      Like that is going to happen……

      My friends, it is a little more complicated than “big government”. When you cut spending, it is programs that help our families survive that get cut, not the handouts to these slimeballs.

      I thinks soon even “conservatives” will understand….

      • December 21, 2012 8:36 pm

        I appreciate the fact that you have this issue which you are passionate about and I think we are fighting for the same cause but are using different tracks to fight the battle. I understand your passion because I am passionate about the issues I hold dear as well and I hope you can respect that even if you disagree with me.
        You are angry at corporatism while I am angry at a government which I see attempting to steal our freedoms and liberties, and yes, that includes the PATRIOT Act. I am angry at a federal government which I see taking more power than the constitution granted them, I am angry at a government which sold weapons to drug lords and then decided to crack down on the gun rights of law abiding American citizens, and I am angry at a government which let four American heroes die in Libya. I am angry at a government which spends too much money and I am angry at a government which puts their own future ahead of the future of the nation.
        I admit that I am partisan and when in doubt I normally will side with the Republicans but I am getting just as disgusted by the Republicans as well because when push come to shove all they really care about is themselves. I intend to write a post about my New Year’s resolution, which will be to hold both side accountable for their actions.
        I think we both agree that America is in serious trouble and I believe that there is too much money flowing in from special interest groups on both sides which is overly influential while ordinary Americans are losing their voices.

      • Anonymous permalink
        December 22, 2012 12:15 am

        Steve, we are on the same side…..

      • Anonymous permalink
        December 22, 2012 12:16 am

        BTW, you want to know something funny. I helped put my tea party friends in touch with my Occupy Wall Street friends. Same thing…..

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