Mr Obama saved all of America from total collapse:
Jobs saved: billions and billions, like the number of McDonald’s hamburgers served.
With one slight glitch: the actual truth.
First: the Volt is a LIE. To the point where Euro advertisements regarding the Volt have been taken down. The Volt is NOT an “electric car.” It will run, perhaps, from 25 to 50 miles on one charge. From that point it relies upon a GASOLINE ENGINE to recharge its batteries.
That said, the Volt’s production was already suspended in March of this year. It was suspended again in August. Might a logical person ask: why?
Easy answer: it’s not selling. It’s a LIE and American consumers smell a lie at a greater depth and distance than Detroit imagines.
Despite EVERY possible advantage CONTRIVED by the Obama Administration at the behest of YOUR American Taxpayer cash. Otherwise known to Mr Obama as FREE MONEY. Or Free Cheese. Because, after all, his ideas cost him nothing.
Some TERRIBLY INconvenient bullet-point truths about GM:
- We’re going to lose over $42 billion on the $82 billion auto bailout. Obama in late 2009 said we would make money on it.
- $26.5 billion of the loss was a straight payoff to the Democrat-apparatchik United Auto Workers (UAW) union.
- During the bankruptcy process, President Obama illegally paid off the UAW first and in full – before secured bondholders who should have been made whole before anyone else got a dime. Which was incredibly disruptive and destructive of the entire bond market. Economic uncertainty, anyone?
- Meanwhile, President Obama cut the pensions of non-union GM-subsidiary Delphi’s employees by up to 70%.
- President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts. Which were a hay-yuge contributing factor to GM going under in the first place – and are again, predictably, helping to wreck the bottom line.
- President Obama illegally allowed GM to carry forward through the bankruptcy $45.4 billion in losses – which serve as post-bankruptcy write-offs, costing We the Taxpayers $18 billion in lost tax revenue. GM paid absolutely no income tax in 2011. See, Senator Reid, this is what a non-anonymous source looks like.
- We are still stuck with 500+ million shares of GM stock. For us to break even, they must be sold at $54 per. They debuted post-bankruptcy at $33 per. They are now at around $20 per. Setting us up for a nearly $17 billion loss – just on the stock.
- Why has the stock tanked so precipitously? Because GM is no longer a for-profit car company – it is a Leftist ideological entity. To wit:
- 90+% of GMs auto loans are now of the Freddie Mac-Fannie Mae-esque subprime variety – made to people the vast majority of whom GM and everyone else knows can’t pay them back.
- Chevrolet Volts cost $41,000 to make, and sell for $41,000. It is a non-profit vehicle. Yet GM has spent millions advertising it – trying desperately to sell a Leftist fantasy car that makes them no money.
- Even more inane, GM just spent $10.4 million to build a Chevy Volt-ville – an Obama Candy Land Potemkin village.
- And lest we forget – there was the Chevy Volt song…and dance.
- And yet Volt sales remain, as always, pathetic. Perhaps because it only gets 35 miles to a 12-hour charge, and costs twice as much as a similar-sized regular gasoline mobile.
- And despite these terrible sales, GM is bulling forward with a Buick Crossover hybrid. And two Buick hybrid sedans. And a Yukon. And a Chevy Malibu Eco. And a Chevy Tahoe. And two Chevy pick-up trucks. And a Cadillac Escalade. Misery, of course, loving bankrupt company.
- GM in 2010 launched a $100 million venture capital division (it’s ObamaMotors – not Mitt Romney’s Bain – so I guess it’s ok). Which is investing in fabulously successful things like…solar panel companies.
- In fact, no company on Planet Earth – pardon me, Mother Gaia – registered in 2010 more (non-)green (non-)energy patents than GM.
- We the Taxpayers pay $7,500 per Volt sold in bribe money – I mean incentive. And in President Obama’s latest unanimously rejected budget he wanted to up that to $10,000 per.
- As of November of last year, the total Volt subsidy Taxpayer cost was $250,000 per Volt sold.
- Another contributing factor to the Volt’s non-sales: Obama and GM admit to only one Volt fire – dangerously rabbit-holing at least five fires and a whole host of attending Volt charging problems that have not yet been adequately explained.
- The auto bailout was supposed to “create or save” American jobs. But it killed 100,000 gigs right out of the gate – via President Obama’s forced closings of Republican-owned GM and Chrysler dealerships.
- GM is in fact currently creating gigs – in China. Where they in 2011 sponsored a movie celebrating the Communist Revolution’s 90th anniversary.
Again, the terribly inconVENient truth is that which is written by Michelle Malkin:
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.”
Imagine the lies. Imagine the sense of outright betrayal. Check this. And this.
Still and all, despite BILLIONS of YOUR American Taxpayer dollars, GM may go bankrupt again.
Then mix with psychotropic drugs and hallucinations and peyote and the DEM/MSM and the purples skies of Demorats and Socialists and the Religious Left. Stir. Then serve cold and with great emotion. Emphasize the emotional part. Because — absent facts — one is only left with but emotion.
Further: we have all forgotten about the dealerships purposely closed by the Obama takeover of the auto industry and that — of GM and Chrysler, the total effect on unemployment due to dealership closings was over 100,000 people. Courtesy of your Mr Obama.
The dealerships closed were targeted as such because they were owned by Republicans with money.
How we so tend to forget the TRUTH.
BZ
