Smartest Prez Evah Loses 14 Billion Dollars On GM Deal
Jun 1, 2011 Political
After George “we have to abandon capitalism to save it” Bush started lending money to companies like GM, Barack Obama took control and doubled down. He bailed out General Motors and his pals in the unions at the expense of the investors who should have been compensated first. When Obama, with his vast experience in economics, discussed the GM bailout he assured us that it was a good investment and that we would end up making money on the deal.
“American taxpayers are now positioned to recover more than my Administration invested in GM.” — President Obama, November 18, 2010.
“I think the government’s investment is well placed and I think they’ll make a lot of money.” — then Obama appointee GM C.E.O. Ed Whitacre, January 11, 2010. Pajamas Media (which links to the source articles)
It looks like that is not quite right as the same Obama who told us we would profit is now telling us that we will lose 14 BILLION dollars. That means, ladies and gentlemen, that the 50% of us who pay taxes will lose 14 BILLION dollars because Obama invested our money unwisely.
Let us break this down. Obama (following Bush) told us that GM needed to be bailed out and then he used our money to bail them out. He then told us it was a good deal and we would see a profit on our money. Now he is telling us that we will lose 14 BILLION dollars.
So somebody tell me why Bernie Madoff is in jail and Obama is not?
Will those of us who pay taxes be allowed to write off this bad investment? Can we reduce our tax burden by 20% (the percentage of our money that the government lost)?
How can anyone claim that this program was a success when it cost us 14 BILLION dollars?
How come GM is not forced to keep paying us from its profits until the debt (plus interest) is paid? How dare the Democrats cry about oil companies getting over on us when GM is bending us over big time?
GM and Chrysler should have been allowed to fail. Ford made it and is in a stronger position.
I, along with many others, will never buy a GM or Chrysler product again (which is a shame because I love my Jeep).
Perhaps this is why Obama and his toadies want to win the individual mandate case in Obamacare. If the courts rule they can force us to buy a product will it be very long before they force us to buy GM products?
Good luck with that. You will need it.
Cave Canem!
Never surrender, never submit.
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Tags: bailout, bernie madoff, gm, lies, lost money, Obama, profit/loss
Someone At The Pentagon Needs Jail Time
Jul 27, 2010 Political
On the heels of the release of tens of thousands of pages of classified documents dealing with the Afghan campaign in the war on terror, we find that the Defense Department cannot account for $8.7 billion of the $9.1 billion appropriated for reconstruction in Iraq. The special inspector general for the project said this occurred because the agencies did not set up the proper accounts with Treasury.
“This situation occurred because most DoD organizations receiving DFI (Development Fund for Iraq) funds did not establish the required Department of the Treasury accounts and no DoD organization was designated as the executive agent for managing the use of DFI funds,” the report states.
The Special Inspector General for Iraq Reconstruction (SIGIR) finds that only one Defense organization actually set up the accounts required by the Treasury. Federal News Radio
The money that cannot be accounted for represents nearly all the money allocated for the project. This is blatant disregard for the taxpayer and the people who did not follow the rules for establishing the accounts should all go to jail. They should spend time in jail even if the money is found. The abuse of the taxpayer is ongoing and it has to stop.
The federal government has waste, fraud, and abuse of the money taxpayers have extorted from them. Agencies misplace money and cannot account for it. We are not talking about rounding errors or chump change, we are talking billions of dollars that people work hard to earn before it is taken from them by the government.
ALL government agencies must be fiscally responsible with our money and must be able to account for it. If they cannot account for it then they need to spend time in jail.
It is also important to keep in mind that the kind of bureaucracy that exists in Defense and all the other agencies that have wasted or lost our money (including the billions in waste from stimulus and TARP) are the same kinds of bureaucracies that will run our health care.
If the government cannot keep classified documents from being compromised and released by the tens of thousands and it cannot keep track of billions of dollars what makes anyone think that the government will be able to safeguard our medical records and keep fiscal discipline in the health care system?
It is time to hold people accountable and this means putting them in jail if they screw up.
Cave Canem!
Never surrender, never submit.
[tip]If you enjoy what you read consider signing up to receive email notification of new posts. There are several options in the sidebar and I am sure you can find one that suits you. If you prefer, consider adding this site to your favorite feed reader. If you receive emails and wish to stop them follow the instructions included in the email.[/tip]
Tags: defense, lost money, taxpayers