Obama Loses $84 Billion in Government Motors Bailout, Still Considers It A “Success”…
If Obama considers this a success, imagine what a failure looks like.
(Washington Times) — Barack Obama has some ’splaining to do about taxpayers’ profitable “investment” in General Motors. It turns out the president is imagining things.
Though Democrats tout the auto bailout as a success, recent reports illustrate the taxpayer cost of the GM auto bailout was substantially larger than the Obama administration and a Congressional Oversight report has owned up to.
“American taxpayers are now positioned to recover more than my administration invested in GM,” President Obama said, according to a piece in USA Today last November. Steven Rattner, former head of the Treasury’s auto task force agreed, telling CNN in November: “Recent progress at GM gives reason for optimism that it may be possible for taxpayers to get every penny back.” . . .
However, a March 16 Congressional Oversight report, tells a different story. It estimates taxpayers will be out of $25 billion. Additionally, the report points out that “full repayment will not be possible unless the government is able to sell its remaining shares at a far higher price.”
That’s only the beginning. Both the White House and the Congressional Oversight report omit the fact that during its bankruptcy, GM got a $45 billion tax break, courtesy of the American people.
Posted by ZIP on Saturday, April 2, 2011, at 12:00 pm | 
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Obama has insured that I will never buy an automobile manufactured by the UAW for the rest of my natural life. I encourage others to do the same.
Same here…. never again.
By the way, it is easy to confuse failure with success if you’ve never worked a day in your life…. never earned $1.00…. not one Obama….. not $1.00.
I always look for the union label and when I see it……I put it right back down and walk away.
There has to be something in the Constitution which allows the United States Government to buy shares in a private company. Could someone who is a constituional expert direct me to the part of the Constitution that allows this?
I bought my chevy truck way before all the bailout crap went down. Got it used and for far less than blue book price. It WILL be the last GM product I own.
If the plan was to bankrupt the United States, then the plan was a success.
Progressives are willing to create the very crisis they want to exploit.
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If socialism is a system in which every citizen owns every other, then progressivism is a system in which every citizen is indebted to every other.
It’s a different means to the same end.
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How about if barry pays back all the GM bond holders that he stole millions of dollars from? While barry tried to spin these folks as “evil hedger funders”, in actuality many were retired senior citizens living off of their investment income. They bought GM bonds with the legal guarantee that they would be paid back in full, with interest. They were first in line for payment in any legal bankruptcy proceeding. But barry does not care about laws, so he stole the money. barry, man of the people!
The Liar in Chief spinning truth like no other.
“If Obama considers this a success, imagine what a failure looks like.”
There are no failures in Communism. Nothing was ever wrong in the USSR that blaming someone else didn’t fix. So it is with our Communist-in-Chief and his merry band of RATS, they are always a big success. Don’t you read Pravda, err…NYT?
I was going to buy the corvette, but will never buy a GM product after 09 model year. Goobermint Moslims can go belly up. Dodge also.
If the unionists are still getting their checks and “bennies” it’s a success to Obama. The fact that it’s weakening America is a bonus too.
The Affirmative Action President in all his glory, and we pay the price.
“If Obama considers this a success, imagine what a failure looks like”
Two words – Obama Care
84 Billion here, 84 Billion there…….sooner or later and we’ll be talking about real money.
Where did all that money go?!?!
“If Obama considers this a success, imagine what a failure looks like.”
http://img716.imageshack.us/i/obamafk.jpg/
To increase sales of obammy’s GM electric clown car dealers are now including in the 45k price a trailer and generator to tow behind so you can keep it charged up and maybe drive 50 mi.,…………………..pathetic waste of money!
Fishy Commentator says:
Where did all that money go?!?!
Obama/Biden 2012
Smokey says:
April 2, 2011 at 2:22 pm
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Reminds me of the 7,500 dollar cash incentive for buying an electric environmentally friendly vehicle.
The problem is, before they realized they screwed up, plenty of folks turned around and bought electric golf carts which go for around 6-6,500 dollars so they got them scott free..
You got to love these folks, always thing things through.
Buy cars made in the South, most are made by non- union labor and built a hell of a lot better.
Of course its a success the whole point was to lose big money continue to topple our economy….
GM is nothing but a union pension company that makes cars on the side.
To Obama the failures are:
capitalism, the Constitution, white people, the Bill of Rights, Christianity, the people that havent come thru with the fake birth certificate, the media (for not covering him up better… we were supposed to think his war in lybia was a “good” thing), etc.
GM gets a big bailout and deemed success. I will never buy a GM, ever.
GE gets a big bailout and pays no taxes. I will never buy another GE appliance.
Banks gets a big bailout and now it is determined they need more. I’m ready to yuck I am so disgusted at all this scheming and stealing from the tax paying public.
Government Motors was a success for Oblunder so he then gets Government Electric and their CEO on his team and he just won’t stop the rape of the citizens.
By the way look at how badly GE stock has done since Imelt took over from Jack Welch and Oblunder trusts this guys judgement?
Smokey says:
April 2, 2011 at 2:22 pm
“To increase sales of obammy’s GM electric clown car dealers are now including in the 45k price a trailer and generator to tow behind so you can keep it charged up and maybe drive 50 mi.,…………………..pathetic waste of money!”
Wow…nothing like knowing absolutely nothing about something while criticizing it. Idiot.
Thanx for stinking up for the fantastic chevy dolt …..dipshit