DNC to Promote 'Success' of Auto Bailout
The DNC has plenty of good elected official seats still available.
From Politico’s Mike Allen:
The (Convention planning) documents also give a glimpse of what parts of Obama’s record will get the most attention in the campaign, with one piece — the auto bailout — rating several mentions in the plan....
President Barack Obama claims the $82 billion auto bailout “created or saved” one million jobs. But this is the Administration that claimed the $1 trillion so-called “Stimulus” bill “created or saved” jobs - in non-existent Congressional districts.
The administation spent $80 billion on “green jobs” - but couldn’t define what a “green job” was. And when they finally started defining it - counted things like oil industry lobbyist, bus driver and garbage man. Suffice to say, President Obama and his Democrat cohorts have a long history of being...disingenuous. And having a great deal of difficulty with math.
We think the auto bailout rates several mentions - though we’re sure ours won’t come up at the Charlotte, North Carolina Democrat Lie-A-Thon. Behold:
Taxpayers are poised to lose over $42 billion on the $82 billion auto bailout. President 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.
President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts, a huge contributing factor to GM going under in the first place - and are again, predictably, helping to wreck the bottom line.
More from Politico:
Each night of the convention will include a star turn for what planners call “real people” — for instance, an auto worker whose job was saved....
Will that auto worker be Chinese? Because that’s where General Motors (GM) is doing most of its hiring along with funding celebratory movies of the Communist Revolution.
Back here in the States, President Obama promptly killed about 100,000 American jobs because Joe and Jane SixPacks were guilty of working at auto dealerships that were owned by Republicans. There is nothing like crushing middle class Americans to mete out a little political payback.
Want to bet most of those dealership workers were non-union? It would fit - President Obama cut the pensions of non-union GM-subsidiary Delphi’s employees by up to 70%.
Some more facets of President Obama’s auto bailout “success”:
The Taxpayers 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 share and are now around $20 per share. This sets us up for a nearly $17 billion loss – just on the stock.
90+% of GM auto loans are now of the Freddie Mac-Fannie Mae-esque subprime variety - made to people whom GM and everyone else know can’t pay them back.
GM in 2010 launched a venture capital division which is investing in fabulously successful things like...solar panel companies.
In fact, no company registered more (non-)green (non-)energy patents than GM in 2010.
And then - there’s the Chevrolet Volt:
Chevy 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, two Buick hybrid sedans, a Yukon, a Chevy Malibu Eco, a Chevy Tahoe, two Chevy pick-up trucks, and a Cadillac Escalade. Misery, of course, loving bankrupt company.
As of November of last year, the total Chevy 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.
And on, and on. President Obama says he wants to do what he’s done to the auto industry - to every industry. Whether it’s intentional destruction or inadvertent incompetence - he should not be given a second chance to give it a go.