General Motors: Another Crony Socialist Welfare Office
From the moment General Motors (GM) cashed in our $50 billion in auto bailout coin, Government Motors was born, and has been little more than a Barack Obama Administration Crony Socialist Welfare delivery device.
This is not Crony Capitalism, because it has nothing to do with capitalism. This isn’t picking Winners and Losers -- this is picking Losers at the expense of Winners.
The auto bailout was the government taking money from Winners – who succeeded, made money, and paid taxes – and giving it to big-time Loser GM, an entity that was a proven private sector failure, but has all along greatly benefited President Barack Obama and his Democrats.
And ever since, Government Motors has been doling out dollars and product to favored constituents, to payoff and prop up Obama-Democrat friends, and to prop up Obama-Democrat electoral hopes.
Consider who illegally received an over-share of our bailout coin: the United Autoworkers Union (UAW), a renowned Democrat Party apparatchik.
Obama's United Auto Workers Bailout
The UAW did very, very well in the Obama-bankruptcy auto bailout.
$26.5 billion of the ($40+ billion auto bailout) loss was a straight payoff to the...UAW....
The UAW received even more illegal preferential treatment.
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.....
The UAW benefited endlessly - at the expense of others who received the shaft.
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.
There were many people who received the shaft.
Obama Administration Footprints All Over Denial of Pension Benefits to Non-Union Delphi Employees
There were many, many people who received the shaft.
2009 was not a good year if you were a Republican-donating GM or Chrysler dealer.
(M)ultiple dealers who have been closed are found to have contributed millions to Republicans and mere hundreds to Obama….
It became clear to us that Chrysler does not see the wisdom of terminating 25 percent of its dealers. It really wasn’t Chrysler’s decision. They are under enormous pressure from the President (Obama)’s automotive task force,” said attorney Leonard Bellavia.
There were many, many, many people who received the shaft.
(There were) 100,000 or so dealership employees who Obama summarily fired.
(These) Joe and Jane SixPacks were guilty of working at auto dealerships that were owned by Republicans... (N)othing like crushing innocent middle class Americans to mete out a little political payback.
As these hundreds of thousands of Americans were getting the Obama-GM Screws put to them, the auto bailout did in fact begin creating jobs - in China, Russia and Indonesia.
(China is) where GM is doing most of its hiring - along with funding celebratory movies of the Communist Revolution.
GM to Invest $1 Billion in Russia Within 5 years
General Motors to Invest $150M in Indonesia Plant
Which means We the Taxpayers - all of us - received the shaft, as we were told that this bailout was meant for jobs in, you know, America.
Once bailed, the GM Crony Socialism shifted Forward.
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.
Buying those votes. Meanwhile...
GM in 2010 launched a venture capital division which is investing in fabulously successful things like...solar panel companies.
Sounds an awful lot like President Obama’s (non-)green (non-)energy “investments.”
80% of Green Energy Loans Went to Obama Donors
(N)o company registered more (non-)green (non-)energy patents in 2010 than GM.
How’s all of this working for $50-billion-of-our-coin bailed out GM?
General Motors Is Headed For Bankruptcy — Again
There are myriad more examples, but the point is by now surely made.
Government Motors has been - and remains - nothing more than yet another open window in the Obama Administration Crony Socialist Welfare Office.
One of the very few places in America where business is booming.