Barack Obama: Losing $84 billion big success

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.”

In fact, Investor's Business Daily reported that even the White House’s Director of the National Economic Council remarked that the Treasury Department Department had a good chance in "recovering most, if not all, of its investment in" GM.

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.

GM is driving “away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion,” reported The Wall Street Journal last November.

Wow, this cant look good~

Over one year after the promises President Obama and his administration made about the auto bailout, a February piece on AutoBlog also confirms that GM will also get a $14 billion dollar domestic tax break:

www.washingtontimes.com...
www.infowars.com...

So all the while the news is reporting and the politicians are speaking about how the bailout was paid back in record time the reality is that the bailout just keeps flowing one way and will for the foreseeable future? All they did was change it's label and "source."

Nice.

reply to post by thisguyrighthere



Please show me ANY sort of hard factual evidence to these claims, and or show me an article NOT on the "Blogs" section of a news website. Opinionated answers are hardly sufficient enough for a viable claim.

reply to post by Zarathustria


In the Washington Times article there are links to a Congressional Oversight report and a WSJ article from a month back.

Better than a blog?

There is a lot of irony in this report.

Not surprisingly, a congressional panel found in a report that when it comes to the auto industry bailout, the Obama Administration is damned if it does and damned if it doesn’t. At least, that’s the main conclusion. But the report’s conclusions are so varied, it gives new meaning to the phrase “a horse designed by a committee.”

One of the main criticisms in a report from the watchdog Congressional Oversight Panel is that the U.S. Treasury was too quick to sell a bloc of GM shares in GM’s recent IPO. The government should have held onto its shares to wait for a better price, the report said.

Yes, this is the same U.S. Congress that disliked the idea of GM as “Government Motors” and criticized the administration for taking control of a private corporation. Presumably, that same Congress would have wanted Obama to sell as quickly as possible.

www.bnet.com...

The Obama Adminsitration did what the public wanted and sold the majority of it's shares in GM and returned it to a "private corporation" and it is likely that the remainder of the shares will be able to be sold at a profit that will cover the initial investment, tax breaks included.

The Congressional Oversight Committe was dead wrong about how much they thought the taxpayers would get back thus far...we have recoverd a great deal more of our investment than predicted...and I have no reason to believe they are in any better position to predict the economic future of GM than they were the last time they tried and failed.

In short...these guys are dumb and they have already proven it once with thier last report.

reply to post by Zarathustria


Just so you know, Kerry Picket who wrote the article is very educated and experienced:

Kerry Picket is the Editor/Blogger of the The Water Cooler, responsible for audio and visual editorial-commentary content and interfacing with the Web. A graduate of Denison University, she was at the Media Research Center as an associate producer for the video-sharing site Eyeblast.tv and a blogger for Newsbusters.org. Before that, she produced news content for Robin Quivers of "The Howard Stern Show" on Sirius satellite radio, wrote copy for MTV Radio, and worked as a production assistant at MTV.com.

Further, do you not know, that many people throughout the globe have turned to blogs, social sites ( much like ATS ) for their news. Those very same people choose not to par take in the MSM lies. So now your looking for a new source to blame huh? You have no other arguments to defend Obama, so you attack the source?

[SNIP]


Mod Note: Courtesy is Mandatory – Please Review Link.

Problem Solved!!!!

Go buy a Chevy Volt and collect your $7500 tax credit. That way GM gets to artificially pump up sales figures AND list the $7500 into the profit column. What a great deal!!

Come on everybody shell out your $33,500 for a great car (overpriced Chevy Cruze with a battery)

Originally posted by Whereweheaded
reply to post by Zarathustria

 

Just so you know, Kerry Picket who wrote the article is very educated and experienced:

Kerry Picket is the Editor/Blogger of the The Water Cooler, responsible for audio and visual editorial-commentary content and interfacing with the Web. A graduate of Denison University, she was at the Media Research Center as an associate producer for the video-sharing site Eyeblast.tv and a blogger for Newsbusters.org. Before that, she produced news content for Robin Quivers of "The Howard Stern Show" on Sirius satellite radio, wrote copy for MTV Radio, and worked as a production assistant at MTV.com.

Further, do you not know, that many people throughout the globe have turned to blogs, social sites ( much like ATS ) for their news. Those very same people choose not to par take in the MSM lies. So now your looking for a new source to blame huh? You have no other arguments to defend Obama, so you attack the source?

Maybe your simpleton mind is better off watching re-runs of Sesame street?

You are spot on!!! The only reliable sources of any reporting and investigations are the independent news sites nowadays. The days of hard nosed, just the facts reporting are long gone in the MSM. The 2008 MSM campaign to elect Obama put the final nail in that objective reporting coffin. Now, the batttle of blogs is due to dominate this next election cycle due to the glaring bias that was exposed in the MSM during the last election.

reply to post by Whereweheaded


When the majority of people start looking elsewhere for their news (blogs, forums, etc.), the MSM will infiltrate these sources too, or they'll create laws which forbid reporting current events without having a 'journalistic' license. Those who need you to get your news from them will find ways to deliver it to you in any way possible. Will they start making posts on ATS? Creating 'amateur' blogs? Tweeting? You-Tube videos? They'll do whatever they have to do to steer you in the 'right' direction. Does that sound paranoid enough? Everything should be approached very cautiously.

P.S. Photo and video evidence isn't what it used to be. Too easy to manipulate. Can't trust anything 100% anymore.

I feel sorry for people who will turn to blogs to get there opinions. The nice thing about ATS when used right is people will post links to stories that you can trace back to the source to make your own judgment on the facts. News sources on MSM have been getting there news from the very same blogs you say you want to get your opinion from now that you don't like the MSM? Lets investigate the sources for info not just get opinions from blogs. Dare to be different!!!

reply to post by 2manyquestions


I fear you might be on to something there! The MSM knows no boundaries.