White House cheering $14B loss to taxpayers in auto bailout

Yep. Ths is not a joke. They are CHEERING for a loss.

White House promotes auto bailouts, cites paybacks

Taxpayers will lose about $14 billion in the government's $80 billion bailout of Chrysler and GM, the White House said Wednesday, portraying the outcome as good news since the losses are far lower than originally anticipated.

A report by the president's National Economic Council noted that as Detroit automakers rebound, the taxpayers' loss from the bailout will be about $14 billion, or less than 20 percent of the $80 billion that the Bush and Obama administration used to prop up the companies in 2008. The Treasury Department had expected losses closer to 60 percent.

So Bush and Obama admits they KNEW from day one that it was a waste of taxpayers money, yet they lied about it and went forward.

They are admitting they are crooks and don't care about American taxpayers...

GM and Chrysler make crappy cars. They ran their business into the ground. When you run your business into the ground, YOU GO BANKRUPT, PERIOD.

they should have better economists, if they lent them %20 less, they'd have no losses.

money for healthcare, schools and jobs. the government is broke. corporate lobbyists need money, 700 billion pop out of nowhere.

Here you can watch Obama laughing at this very issue. For maximum effect feel free to click on the 5 sec mark over and over again, that will make you feel great.

Originally posted by The_Phantom
Here you can watch Obama laughing at this very issue. For maximum effect feel free to click on the 5 sec mark over and over again, that will make you feel great.

edit on 2-6-2011 by The_Phantom because: (no reason given)

Why click the 5 second mark when you can hear your president speaking about how Iraq, where men died in front of my eyes, is not that big of a "problem" for him.

I'm so disgusted that my retirement certificate has his name signed on the bottom. I haven't hung it up yet. I might even burn it.

reply to post by Vitchilo


I fail to see how we can have a loss at all as long as the companies are still in business?

They still exist.

They still sell cars.

They still owe us money. Period.

reply to post by Rockpuck


They may still owe us money, in theory.

But...who's going to make them pay?

Yes but the fact that they still can pay the loan back doesn't fit in with anti-democratic sentiment so they ignore the truth. That is normal for them just check out fox news.

Originally posted by defcon5

The following is my opinion as a member participating in this discussion.

IMHO, this had a lot more to do with bailing out the Obama’s Union buddies then it did bailing out the actual companies.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.

DITTO

reply to post by Vitchilo


Wait I've got a chrysler sebring convertible, it's a piece of crap, but that is because it's so old. It still gets me around after 153,000 + miles (never rebuilt). So, no the chryslers are not peices of crap, now chevy they're pieces of crap I had my maybe 6 year old cavalier less then 153, 000 original miles and had to rebuild the engine cause it blew a crack in the engine (it sucked oil like water)!
Rant over...
Anyway, we lost 14 billion dollars and that is okay, plus every person in the US would have to send 4,700 and some odd dollars (I think was posted in another thread) to pay the national deficit? But, they took(lost) oh approximately 21.4 million dollars per person from us already? No wonder we are SCREWED!

They have to cheer it. It was their idea and their creation.
It has to be spun somehow to make it seem ok and good.

Originally posted by defcon5

The following is my opinion as a member participating in this discussion.

IMHO, this had a lot more to do with bailing out the Obama’s Union buddies then it did bailing out the actual companies.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.

Interesting theory that President Bush would have been so concerned with appeasing then candidate Obama's "union buddies".

The auto industry bailout was passed under the Bush administration in September and December 2008.

President Obama took office in January 2009.

The second, and lesser, of the Auto industry bailouts for 17B passed by the Bush administration was scheduled for disbursement in January and February of 2009, after President Obama had taken office, but a US President is not a dictator and the government was still obligated to deliver on legislation that was passed by the previous congress and the Bush administration.

If we ignore the glaring fact that the Obama administration simply delivered on obligations from a previous congress and president as they were legally bound to do and still try attach the disbursements under his watch to President Obama, then fair is fair and we should acknowledge that the Obama Administration has actually recouped a significant profit on the portion of bailout that was disbursed under his watch!

Also, as has been already pointed out we continue to have the ability to recoup the remaining money.

This article seems to have an egregious amount of inaccuracies spun with partisan intent.

I think America, the cultivators of the automobile industry should cease to have an automobile industry!
I am so disgusted, this is a tragedy

and you guys want this same administration to take care of universal healthcare when there is this and the fact that they couldn't even manage cash for clunkers?

Here's more good news
www.msnbc.msn.com...

People will still praise him, that's the worst part of it all

Originally posted by Indigo5
This article seems to have an egregious amount of inaccuracies spun with partisan intent.

Your post seems to have an egregious amount of inaccuracies spun with partisan intent.

You see, in 2008 Bush was a lame duck President and Congress was heavily in Democrat hands. Obama was a part of that Congress.

The main problem with U.S. politics is people who ignore that both parties are full of crap. The contents of the Kool-Aid marked (R) is exactly the same as the contents of the Kool-Aid marked (D).

reply to post by Vitchilo


Although this pisses me off....It doesn't surprise me....Lie after lie after lie after lie anymore!!! Deny Ignorance and research whatever you are interested yourself....You all know what I mean, don't join the sheeple in believing what the masses want you to.....