DNC TO PROMOTE 'SUCCESS' OF AUTO BAILOUT

The DNC has plenty of good elected official seats still available. 

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.

Chevy Volt

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.

Via Breitbart

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Obama’s GM ‘Success Story’ Headed for Bankruptcy?

On the campaign trail, Barack Obama’s signature definition of “success” is the government bailout of General Motors. “I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he told an audience in Pueblo, CO last week. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.” That pronouncement should send a shiver up the spine of every American, due to an inconvenient reality: according to Forbes Magazine, GM is likely headed for bankruptcy all over again.

The numbers are stark. The 500,000 shares of GM stock, comprising 26 percent of the company owned by the government–or more accurately the American taxpayer–sold for $20.21 on Tuesday. This left the government holding $10.1 billion worth of stock representing an unrealized loss of $16.4 billion. Even worse, in order to reach the break-even point, the stock would have to sell for around $53 per share.

The numbers remain in flux. As Investors Business Daily reveals, the Treasury Department continues “to revise upward the staggering losses inflicted on U.S. taxpayers.” They further note that the same day GM announced it was recalling 38,000 Impalas used by police in both America and Canada, due to a possible crash risk, a new Treasury report forecast that losses for GM were expected to reach $25 billion, which is $3.3 billion more than predicted earlier. Furthermore, since that report was based on GM’s stock price at the time of the report–15 percent higher than it is currently–those losses are likely understated.

Via: FrontPageMag.com

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