Continued Fleecing of Taxpayers by Government Motors

Today, Government Motors will issue an "initial" public offering of taxpayer-owned GM stock. While the taxpayers and shafted secured debt holders of GM paid for GM's bailout, the taxpayers took about a half interest in Government Motors and Obama gave the other half to the UAW, which invested nothing. Obama's justification that the labor of the UAW workers on the line amounts to corporate capital is straight out of Karl Marx's Das Kaptial.

Today's Government Motors stock firesale means that the taxpayers will see a permanent loss of over 9 billion dollars on the GM bailout. Furthermore, it will make the UAW the largest single shareholder and corporate controller of Government Motors.

In their wildest dreams the union thugs in this country would never have imagined that a president would transfer the ownership of GM to the unions, but it has indeed occurred -- and financed by the taxpayers and secured debt holders of GM to boot!

The transfer of taxpayer wealth to unions continues unabated, and more generosity to Government Motors new union owners is forthcoming. Wait until Obama and the Democrats forgive the loans to Government Motors Ed Whiteacre lied about repaying.

GM Continues to Rob Taxpayers

GM announced today that it is taking $3,100,000,000.00 of the taxpayer money it has lying around (and lied about repaying "in full") and using this taxpayer money for purchasing a sub-prime lending firm. Recall that GM jettisoned their own dying credit arm GMAC (now the ironically named "Ally" Bank) into the TARP bailout fund.

The Obama Administration has used your hard-earned tax dollars to enrich his union enablers the UAW as surely as if he personally put their hands in your wallet. While GM is still overbloated and losing money, they are spending your tax dollars to take a profitable business down with them.

In what world turned upside down does this make any economic, financial, business, or political sense?

GM Goes "green"; Hummer Goes Red

Government Motors says that it has found a buyer for our Hummer brand - Sichuan Tengzhong Heavy Industrial Machinery Co. of Red China. The Socialists sell to Communists. Perfect. I suppose the Chinese government can pay for Hummer with some of the soon-to-be-worthless Treasury bills they have.

Now for the really funny part: GM said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.

The spate of Kool-Aid drinking going on with Government Motors is really hitting unbelievable proportions. The Red Chinese are going to ship the production tools and dies over to Sichuan Tengzhong Heavy Industrial Machinery Co. in China and fire all the workers in the U.S. Then, they will make the Hummers out of cheaper materials and sell them to the Asian and Middle Eastern markets.

The Obama Administration believes itself so bullet proof that it won’t even have to spin the loss of these jobs.

Simple Lesson Tuesday - The Value of GM

This morning, I will provide a simple lesson about why Socialists, Marxists, or Statists should not be trusted with your money at any time.

Before bankruptcy, there were 610 million shares of outstanding GM stock. The stock was trading at about a dollar a share, meaning GM had a total market value of about 610 Million Dollars. Even arguing the sum of all its parts exceeded the market value of the corporation, GM could not possibly be worth more than 2 Billion, and that is being very, very generous.

Yesterday, B. Hussein Obama agreed to purchase only a 70% stake in a corporation for $50 Billion. In what economic universe was this even arguably a rational deal for taxpayers?

This purchase is intellectually defensible only in two situations:

1. Because a Statist wishes to place a large corporation under government control; and/or
2. Because it is a political payoff to the UAW from the UAW's candidate of choice.

Under what concept of governance is this Administration operating? These actions are completely foreign to the written compacts establishing the United States. The United States are being torn asunder by current government right before our eyes.

GM to be Socialized; Taxpayers to be Fleeced

According to Obama administration sources today, B. Hussein Obama intends to use the bankruptcy courts and taxpayer money to buy GM for the UAW and GM bondholders.

Is this the Hope and Change the nation was waiting for? Naked socialism, fleecing taxpayers, and paying off political cronies like the unions? Really? Is this what that nation wanted?

If Obama is allowed to steal the taxpayer's money like this, we owe Richard Nixon an apology.

If you support Obama’s administration, you are a Socialist. Period. A red, a commie, a pinko.

Some Memorial Day this will be. Obama and his supporters are completely devaluing the lives of all who fought and died to protect the world from the slavery of Socialism. Obama is urinating on the graves of tens of thousands of servicemen who gave their last and final measure of devotion to their country to stop the onslaught of Fascistic Socialism.

Obama is foisting it on the United States with a big, red bow.

An $8,000,000,000+ Fleecing of Taxpayers

Candidate Barak Obama said in his convention speech "Our government should work for us, not against us. It should help us, not hurt us." He was lying when he said this, and he knew it.

President B. Hussein Obama now says that the $8 Billion in loans provided by American taxpayers to Chrysler should be discharged in bankruptcy, effectively becoming a gift to the UAW and Italy's Fiat Group.

Candidate Barak Obama also said "Our government should ... ensure opportunity not just for those with the most money and influence, but for every American..."

Apparently, the UAW's money and influence over Barak Obama was a temptation too great for the "messiah" to resist.

The Obama Presidency is a continuing disaster to American taxpayers. It cannot end soon enough.