Dedicated to "He Whose Name Dare Not Be Mentioned"
Saving General Motors from bankruptcy was among President
Obama’s most frequently cited achievements when he ran for re-election last
year.
(*JUST ROLLING MY EYES*)
Democrats everywhere touted the company’s revival as
proof of the 2009 bailout’s wisdom.
That was then.
Now, Obama has quietly released the auto manufacturer
from a bailout requirement that it increase its production in the U.S. Instead,
GM is spending billions of dollars building up its production capacity in ...
China.
This is happening despite the fact that the Treasury
Department has to date recovered just $36 billion of its original $51 billion
loan to GM.
* AGAIN...
This is happening despite the fact that the Treasury
Department has to date recovered just $36 billion of its original $51 billion
loan to GM.
By most analysts’ predictions, American taxpayers will be
out approximately $10 billion when the remaining stock is sold off. Which is a
long way of saying that it now appears that taxpayers paid $10 billion to make
it easier for GM to accelerate its foreign outsourcing and send more
manufacturing jobs to China.
* ONE MORE TIME...
...taxpayers paid $10 billion to make it easier for GM to
accelerate its foreign outsourcing and send more manufacturing jobs to China.
* VIA OBAMA'S COMMAND! VIA A DEMOCRAT-CONTROLLED HOUSE
AND SENATE!
Here’s what happened: In exchange for the bailout in
2009, GM promised to meet certain domestic car production targets over the next
four years.
* "TARGETS." (AND WHAT IF THE
"TARGETS" WEREN'T MET...??? KEEP READING!)
The obvious point of this stipulation was to ensure that
GM jobs remained here at home and weren't shipped overseas.
The production targets started at 1.8 million in 2010 and
were supposed to rise to 2.26 million by 2014.
* "SUPPOSED TO."
GM repeatedly missed the targets, beginning with an
81,000-unit shortfall the first year.
* OOPS...
Production increased thereafter, but never quite enough
to meet the targets.
* SUCH A SHAME...
Last year, GM fell about 13,000 cars short of its 2
million target.
* AND THE PENALTY...??? (HEY... FOLKS... YOU'RE READING
THIS JUST AS I READ IT... FROM FIRST WORD TO LAST...)
How did it do this year?
GM refuses to say.
* ONE... MORE... TIME...
GM refuses to say.
* AHH... WHAT THE HECK... ONE LAST TIME...
GM refuses to say.
(*PURSED LIPS*)
But in February, GM announced in its annual report to
shareholders that Treasury had agreed to “irrevocably waive certain of its
rights” regarding the federal loan.
* DAMN THAT'S NICE OF THE OBAMA TREASURY, AIN'T IT?!
(DIDN'T GM - OR PERHAPS ONLY THE GM UNIONS - GET AN OBAMACARE WAIVER AS
WELL...??? OH... NEVER MIND... WE'LL SAVE THAT TILL ANOTHER DAY.)
These included “certain manufacturing volume
requirements.”
* UH-HUH...
Guess what happened next?
* I'M READING!
GM announced in June that it would stop releasing its
North American production figures altogether.
(*CLAP...CLAP...CLAP*)
The same month, GM announced it would boost its output
from its China plants...
* CHINA...? IS THERE AN AMERICAN CITY NAMED
"CHINA?" A TOWN? A COUNTY? (THEY COULDN'T BE REFERRING TO THE FOREIGN
COUNTRY OF CHINA... COULD THEY...?!?!)
...by 70%.
* BY 70%...!!!
(*CLAP...CLAP...CLAP*)
It is not just selling Chinese-made cars to the Chinese,
either. GM is nearly doubling its export production capacity there from 77,000
units to 130,000.
(*SILENCE*)
* BY THE WAY, FOLKS... TYPICALLY THESE DEALS INCLUDE THE
U.S. FIRMS "SHARING" ALL THEIR MANUFACTURING TECHNOLOGY WITH CHINA. (YES...
INCLUDING TECHNOLOGY THAT HAS MILITARY APPLICATIONS, AS MOST TECHNOLOGY DOES IN
ONE WAY OR ANOTHER.)
It doesn’t take a Ph.D. in economics to see what is
really going on. GM cannot make the domestic production targets and still turn
a profit. It wants to be spared the embarrassment of having everyone know that.
Obama, who is in this as deep as anyone can be, doesn’t want the embarrassment,
either. So both buried the news.
* WHO CARES ABOUT "EMBARRASSMENT." AMERICA AND
AMERICANS HAVE ONCE AGAIN BEEN BETRAYED!
It is yet more proof that Mitt Romney was right in the
2012 presidential campaign: GM should have gone through a traditional
bankruptcy instead of the politicized farce of a taxpayer-funded bailout and
government managed “bankruptcy.”
* OF COURSE HE WAS RIGHT! (OR... AS I PREFER TO PUT IT...
I WAS RIGHT!) BUT WHO CARES?! THE POINT HERE IS THAT THE FIX IS IN AND OBAMA IS
THE FIXER! (AGAIN... THE TREASURY WORKS FOR OBAMA.)
The TARP funds involved could have instead been used to
provide liquidity for a managed sale to a private buyer that minimized the
opportunities for political interference in the new GM’s operations.
* TARP. (I OPPOSED THAT AS WELL!) FORGET TARP. LET'S
STICK TO WHAT A PHONY BASTARD OBAMA IS...
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