It's a sign of grim times indeed when the Obama administration is touting a potential $14 billion loss to the taxpayers as a great economic success.
The White House is running on its auto bailouts as courageous acts that saved the industrial Midwest. It's a telling point of pride. In bragging about the bailouts of GM and Chrysler, the administration is boasting of a process shot through with lawlessness and political favoritism -- not to mention reckless disregard for taxpayer dollars.
The administration believes it trumps all criticism with one data point: GM and Chrysler are still with us. GM has even been making money, and had the biggest IPO in American history last November.
The President saved over a million jobs and the automakers are making money now. Some people think saving jobs are not important and we all know who they are.
ReplyDeleteYou dumb hillbilly read the link above or is that too much of a simpleton task: QUOTE:
ReplyDeleteU.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.
FINANCIAL, BANKS ECT. DUMB ASS, NOT JUST THE AUTO SECTOR! I WAS TALKING ABOUT THE AUTO SECTOR ONLY. Go back to school and learn how to read. Or is that too much of a simpleton task?
ReplyDelete1:18 are you that NUMB? The auto industry bailout was a SCAM. GM SIMPLY USED OTHER BAILOUT FUNDS TO REPAY A BAILOUT LOAN. Yep, taking cash out of one pocket and putting it in another – all of the cash is taxpayer cash – not GM earnings. STUPID POSTER do some GOOGLING!
ReplyDeleteHere 1:18 I know how stupid you really are READ THISBAILOUT SCAM
ReplyDeletesales at GM are counted when an auto is shipped to dealer? stuffing the lots is counted as sales..what can't simply continue do to lack of space will end. I still think all taxpayers should get a free volt though. didn't they also issue stocks and use that money for paybacks..and their stock went up-at first, then dropped? why would anyone have bought it, because of sales in china? which are now slowing dramatically...oh darn...burnt again. and what was this economic deal with S. korea? GM and chrysler to build/ship auto manufacturing there...we'll see in the longer run how many jobs saved only to be lost later i guess, cans kicked, later fall to pavement, it's gravity man LOLOL
ReplyDeleteAnyone that listens to fox news backs republicans, now lets see, take medicare away from old people and give them a $15.000 voucher that will only be good for one hospital visit, after that they are sent home to die if they need more care unless they are rich. Is that the way we want to treat our seniors that have worked hard all their lives. Crush unions that only want to make a fair wage taking them down to walmart levels. People working for low wages hate how much they make but on the other hand they also hate union workers because they make more, a vicious circle.
ReplyDeleteI don't give a shit how much money you throw at it!
ReplyDeleteIn business; MARKETS will ALWAYS in the end, decide
Something most politicos; having never held a
real job, run a business or having to balance a set of REAL books - would know.
They WILL be back - just like Chrysler has been
and whom is now addicted - just like the trillions that have been pumped into the labor unions and more trillions that have been pumped
into minority ghettos
It NEVER works; because in the long run; the markets will decide; might take awhile; but
they will decide
In our current economic implosion; they are starting to be heard
Loud and clear
“People working for low wages hate how much they make but on the other hand they also hate union workers because they make more, a vicious circle.” says 4.46
ReplyDeleteMost unionised workers now work for the government.Naturally the government must look after its own servants with bribes, it prevents potential unrest in an economic downturn as goverment workers are contented cows.
Indeed a lot of lower paid or underemployed
workers and lower middle class are jealous of the bribed Obama loving national socialist SEIU in secure government jobs and have contempt for other corrupted unions like the Autoworkers exercising electoral muscle in class collaborationist deals with political parties.
But ah, the labor aristocracies unions in a corporate states auto plants after a bailout .
Are all unionised auto workers now equal?
Old Social democracy style equal pay for equal work unions ,or labor aristocracy National Socialist corporate state unions ?
Wasn’t the union agreed deal made with Obama to preserve some of the wages and retirement benefits of the old union labor aristocracy Auto-worker members ,while any newer workers get employed on lower wages and conditions?
What a "workers Union"!
Now two castes of workers are created the old and the new lessor paid underclass union members .
Then ,after the deal for setting up the two castes of workers the unionised lower wage factories has settled down the factories
are handed back to their owners.
As the ol boy caste retires with therir benifits intact,the owners have, over time ,an increasingly larger caste of lower wage workers helping GM in paying off the benefits of the ol boys!
That could be a profitable industry !
Obama has done a great job for his masters but,
for the newer low caste auto workers not so much!
As for the "million jobs" the Democrat national socialist Messiah/leader has “saved” managing the Republican Bush arranged bailout for the financial sector by socialisng their losses ,it seems funny that unemployment is still in the millions and jobs in the economy are increasingly minimum wage and hard to find .
Even in the Auto industries lower caste.
By the way 5.25
Unionised workers are a small minority the trillions seem to have been pumped into Wall and banksters bonuses and for propping up the property values of the middle class after the wall st ponzi morthgage bond system crashed .
All the money that I see going to the ghettos is food stamps and unemployment benifits because the economic system has failed.
4:46PM "Anyone that listens to fox news backs republicans, now lets see, take medicare away from old people and give them a $15.000 voucher that will only be good for one hospital visit, after that they are sent home to die"
ReplyDeleteThe voucher is for them to BUY/Help Buy Private insurance you Dummy. That is $1250.00 per month to buy a policy.Very good sum especially if they remove the barriers to buying Health Insurance across state lines {Increasing competition/lowering prices}
That money has been pumping into Unions and ghettos since right after ww2 - you people seem to forget; ALL monies come out of the pockets of productive wage earners - period ! When a union
ReplyDeleteemployee is making 40 bucks an hour to install
a washer on a bolt all day and loses his job because they'll do it in China for 4cents and not
40 bucks; we lose the whole way around.
Food stamps and Unemp comp are all monies - coming out of what's left of the working man's pockets; the rest is borrowed regardless of actual or percieved ( printed, exchanged)
Therefore our debt problem - we can no longer afford these programs as they do not work
The market ( in this case global) will dictate wages in the end. And all these programs ARE A
REAL COST added to the gross price of goods and
services.
Walter Williams ( a black man ) has 2 excellent books out on why these programs are an utter failure and has done extensive research on the
subject. I suggest you read them.
White middle class fantasy economics 8:24
ReplyDeletethat blame the cost of the underemployed on food stamps people living in ghettoes as the cause of the economic crisis .
As if the cost of deficit spending for wars and subsidies for banksters had nothing to do with the collapse of a Ponzi economy.Where the mostly white house owners can no longer supplement their incomes by using their house as an ATM to increase their credit.
“Therefore our debt problem - we can no longer afford these programs as they do not work.
These programs for supporting the underemployed with government handouts are the result of a failed “free market” capitalism exporting American industry and jobs to the third world.
That money has been pumping into Unions and ghettos since right after ww2 –
?????
?
The money was pumped with government backed mortgage loans into creating white suburbia housing estates in the 50s. Restrictions on racial lines on who could love in these estates was common.
Thereby dividing american housing into white suburbia and those left in the Ghetto where rents have always been good for the property owner slum land lords .
Mostly blacks did not qualify for these mortgages as their wages were less owing to racial discrimination and were stuck in the ghetto. .
Some still believe or dream that Americans still love in a “free market” economy. even after a financial coup to socialize the losses of capital.
In fact America is in an economic debt crisis because of the free market for capital created a Ponzi debt ridden economy living on credit
after capital exported its industry and jobs for the short term profits of capital and financed American consumption by usury and imported capital investing in American debts.
Now that the foreign credit supply is drying up as the dollar hegemony implodes and the housing bubble values crash, debt ridden Americans can no longer afford $40 dollars an hour plumbers ,black or white it “adds” little value to the houses now.
Free market fantasies and “austerity” wage and welfare cuts in a corrupt corporate state
will not create a recovery in a bankrupt
militarised/war
economy that without its old industry and a credit supply
creates little profitable physical real world commodity wealth or profits.
but now "prints its profits" ,by more debt creation, the printing of money for deficit spending by the Treasury and Fed out of fresh air.
This money flows to the debt
bondholders and props up middle class property and share values only a small part of that money flows to the ghetto.
Its mostly a 'free market"
welfare state for banksters and the white middle class property owners that get the trillions.
How much welfare money and tax income supplements now flow to white suburbia?
Lets just take everyone down, union workers and anyone making a decent middle class wage to walmart levels then we will all be in the same boat going down shit river. Oh and be sure to cheer on the corporate ceos and all that helped get us to the bottom. The jealous people on this site are helping the rich corporations move us all into slave labor.
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