yeah... he robbed Peter to pay Paul!!!
Posted on 04/24/2010 3:36:54 AM PDT by Sub-Driver
Obama says auto bailouts have paid off Photo 6:09am EDT
By Steve Holland
ASHEVILLE, North Carolina (Reuters) - President Barack Obama said on Saturday taxpayer-funded bailouts of the auto industry that he approved had paid off, in what amounted to a rejection of conservative arguments against such government help.
In his weekly radio and Web address, Obama kept up the pressure for an overhaul of U.S. financial regulations, saying the promising news from the auto industry had not reduced the need for Wall Street changes.
Government bailouts of Wall Street, begun by then-President George W. Bush in 2008 and continued by Obama, have come under heavy criticism from conservatives who feel the government is spending too much money and that big firms should be allowed to fail.
(Excerpt) Read more at reuters.com ...
You Lie mr president
I agree...HAR HAR HAR HAR at him!
Well, that explains the push with all the “GM PAID BACK LOANS FIVE YEARS EARLY!” mantra we heard all last week.
It must be nice to have a propoganda arm of the government.
My left pocket paid off my right pocket. Oh boy. I feel so much better now.
Exactly. My take home pay didn’t change, did yours?
Tell that to the bond holders ...
Ding ding ding! We have a winner! First the guvmint steals GM from it’s owners, then lends itself the money to pay off a fraction of the total debt and losses!!!
“What Kind of Socialist Is Barack Obama?”
Jonah Goldberg
May 2010
http://www.commentarymagazine.com/viewarticle.cfm/what-kind-of-socialist-is-barack-obama—15421
Obama touts the success of everything he has done since he came to office.
As usual -—he lies.
It is a “success” only if that is achieved by our having less of our own money and Zero increasing his power over our lives.
They have paid off, but not for the taxpayers. So he is right, technically
Wow he sure is up early making radio addresses while on vacation. The man is a machine! /s
Seriously, when was this written?
Obama who is paying the 9 billion in unfunded union benefits? GM or US taxpayer? US taxpayer
Give GM their own printing press and cut out the FED middle man.
Paid off the UAW......
Notice this has been going on for how many days now? The repayment of the Tarp which is a government money from one pocket to the other. But they still repeat the lie... Why?
My pet theory is watch Tuesday the 27th.....
Why Tuesday? Ford's 1st Qtr Earnings.
My guess they will be through the roof (not investment advice here...) and Obama can't have that.
You see it is to much of a contrast, the mess GM and Chrysler are still in vs. the "Free Market" solution Ford took. It makes him look really bad.
Worse, it may make Mulally an even bigger hero and people will ask the inevitable question, does Mulally have a political career and IMHO he is a huge threat to Obama because he has gotten it done...
They didn’t “pay it back” they gave the government ownership interest in stock. So, we the taxpayers bought a company that has a $27 billion unfunded pension fund owed to union workers. That was probably then entire reason for taking over GM, so that the taxpayer would be on the hook to pay off that pension fund and all future pension fund obligations in perpetuity. I wouldn’t be surprised if every union worker retires with a Senatorial pension.
Yep, Lots of Zero’s cronies have been paid off, We, of course have been RIPPED off
Apparently Obama lied again. GM didn’t pay anything back.
Outrage– GM Paid Back Bailout Money By Dipping Into Separate Bailout Pot (Video)
TOTUS is a POS liar.
The people who originally loaned money to Chrysler got screwed. The contract or bond that they entered with that company was effectively declared null and void by this Administration. The written word no longer holds any meaning. We are now a nation which only honors graft and pull. When the looters have bled GM dry, who will they go after next? Oh well, who is John Galt?
Obama says auto bailouts have paid off
Oh yeah. Well Barry, I say: Space Aliens visit Earth regularly, Ghosts do exist, and Elvis faked his own death.
And the odd thing is Barry, my statement is more believable.
So stuff it you commieRAT toad.
This push to give the impression that GM has paid it all off and is back, suggests to me that a fair percentage of the American public actually was staying away from “Government Motors”.
EVERYTHING obama says is a LIE.
LLS
Just like Fanny May and Freddie Mack, when the economy takes it's real hit, (Much, much bigger than the one we are now in.) there will not only be massive real estate collapses, there will be automobile foreclosures.
Think about this for a moment.
If GM goes public and in our wildest dreams becomes an earnings machine, how long is it going to take to legidimately take to pay back the 27 billion in pension liabilities and also what they owe to uncle sugar? The total nut is what 43 billion?
Even if their earnings are 2 to 4 billion a year, that would take 10 to 20 years and literally leave no monies for R & D and product development.
This is British Leyland on Steriods, I cannot fathom how this business model transitions from the quasi-moto-fedzilla monster to an IPO to a money making company again. I cannot invision how to make this work, can anyone tell me how?
Just ask MaObama, he can spin any lie into a reality.
Since you've spent more than all the previous pResidents combined....
You have a LOT more to pay off than auto-industry bailouts, Bucky!
yeah... he robbed Peter to pay Paul!!!
When can I expect my check?
Sheesh...BO must think we just fell off the turnip truck.
Government Motors paying off their bailout with money borrowed from the taxpayers is NOT fooling anybody, BO.
GM has not made a profit yet, while Ford is doing fine without getting taxpayer funding.
Sheesh...BO must think we just fell off the turnip truck.
Government Motors paying off their bailout with money borrowed from the taxpayers is NOT fooling anybody, BO.
GM has not made a profit yet, while Ford is doing fine without getting taxpayer funding.
Out and out thievery.
Bond holders losses run from 64-97%.
What happens when those “funds” dry up? 401K’s???
“TOTUS is a POS liar.”
With no competition
GM essentially paid the interest on 52 billion
There is also a 27 billion unfunded pension
Result: Taxpayers take it in the a$$ for $79,000,000,000.00.
I have to think it’s illegal somewhere in the endless laws these clowns have written to have the gov’t subsidize a private company (GM) that’s competing with other companies not receiving gov’t handouts(Ford)
And "Chrysler" is now little more than a nameplate owned by a foreign car company.
They used to say, the worst day fishing is better than the best day doing anything else.
Sounds like your group disproved that.
Ed “I can respect that” Whitacre, you lying POS. The crash test dummies on the forklift behind you have more credibility. I have NO respect for lying POS scumbags like you and your boss...the lying POS president.
http://www.autoblog.com/2010/04/22/video-ed-whitacre-tells-america-gm-has-repaid-u-s-loans-in-new/
“GM PAID BACK LOANS FIVE YEARS EARLY!”
I heard an ad last night saying that and telling me why I should now buy one of GM’s “fine vehicles”. The spokesman acknowledged that the bailout had angered many people but that was all in the past.
It made me mad as hell and determined to NEVER purchase a GM vehicle. It was pure pandering and suggested that they recognize that they have a big PR problem. I haven’t seen sales figures for GM for the last couple of quarters, but they must really suck.
The whole ad had a kind of “we know we raped your daughter and burned down your house but we’ve turned over a new leaf so please forgive us” tone that was just sickening.
Keep reading what they put on the teleprompter Ohaha!
Obama says lots of stupid things.
See post 18..
Just my gut feel, why would they be doing a big PR campaign, that is full of prevarications (for those of you in Rio Linda that is a lie :-)) all week? Unless the free-market solution (Ford) makes them look bad, and path that was taken by them ( GM ) will bring them added scrutiny and make even more people pissed that their experiment maybe be based on a failed model and may ultimately fail....
concerning the stockholders...
their holdings were worthless
Obama overlooked one small thing. .He had the bondholders for GM paid off on cents on the dollar and then had the bonds reissued to the unions. This is nationalization on a large scale.
Obama used the bankruptcy court to do it.
EFF OBAMA.
The bail out will never be OK because of the political crime commmitted against GM bond holders.
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