GM recovery is a sign of Obama's ineptness (Congress, enemies, companies)
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All told, the Obama administration has given GM $100 Billion.
Quote:
$50 billion in TARP bailout funds, a special exemption waiving payment of $45.4 billion in taxes on future profits, an exemption for all product liability on cars sold before the bailout, $360 million in stimulus funds, and the $7,500 tax credit for those who buy the Chevy Volt. GM’s share of other programs is harder to quantify but includes, for example, some of the $15.2 billion that went to Cash for Clunkers. Those costs are in addition to the billions taken from GM’s bondholders by the Obama administration.
$100 Billion to a company currently worth $46 Billion...
I posit that any company will turn around at least a bit when they get a mountain of cash thrown their way, reduced taxes, erasure of bonds owed etc....
Yes, but Obama said that GM paid back it's loan, isn't that a big deal.
You are forgetting that Obama is a pathological liar and is highly disingenuous.
Quote:
Claims that GM paid back its TARP loan are true but misleading. President Obama clearly wants to create the impression that all the money given to the auto companies has been paid back. But the $6.7 billion loan to GM was just a tiny fraction of the money given to it. As TARP special inspector general Neil Barofsky explained, GM used “other TARP money” to pay off the loan.
Well, didn't Obama say that the bailout of GM saved 1 million jobs? That makes it worth it! Except, remember, Obama is a pathological liar. There are only 717,000 total auto jobs in the country and that includes Ford, Toyota, small suppliers, etc.... AND Obama's own advisers said that if GM went through a normal bankruptcy, they would only lose 10 to 20% of GM's jobs and GM's supplier companies...
Per Obama's own economic adviser's the best case scenario is that the bailout cost $780,000 per GM/GM supplier job saved.
But, at least they fixed problems with GM right? Actually the GM CEO at the time and Obama's car czar both said that they didn't do enough to address the problems that led GM to go through bankruptcy during the bail out.
That is Hope and Change right there -- throwing money at it, reducing taxes, eliminating some bonds owed, etc...and not fixing enough of the structural problems. You have a problem? We have a mountain of cash!
wasn't it Bush who was president during the initial TARP cluster??
Good grief. Do you blame Obama when you're constipated?
EXCUSE ME....
wasn't it Obama who was president during the vast majority of the bailout and Obama who set the terms of the bailout and Obama that gave you warm fuzzies in your heart when he took credit for GM during the 2012 campaign??
Good grief. Do you make excuses for everything Obama does?
P.S. GM officially filed for bankruptcy on June 1, 2009 on Obama's watch (not his fault) - and the vast majority of the $100 Billion thrown at GM, was done by Obama (his choice and his fault how he handled it).
wasn't it Obama who was president during the vast majority of the bailout and Obama who set the terms of the bailout and Obama that gave you warm fuzzies in your heart when he took credit for GM during the 2012 campaign??
Good grief. Do you make excuses for everything Obama does?
P.S. GM officially filed for bankruptcy on June 1, 2009 on Obama's watch (not his fault) - and the vast majority of the $100 Billion thrown at GM, was done by Obama (his choice and his fault how he handled it).
Actually NO. Not for the GM deal. Bush did all that before leaving office.
Now that Omnibus thing, or what ever they called it, was just to bailout all those big wigs that got Obama elected.
Bush actually made money for the nations treasury, on the bank bailout. So it makes his deficit numbers were much lower than is constantly reported by the progressive media. 900 billion, down to 520 billion.
wasn't it Obama who was president during the vast majority of the bailout and Obama who set the terms of the bailout and Obama that gave you warm fuzzies in your heart when he took credit for GM during the 2012 campaign??
Good grief. Do you make excuses for everything Obama does?
P.S. GM officially filed for bankruptcy on June 1, 2009 on Obama's watch (not his fault) - and the vast majority of the $100 Billion thrown at GM, was done by Obama (his choice and his fault how he handled it).
No, I don't. I think both Bush and Obama are a bunch of tools.
wasn't it Obama who was president during the vast majority of the bailout and Obama who set the terms of the bailout and Obama that gave you warm fuzzies in your heart when he took credit for GM during the 2012 campaign??
Good grief. Do you make excuses for everything Obama does?
P.S. GM officially filed for bankruptcy on June 1, 2009 on Obama's watch (not his fault) - and the vast majority of the $100 Billion thrown at GM, was done by Obama (his choice and his fault how he handled it).
You do realize that GM had been in the works with Congress for over a year trying to get an auto loan package correct? That wasn't the first time they had to be bailed out either. And it was 50 billion, not 100, half of which was spent by the Almighty Bush. No surprise that the facts would be fudged given the right wing rag you are using as a source.
Actually NO. Not for the GM deal. Bush did all that before leaving office.
Now that Omnibus thing, or what ever they called it, was just to bailout all those big wigs that got Obama elected.
Bush actually made money for the nations treasury, on the bank bailout. So it makes his deficit numbers were much lower than is constantly reported by the progressive media. 900 billion, down to 520 billion.
What is it today? 4 trillion?
Actually, no.
Obama waved $45,000,000,000 in back taxes, current taxes and future taxes for GM in 2010 -- not Bush.
Obama indirectly gave GM money through a $7,500 tax credit to people who bought the Volt.
Obama indirectly gave GM money through cash for clunkers.
Of TARP money, Bush gave GM 18.4 Billion of the $50 Billion - the rest was from Obama.
That was an Eric Holder deal to screw the big bad shareholders and to reward the unions, for their support of Obama.
Remember, and I quote, "reward our friends and go after our enemies?"
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