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Barack and Ed’s Big Adventure

April 22, 2010 by Socialism No Comments

It’s more than I can stand.  Ed Whitacre Jr., President of General Motors is on TV crowing about having fully paid their government loan 5 years ahead of schedule, and that’s why you should do business with GM.

First, GM got $52 billion from the U.S. government and $9.5 Billion from the Canadian government and Ontario for a total of $61.5 billion.  Of this, this, the U.S. government considered $6.7 billion a loan, and $1.4 billion of Canada’s involvement they consider to be a loan. 

So here’s the deal, GM runs itself into the ground, builds crappy cars, ignores the impact of imported cars beginning in the late 1960’s, betrays its customers (think gas engines converted to diesel in the 1980’s) gives away the store to the United Autoworkers Union, promises healthcare for life, ad infinitum; then when everything crumbles down around them, they cry like a baby to “borrow” your money so they can rebuild. 

George Bush and Barack Obama both foolishly – and unconstitutionally – gave GM money that could only go to financial institutions according to the underlying legislation.  The U.S. Constitution forbids any money from the Treasury to be spend for any purpose other than what the underlying legislation prescribes.   (Section 9, paragraph 7, “No money shall be drawn from the treasury, but in consequence of appropriations made by law.”  Both Mr. Bush and Mr. Obama misappropriated federal money when they gave money to GM.)  So now, the U.S. government owns 61% of General Motors, and Canada 12%.  Barack Obama is the largest shareholder in the company – he bought the stock with your money.  He handpicked the new GM President, and now while the company still owes $53.4 billion to the U.S. and Canadian governments they have the hair to claim GM has paid the ‘loan’ back 5 years early.  The stock transfer was a loan also, because the socialist Democrat Party government we have is not selling the stock and putting the money back into the Treasury.  If GM is so great, people would be standing in line to purchase that stock.  Right?

The secured bondholders of GM bonds got 33% of the value of their bonds; the UAW which had unsecuredbonds got 100% of the value of their bonds.  Any normal bankruptcy would pay 100% of the secured bonds before unsecured bondholders got a dime – which is why Obama didn’t permit this thing to go to bankruptcy court: he wanted to steal the secured bondholder’s money so he could give it to the UAW.  In addition, he wanted to steal $45.3 billion of your money so he could exchange it for GM stock.  That way the federal government becomes the top dog at GM.  At the risk of being hailed into federal court for defamation, or being publicly denounced by Bill Clinton I would call this a gangster government.  What other term applies?

Buy a GM car?  Not a chance – I’ll keep my Ford.