Tuesday, December 10, 2013

Obama's Auto Bail-Out Cost Taxpayers $15 Billion Dollars

While the US taxpayer actually made billions of dollars on the Bank Bail-Out, initiated by President George W. Bush, as all of those monies were paid back with interest, Obama's Auto Bail-Out of GM, Chrysler and related companies cost taxpayers about $15 Billion.  Such a deal!!  Most important, Obama stole GM and Chrysler from the bond holders, in an unprecedented asset grab and gave it to the Auto Unions, his PEEP's and FIAT, an Italian car maker, for little or nothing.  This was not much different than what happened in Communist countries when they expropriated private property without compensation.

So American taxpayers, as GM sits on $27 Billion in cash and is prepared to pay big bonuses to their employees, gave the Auto Unions a $15 Billion Gift, from our hard earned money, as an Obama Pay-Off for their support in his election campaigns.  Now of course, all of the Unions are asking to be exempted from ObamaCare, which Obama is likely to do before the 2014 election by Executive Order. 

What we have in the United States is crony Capitalism where Obama and his Socialist Pals in government pick winners and losers based on campaign contributions.  The corruption in Washington DC has never been worse.  The Auto Bail-Out, which should never have happened at all is just one more example of Obama playing fast and loose with our money.  And, what did it achieve.  GM and Chrysler filed bankruptcy anyway.  Detroit City, GM's Headquarters location, is bankrupt.  In both cases, the bond holders and the American taxpayer paid the price for failed Socialist Schemes.  So what's new.   It is going to happen with ObamaCare and it is happening with all of Obama's loans and subsidies to Green Energy companies. 

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