Obama Promises More Bailouts

Think Obama saved Chrysler and GM?  Look out, he wants to do the same thing for every American business.  In Colorado today, Obama touted the GM recovery and then said he wants to do the same thing for every industry.  Obama repeated the claim that GM is #1 again because of him.  Of course, that isn’t true anymore, but when did truth ever stop Obama?  Obama, who invested billions in taxpayer stimulus dollars on foreign countries, claimed that Romney didn’t have private sector experience.  He said instead that Romney had only invested in companies, some of which were pioneers of outsourcing.  Of course, Obama is referring to his previous campaign lie that Bain companies outsourced jobs while Romney was still there, a claim that has been debunked by The Washington Post and others.

government motors

Obama: Let’s do it again

So what was so great about what Obama did for GM?  Do we really want him doing that for every industry?  For example, do we really want him taking taxpayer dollars to buy stock in major corporations in every industry?  In order for the US to break even on the GM bailout, Obama would need to sell the government owned GM stock at $53 per shareIt is currently at about $20.  I don’t know about you, but if I had a choice I would fire Obama as my financial adviser.  In fact, Obama’s “success” with GM translates to GM’s market share being at a 90 year low.

Despite Obama throwing billions of taxpayer dollars at GM to produce what he calls a miraculous recovery, they still went into bankruptcy.  In fact, GM’s unavoidable bankruptcy may have had more to do with their survival than Obama’s foolhardy stock purchase with our tax dollars.  So what would the difference between Obama’s plan and Romney’s plan have been?  Billions of dollars in taxpayer money.

GM’s recovery has resulted in the loss of 1/3rd of their brands, 900 dealerships, 13 plants, and 22,500 jobs.  Obama wants to repeat this “success” with every other American industry.

Throw in the emerging retirement scandal where the administration stole 20,000 pensions in order to pay off union supporters, and GM is a perfect example of exactly what we DON’T want for every other industry in America.  In fact, all other things being equal, Obama’s promise to repeat the GM fiasco with every other industry in America is a perfect reason to make sure he never has the chance.

If you want Obama to take your tax dollars and invest them in stocks that you personally wouldn’t buy, then by all means re-elect him.  The too big to fail industries in corporate America could use the help.  Unfortunately, Obama’s only options for a bailout of every American industry are more China debt or higher taxes on every level of income.

At least he’s not promising to do what he did with Chrysler to every American Industry.

Hit Piece Misses

The day after Scott Walker demonstrated the sheer might of the conservative vote over the power of public unions, media outlets are doing everything they can to find something else to talk about.  For example, Ross Tucker at The Exchange writes “Republicans Bungle the Battle Over Light Bulbs”.  His article is all about how Republicans are preventing Americans from saving money by preventing Democrats from making incandescent light bulbs illegal.  Apparently, the only way Americans know how to buy economically is if the government eliminates all non-economical options as determined by bureaucrats in DC.

In other news, MSNBC tried to say that the Walker win was a great thing for Obama because the exit polls that showed Walker barely surviving also showed Obama winning in Wisconsin.  Of course, Walker didn’t barely survive, but instead creamed his opponent by a 7 point margin.  If you adjust exit polling by the actual results of the election, Romney will have the distinction of being the first Republican President to win Wisconsin since Ronald Reagan.

AP highlighted Elizabeth Warren tweeting about Scott Brown’s no vote the Democrat equal pay bill that would unintentionally make more women unemployable.  I’m not sure why Warren needs an equal pay bill for women; she already got her affirmative action benefits for being a “Cherokee”.

But the best hit piece was a headline from Rick Newman at US News & World Report stating that Mitt Romney’s desire to sell the government owned GM stock would cost taxpayers $15 billion.  Or as his headline put it, “Mitt Romney’s Stance on GM Sale Would Cost Taxpayers Dearly”.  What a headline.

Newman himself reviews the reason we have GM stock in the first place, but can’t seem to make the connection that the losses to taxpayers from GM might actually be Obama’s fault.  When GM was faltering and heading into bankruptcy, instead of selling GM to Italy like he did with Chrysler or allowing them to go through the legal bankruptcy protection process, Obama funneled about $25 billion dollars into GM making the US taxpayer a Wall Street shareholder.  He did the same thing with AIG and Citigroup.

When it comes to playing Wall Street fund manager with our tax dollars, Obama sucks. I wonder what Occupy Wall Street thinks about our Wall Street fund manager-in-chief?

When GM re-emerged on the market at $35 a share, Obama did not cut our losses and sell.  Instead he held on to GM with our tax dollars.  GM has now dropped to $21 a share according to Newman’s article.  Newman admits that GM would have to reach $52 a share in order for taxpayers to recover the original money Obama invested in GM.

The premise of Newman’s article is that we don’t need any of our money back and can wait to see if GM makes it back to $52 a share.  Of course, at this point GM would have to more than double in value.  Newman thinks this could happen by the end of 2013.  I’d like to know what he is smoking and where I can get some.

Large cap stocks rarely double in a year.  Large cap stocks freshly out of bankruptcy with 60% of their common stock shares owned by a government who is just itching to sell may never double in price. Romney is wise to cut our losses.

By Newman’s own math, Obama cost taxpayers $8.7 billion by not selling when GM peaked at $39.

Newman was trying to use fuzzy math to make Romney the bad guy for cleaning up the President’s taxpayer funded investment.  Instead, he unintentionally presents a clear indictment of one more foolish Wall Street fund manager: Barack Obama.

An easy message

Is this race about to get dirtier?  The more crazy moves Obama makes, the greater the temptation will be for Republican candidates to start slinging mud at each other.  I’ve said since the start of this primary that Republicans need to focus on Obama, but so far Newt Gingrich is the only one who has been able to accomplish this.  The result is that he continues to post poor showings in the polls as few Americans are paying attention to anything he is saying.

So why are Republicans getting more comfortable attacking each other?  The right is getting more and more confident of a 2012 victory with every misstep this President makes.  I still maintain though that Republicans need to make this election about defeating Obama.  Already, Romneycare, Perry’s HPV order, and Bachmann’s gaffes are going to make it that much harder for the GOP nominee to win in 2012.  Obama has done plenty of things to run against, and I give credit to Newt Gingrich who has been pointing them out in his weekly newsletters.

I thought I would provide a refresher course to the Republican candidates to help them stay focused. For example, do they want to focus on jobs?  President Obama is the President whose policies have driven unemployment up to 9.1% while running annual deficits over a trillion dollars a year.

In the meantime, he is also the President who is blocking the opening of a US manufacturing plant in South Carolina because it is not a union factory.

He is the President whose federal agents performed an armed raid on a US manufacturing plant because they were buying materials overseas and manufacturing them here in the US instead of manufacturing them in India.  Yes, you read that right.

He is the President who took a public US corporation away from the company’s bondholders, sold the company overseas to an Italian company and gave the proceeds to the United Auto Workers union.

He is the President who unilaterally shut down US oil drilling in key areas of the Gulf of Mexico.  When a judge said his moratorium was unconstitutional and tossed it, Obama simply wrote another one.  In the meantime, he heavily invested US tax dollars into drilling operations in Brazil and promised the US would be one of their best customers.

He is the President who today proposed $1.5 trillion in cuts in private investment and consumer spending through higher taxes, after proposing $400 billion in tax hikes just a week and a half ago.  That’s $1.9 trillion in proposed tax hikes over a two week period when he was promising new policies to create jobs.  By the way, these are the same tax hikes his own party wouldn’t pass in 2009 or 2010.  All this and he is the one proposing hundreds of billions of dollars in cuts in Medicare and Medicaid.

How about government waste?

He is the President who after taking $850 billion in stimulus dollars and funneling it to unions and pet projects such as duck ponds and skate parks is now asking for another $450 billion to fix the 152 bridges he neglected with the first stimulus.

Speaking of the first stimulus, Obama is the President who invested billions of our tax dollars into various “green energy” projects that have now gone bankrupt.  And it gets worse:

He is the President who gave a $529 million taxpayer loan to a company owned by one of his biggest supporters, multi-billionare George Kaiser, despite knowing that the company was failing.  Then he restructured that loan so that when the company went under Kaiser would get paid first and taxpayers would get what was left over.

Barack Obama says we need to cut private investment and consumer spending through higher taxes because the rich need to pay “their fair share”.  But when it came to Solyndra, Obama specifically made sure that the rich got their millions of dollars back at the taxpayer’s expense.

How about in Afghanistan?

As Obama slowly draws down forces and quickly pulls out of combat roles, he also keeps fighting for cuts in military spending.  He seems uncommittedly committed to the war in Afghanistan.  Could that have any correlation to there being nearly twice as many US deaths in Afghanistan in Obama’s three years in office as there were during the entire Bush Presidency?

What about Obama’s management of the Justice Department?

While letting the black panthers off the hook for voter intimidation when they showed up in military garb with clubs at the voting booths, Eric Holder took pro-lifer’s to civil court and sued them over standing too close to abortion clinic driveways.

And of course, Fast and Furious.  This was the operation where this President’s Justice Department sold guns to violent Mexican druglords.  Those same guns were used to kill border patrol agents.  Meanwhile, Obama has sued Arizona for trying to enforce immigration laws on their own.

All that, and I didn’t even mention Obama’s disastrous healthcare legislation.

If 2012 Republican candidates feel the urge to take a swing at a political opponent, might I suggest that Obama makes for an easy target?

Oh, and one last thing.  Report@whitehouse.gov might be a thing of the past, but if you disagree with what I wrote you can always report me to Obama’s new citizen watch website, http://www.attackwatch.com.

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