Stupid: General Motors plays a shell game

Here’s one for the “Stuck on Stupid” file that seems to be getting bigger and bigger by the day.

AP Headline: Gas in the tank: GM repays $8.1B in gov’t loans

Quote:

WASHINGTON – Fallen giant General Motors Co. accelerated toward recovery Wednesday, announcing the repayment of $8.1 billion in U.S. and Canadian government loans five years ahead of schedule.
The Obama administration crowed about the “turnaround” at GM and fellow bailout recipient Chrysler LLC, saying the government’s unpopular rescue of Detroit’s automakers is paying off.
Much of the improvement comes from GM slashing its debt load and workforce as part of its bankruptcy reorganization last year. But the automaker is a long way from regaining its old blue-chip status: It remains more than 70 percent government-owned and is still losing money — $3.4 billion in last year’s fourth quarter alone. And while its car and truck sales are up so far this year, that’s primarily due to lower-profit sales to car rental companies and other fleet buyers.
Chrysler, now run by Italy’s Fiat Group SpA, said Wednesday it lost almost $200 million in the first quarter. But it said it boosted its cash reserves by $1.5 billion, reducing the likelihood that it will need more government aid.
“This turnaround wasn’t an accident of history,” said White House economic adviser Larry Summers. “It was the result of considered and politically difficult decisions made by President Obama to provide GM and Chrysler — and indeed the auto industry — a lifeline, if they could demonstrate the will to reshape their businesses.”
Vice President Joe Biden said President Barack Obama “took a lot of heat” to keep GM alive. “And this has even exceeded our expectations.”

Everything is happy yappy and yippie skippy right?

Wrong.

Jamie Dupree dishes the straight dope on this little shell game: (H/T Q & O)

General Motors will make a big splash in the news today by announcing that the automaker will repay several billion dollars loans from the federal government earlier than expected. But it’s not really coming out of the GM wallet.

The issue came up yesterday at a hearing with the special watchdog on the Wall Street Bailout, Neil Barofsky, who was asked several times about the GM repayment by Sen. Tom Carper (D-DE), who was looking for answers on how much money the feds might make from the controversial Wall Street Bailout.

“It’s good news in that they’re reducing their debt,” Barofsky said of the accelerated GM payments, “but they’re doing it by taking other available TARP money.”
In other words, GM is taking money from the Wall Street Bailout – the TARP money – and using that to pay off their loans ahead of schedule.
“It sounds like it’s kind of like taking money out of one pocket and putting in the other,” said Carper, who got a nod of agreement from Barofsky.
[….]

Most of Uncle Sam’s bailout money that was given to GM has now been turned into stock in the U.S. automaker.
“The assumption is that, over time, hopefully the value of the stock will appreciate,” said Carper.
Long term that could prove to be a money-making investment for the feds – or if things go the wrong way for General Motors – a big, fat loss for Uncle Sam.

As most of you know, my Father is a 31 year veteran of the General Motors company. I find this little idiotic shell game right here to be just plain immoral. I mean, how in the hell are you going to use money from the Government to pay off the Government? That is basically taking money out of one pocket and putting into another. That is not paying off your debt; that is nothing more than a shell game. The reason why this is so upsetting to me is; that it is just going to hurt my Father. Because sooner or later, this company is not going to be able to pay my Dad’s pension.

As the son of a General Motors worker, I want to see G.M. succeed; but I want to see them succeed the right way and honestly. Not by playing a dirty, underhanded shell game, and that my friends is what this is, a dirty shell game to fool the American people and the workers at G.M. into believing that they are on to the road to recovery, when in all honesty, they are not.

The American Taxpayers, The workers and retirees for General Motors; deserve better than this.

Shame on General Motors for their deceptive tactics and shame on the White House and Yes, the President for aiding and abetting in this little scam.

The real cute part is that not a word of this, has been said in the media, as to just HOW this loans are being paid back. That my friends is a damned human tragedy.

Others: Questions and Observations, Mish’s Global Economic …, TigerHawk, Sweetness & Light, JammieWearingFool and The TrogloPundit

Update: Not surprisingly, Ed Morrissey Agrees with me.

From the Dept of 'Now why I am not surprised?'

Shocking? Not Hardly.

In Port-Au-Prince, Haiti, there is a police impound lot where dozens of brand-new vehicles sit gleaming in the sun, sporting the logos of aid groups that poured into the city to help in the wake of a devastating earthquake that killed more than 200,000 people and left 1 million homeless.
Haitian police are holding the vehicles for ransom, American aid workers say, demanding exorbitant sums for registration technicalities. The relief workers call it a brazen display — even for a country known to be rife with corruption.
When many of the vehicles were brought into Haiti, as cries rang out from beneath the rubble, there was no Haitian government to register the vehicles. The factory that made license plates, for instance, was destroyed.
But in mid-March, less than two months after the earthquake that registered 7.0 on the Richter scale, Haitian police began to impound vehicles without tags.
Relief groups are given a choice, American aid workers say: Pay a fine of 50 percent of the vehicles’ value, which quickly adds up to tens or hundreds of thousands of dollars for most groups, or wait two to three months for paperwork to be processed.
via Haitian corruption and graft delay earthquake relief efforts, punishes destitute refugees | The Daily Caller

This is what happens when a Constitutional Republic decides to be the “White Knight” of a Socialist Country. You would think that America, its people and Government would have wised up about this already. But, as long as there is a bleeding heart liberal in this Country, we will keep sinking money into that godless pit.

When will America get a clue? When?

UPDATED: Once again, AllahPundit is the voice of sanity on the right

First off, what AllahPundit is griping about is this:

In response to this, AllahPundit politely objects:

“When conflicts break out, one way or another, we get pulled into them.” True enough, and I don’t always “like” that we’re pulled into them. For example, I don’t “like” the fact that we have 30,000 U.S. troops stationed in South Korea as cannon fodder in case the lunatic to the north ever attacks Seoul. But I accept it because I understand it’s an effective deterrent that saves millions of lives. I don’t “like” the fact that we’re forced to take the lead on Iran even though their military capabilities are more of an immediate threat to Europe and the Sunnis, but I accept it because the stick we wield is so much bigger than everyone else’s that we’re most likely to bring them to heel. I don’t “like” the fact that American troops have spent the past seven years dodging — and, sometimes, not dodging — IEDs in Iraq, but I accept it because I think having a democracy in the region will eventually put pressure on local autocrats to liberalize and held deflate jihadism. Disagree with my position on any or all of those if you like, but I don’t see how it’s controversial or demeaning to suggest that the world’s policeman, like any policeman, doesn’t always enjoy his job. In fact, less than six months ago, Pew found for the first time in 45 years that those who believe the U.S. should mind its own business abroad outnumber those who don’t. I think that isolationist impulse is nutty and a de facto invitation to malign powers to expand their influence, but then so does The One — which, I take it, is why he ordered the surge in Afghanistan, is going slow on withdrawal from Iraq, is stepping up drone attacks in Pakistan, and is keeping the troops in Korea and elsewhere in place.
via Hot Air » Blog Archive » Obama’s getting a bad rap on the “superpower” comment.

I give AP credit; he is absolutely right. Sometimes, it just sucks to have to be the leader of the free world. I mean, the United States, not Obama. This is filed under the “Stuck on Stupid” business, that my Blog’s subtitle refers to. Unfortunately, on the far right; there is this effort, a foolhardy one, but none the less, an effort; to castigate President Obama —- No matter what he does. I refer to it as that “Sean Hannity bullcrap.” I mean, I respect Hannity, most of the time. But I cannot stand watching that show; because all his show is about — is bashing Obama, no matter what he does.

I mean, say what you want, but, Obama might be a socialist, Obama might be a wealth redistributor; but, like it or not, Obama does have his rather pointed head on straight when it comes to Foreign Policy and when it comes to Islamic Terrorism. I mean, as AP alluded to in his article, the President could be like Ron Paul. (Shudder!) I am; as I am sure AP is, very grateful that President Obama has his head on straight about the middle east and the danger that Islamic Terrorism poses for this Nation. President Obama might not handle things the way that Bush did; but this does not mean that he does not see and want to deal with the danger.

For this, I am willing to give President Obama a pass in this department. But, only in this department.

Another thing I will say is this; where I see the most Anti-Obama rhetoric, when it comes to terrorism, is from certain protected ethnic classes on the right. (I think you can figure out, what I mean….) This, I believe is fueled by this idiotic notion, that Obama is some sort of secret Muslim. This sort of thing is, in this white man’s opinion, absolutely idiotic. I mean, how ironic is it, that the same class of people, who were subjected to horrific atrocities by a German madman, are now themselves engaging in the same bigoted behavior? Quite, I would say. I will not mention any names, but I think you can guess to which players I allude.

Again, just more of that stuck on stupid, that I refer to…

Thanks to AP for, once again, being “The skinny guy, at fat camp.”

Update: There’s always a smart ass in the crowd. 😉

Movie: Just in case anyone has forgotten

Just remember, Ron Paul believes in negotiating with these bastards. Therefore, he is a terrorist supporter. So are Democrats.

If there was any sort of doubt that Ron Paul is a loon

He has removed it:

Video of the Loon:

VIA TPMDC:

Near the end of the third day of this year’s Southern Republican Leadership Conference, it was time for Rep. Ron Paul (R-TX) to take the stage. Paul, fresh off his victory in the CPAC straw poll, gave a characteristically fired-up speech that took on the views of the Republican party establishment.
“The question has been raised about whether or not our president is a socialist,” Paul said. “I am sure there are some people here who believe it. But in the technical sense, in the economic definition of a what a socialist is, no, he’s not a socialist.”
“He’s a corporatist,” Paul continued. “And unfortunately we have corporatists inside the Republican party and that means you take care of corporations and corporations take over and run the country.”
Paul said examples of President Obama’s “corporatism” were evident in the heath care reform bill he signed into law last month. He said the mandate in the bill put the power over health care in the hands of corporations rather than private citizens. But he said the bill wasn’t the only place where corporatism is creeping into Washington.

Perfect example of Ron Paul’s idiotic tin-foil hat stupidity. Yes, I know also about his straw poll defeat to Mittens. To be be quite, and brutally honest; I cannot stand Mitt Romney. To me, Mitt Romney is the perfect example of the arrogant, rich-boy attitude that permeates some of the G.O.P. — A perfect example is Mitt Romney’s treatment of John McCain during the 2008 election debates. I thought Romney snickering at McCain was childish and unbecoming of someone of Romney’s background. Not to mention Romney’s Mormonism, which is a BIG ISSUE with me. However, seeing Ron Paul’s background. past and present associations; I will happily take a Mitt Romney victory any day of the damned week.

However, because I am realist; allow me to throw a wet blanket on this little victory. Straw polls are one thing, actual winnability and true Conservative victories in actual elections are another. As the 2008 Primaries proved, Mitt Romney just does not have the winnability in a primary. Heck, the only state that actually gave him any sort of percentage was Utah; and we all know why that is the case. Not to mention, does anyone actually remember, Romney-Care? Barack Obama’s biggest talking point is the fact that Obama-care is, in fact, based upon the Romney-care model.

The point is that Mitt Romney is a Liberal Republican, if he did actually win the primary and I highly doubt he ever would; the Republicans and Independent Conservatives would simply stay home and not vote or would cast votes for a third party.

There are some who believe that Sarah Palin is the perfect solution. Well, allow me to throw a wet blanket on that one too. There are many who believe, including myself, that Palin would never make it out of the Primary. I happen to agree with that. While she might be pretty, most people, with any kind of sense and who are not Palin-bots; believe that Sarah Palin just does not have the proper experience to be President. But, dear God, if you say this to one of her fan-boys, you are accused of being a sexist, a woman hater and so on. Which does sound like the liberal left, does it not? Gender-baiting in the G.O.P.? I thought I had seen it all. 🙄

Be that as it may; the mid-terms are going to be an interesting time, and I can assure you, 2012, is going to be even better. I cannot wait.

Not all Conservatives love Karl Rove or the Republican Party

Transcript is found here.

Confirmed: Alan Grayson is a Demented Loon

Video: (H/T Malkin)

Via Tea Party Patriots Live (Which seems to be having hosting issues): (Cribbed from Malkin’s Blog)

On Thursday, April 8th, 2010, Congressman Alan Grayson, Democrat in Florida’s 8th district, interrupted a district meeting of the local Orange County Republican Executive Committee. The meeting was being held at Perkins, a family restaurant.
…Matthew Falconer, candidate for Orange County Mayor, quickly challenged Alan’s rudeness. Grayson demanded not to be interrupted, but Falconer quickly reminded the congressman that he is in fact interrupting their meeting.
Linda O’Keefe, member of the Orange County Republican Executive Committee and extraordinary patriot volunteer with the Orlando Tea Party said, “I’m wondering if Grayson realizes that we do still, for now, have the right to assemble! But can’t we have a meeting without being interrupted by our congressman?”
Currently, there are 12, Republican candidates looking to send Alan Grayson to the unemployment line in November.
Tom Tillison of the Tea Party Patriots Live radio show and the Orlando Tea Party, had quite a lively discussion with Alan afterwards for 10 minutes. Tillison said, “I let him know that he’s a congressman and he needs to act like one. I reminded him that these are his constinuents.” Tillison asked Grayson, “Don’t you feel that you at least owe them an explanation for your recent votes?”, to which Alan replied, “I don’t owe them anything, they’re trying to defeat me.”
Tillison followed, “You are a U.S. Congressman and you approach these people acting like a thug.”….to which Grayson responded that he was “being attacked.”

and this:

Matthew Falconer, early Friday, released this statement:
“On Thursday April 8th I was attending a meeting of the Orange County Republican Executive Committee at a Perkins Family Restaurant in Windermere. About 30 Republicans were meeting when Democratic Congressman Alan Grayson barged into our meeting ranting about how we put spies into an Organizing for America meeting.
As I was sitting with Orange County Republican Chairman Lew Oliver, I stood up to Grayson and demand he apologize to Lew for the vial (sic) comments he made recently (Grayson said “Lew Oliver could not find a $20 bill if it was stuck in his A**”). Grayson yelled at me for interrupting him when I reminded Grayson he was interrupting our meeting.
The conflict was caught on video showing Alan Grayson, a U.S. Congressman, standing in the middle of a family restaurant screaming at his constituents. Politics aside, I do not think the man has the emotional stability or integrity to represent us in the U.S. Congress.
Grayson pledged to use his own personal funds to defeat me in my race for Orange County Mayor (supporting his Democratic friend Bill Segal). He then told me to get my “a** out of his face.”
I am in awe of the lack of respect he showed for the customers of this restaurant and his constituents.”

I would say something rather snarky about him being a demented Jew, but I am afraid Debbie the psycho from Southfield, might file stalking charges against me and Pamela the Arab hater would bad mouth me, so I shall refrain. 😛

Just remember this folks come 2010 and 2012.

So much for all those new jobs, eh Barry?

It figures:

WASHINGTON (MarketWatch) — The number of people applying for unemployment benefits rose 18,000 to a seasonally adjusted 460,000 in the week ended April 3, the Labor Department reported Thursday. Economists surveyed by MarketWatch had expected a result of 442,000. The four-week average of initial claims — a better gauge of employment trends than the volatile weekly number – rose 2,250 to 450,250. For the week ended March 27, continuing claims fell 131,000 to 4.55 million. The four-week average of these ongoing claims declined 36,000 to 4.65 million, the lowest level since January 2009. In the week ended March 20, about 5.8 million jobless workers, not seasonally adjusted, were receiving extended federal benefits, down 223,000 from the prior week. Altogether, 11.1 million people were collecting some type of unemployment benefits in the week ended March 20, down about 373,000 from the prior week. A Labor Department official said interpretation of the data around this time period is clouded by events such as Easter that make it difficult to properly adjust for seasonal factors
via Jobless claims rise 18,000 in latest week – MarketWatch.

So much for the stimulus creating new jobs. It created new jobs alright — Temporary Government jobs, but nothing lasting.

Just another liberal boondoggle, paid for with your child’s future.

Lovely, eh?

Remember this come 2010 and 2012.

Update: Holy Hot Hamburger! InstaPundit Links in… Wow two of these in a month; I dunno if I can handle such excitement. 😯

Update #2: Here’s the AP’s headline on the story:

The number of newly laid-off workers seeking unemployment benefits rose last week, a sign that jobs remain scarce even as the economy recovers.
The Labor Department said Thursday that first-time claims increased by 18,000 in the week ending April 3, to a seasonally adjusted 460,000. That’s worse than economists’ estimates of a drop to 435,000, according to a survey by Thomson Reuters.
The report covers the week that includes the Easter holiday, and a Labor Department analyst said seasonal adjustment for Easter can be difficult since the Easter holiday occurs in different weeks each year.
California also closed its state offices for a holiday March 31 honoring Cesar Chavez, the analyst said, which likely held down the claims figures. On an unadjusted basis, claims rose by 6,500 to nearly 415,000.
Economists closely watch unemployment claims, which are seen as a gauge of layoffs and a measure of companies’ willingness to hire new workers.
The four week average, which smooths volatility, rose to 450,250. Two weeks ago, the average fell to its lowest level since September 2008, when Lehman Brothers collapsed and the financial crisis intensified.
Jobless claims peaked during the recession at 651,000 in late March 2009.

Again, this is what happens when you try and employ Keynesian economic policy tactics to “fix” the economy, it fails.

On a side note:

California also closed its state offices for a holiday March 31 honoring Cesar Chavez, the analyst said, which likely held down the claims figures. On an unadjusted basis, claims rose by 6,500 to nearly 415,000.

😯 Says much about that State and the people in it. Think of this, next time you plan your vacation.

More Socialist Liberal Union Thuggery

Go Read.

I wonder if the MSM will cover this? (Yeah right! 🙄 )

Remember this come 2010 and 2012.

(H/T to Glenn)

NYT compares the Tea Party Movement to the Weather Underground

Go figure. 🙄

Go read

Ann Althouse Says:

I have had lovers quarrels with Communists.

Lovely. 😯 😮

R.S. McCain screams:

TMI!

Indeed. 😛

Just my observation; Anyone that cannot differentiate between a violent anti-Government or Anti-American terrorist and someone peacefully protesting the misdeeds of the current Government in power, shouldn’t be driving a damn car —- Much less writing an opinion column. Besides all of this, just where the hell where these socialist liberal idiots, when the idiotic people were calling for the death of President George W. Bush? Oh, that’s right! They were providing covering for them and also, supporting them as well. 🙄

Damned hypocrites, every last one of them. 😡 Which is why I will never support the Democratic Party, ever again. I’d rather never work another damned job in my life and be as poor as a Church mouse, and never vote again for that Party again; than to sell my soul to a party of Socialists who reek with the smell of utter hypocrisy.

Others: The Gun Toting Liberal, Pajamas Media, Atlas Shrugs, Neptunus Lex, Questions and Observations, Left Coast Rebel, Washington Monthly, American Power, JammieWearingFool, Le·gal In·sur·rec· tion and Hot Air