Tag: Congress

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.

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.

Video: Is the Stimulus Working?

This comes via R.S. McCain:

Video: America's Comeback

This Comes via The Other McCain:

RGA 2009 Chairman’s Report

Republican Governor’s Association HQ

The revolution starts today. What are you doing?

Video: America Rising Part 2, A Call for the Republican Party

(H/T The Left Coast Rebel)

Scott Brown sells the tea party movement up the river

I hate to be the one to say it; but, I knew this was coming.

The Hill tells the story:

Newly-seated Republican Sen. Scott Brown (Mass.) on Monday joined Democrats in voting to move forward on their $15 billion jobs bill.

Brown crossed the aisle after Majority Leader Harry Reid (D-Nev.) nixed an $85 billion, bipartisan plan in favor of a more narrowly-focused bill.

“I came to Washington to be an independent voice, to put politics aside, and to do everything in my power to help create jobs for Massachusetts families,” Brown said in a statement. “This Senate jobs bill is not perfect. I wish the tax cuts were deeper and broader, but I voted for it because it contains measures that will help put people back to work.”

Democrats needed to poach Brown and and least one other Republican to reach the 60 votes necessary. Centrist Republican Sens. Susan Collins (Maine) and Olympia Snowe (Maine) also voted for cloture on the proposal.

Reitiring GOP Sens. George Voinovich (Ohio) and Kit Bond (R-Mo.) also voted for cloture.

The reaction across the Blogosphere is mixed:

Don Surber is feeling like a chump:

I feel like a sucker right about now.

We’ve been tea-bagged.

Brown/Biden 2012.

Dr Melissa Clouthier is trying to put on the brave face:

A Twitter friend said that he’s still better than Teddy Kennedy. Well. The only reason for a Republican Senator is to stop any sort of spending bills.

[…]

Now, I’m hoping that the next big spending bill that comes along Scott Brown body slams. That’s unlikely to happen before the midterms in November. Even Democrats are worried about big spending bills right now.

Dan‘s a bit more direct:

When Scott Brown starts crafting national health care legislation, or sounding like the liberal lion of the Senate, get back to me. Until then, it’s Massachusetts. We’re still a long way ahead on the deal.

Michelle Malkin is saying, “I told you so!”:

Yes, sigh, Scott Brown. Looks like he hasn’t taken up my suggested D.C. itinerary. But those of us who knew all along what we were getting — a game-changer who vowed to torpedo Demcare, but who was not an ideological conservative — are not surprised. And I pointed out Brown’s moderate record several times on Fox and on this blog during the campaign.

….and for a Final Touch, I received this private message from a Joe Santelli on facebook:

WHO CARES WHAT YOU FUCKING THINK….IT IS MA VOTERS WHO COUNT WITH HIM!

Scott Browns closet gay lover maybe? Hmmmm….Obviously, a Democrat. 🙄

Anyhow, this right here is why I was not falling all over myself to support this guy. Somewhere between the tea party movement and the Scott Brown campaign; the message became a bit muddled. What Scott Brown’s idea of real Conservatism is, and what actually fiscal Conservative values are, are obviously two different things. You have to the learn the language of politics, when a candidate says, “I am going to do the will of the people, who voted for me…” and it is regarding a bill that Conservatives traditionally oppose; that usually means that person is going to go against Conservative principles. Also, when someone says, “Well, the Campaign is over now…” and proceeds to change a position, that is usually a good idea that this person is going to break a campaign promise in a big way. It happened with Barack Obama’s Campaign and now it is happening again with Scott Brown. The bad part is, people were suckered into believing the hype on this guy. I always try and look past the hype, and see what the person is really like. Kind of like Ron Paul; once you get past the hype, there’s really not much there.

Ah well, live and learn, I suppose. Maybe the Tea Party movement can learn from this one. That you do not support someone, unless you REALLY know them first.

Video: The Confession of Khalid Sheikh Mohammed 'From A to Z'

I posted this once, but the man’s video got taken down by the video service.

So, here it is again.

Please, if you like this, put it on your blog or website and promote it. Everyone who believes that the War on Terror is a real thing, should watch and promote this.

MILD CONTENT WARNING

Official Site

MoonBat Fight! President Bambi Teleprompter and Senater Ugly Botox are fighting

Further Meltdown on the Hill:

House Speaker Nancy Pelosi’s increasingly public disagreements with President Barack Obama are a reflection of something deeper: the seething resentment some Democrats feel over what they see as cavalier treatment from a wounded White House.

For months, the California lawmaker has been pushing Obama hard in private while praising him in public. But now she’s being more open in her criticism, in part because she feels the White House was wrong — in the wake of the Democrats’ loss in Massachusetts — to push the Senate health care bill on the House when she knew there was no way it would pass.

Earlier this month, Pelosi criticized the president’s State of the Union call to exempt defense spending from a budget freeze. And in a White House meeting with leaders of both parties this week, she questioned the effectiveness of his plan to give small businesses tax breaks to hire workers.

“What you’re seeing now in public has been building in private,” said a top House Democratic official. “House members did their work — they did everything the president asked of them. And it gets stuck in the Senate. Or the Senate screws it up.”

via Family feud: Nancy Pelosi at odds with President Obama – POLITICO.com.

That is what happens when Democrats overreach and make promises that they cannot keep. Another Example:

“He wants a jobs bill, we get a jobs bill,” the official said. “He wanted health care, we got health care. Then the answer is, ‘You just need to twist enough arms to pass the Senate bill.’ You can twist arms if you’ve got a handful of them to twist. You can’t twist over 100 arms. There needs to be some reality check there.”

“Both ends of the Capitol — the House and the Senate — are starting to wonder if they’re on their own,” the official continued. “You have a lot of frustration there. And the White House’s reaction to all of that seems to be, ‘Run against Congress’ — which, as you can imagine, doesn’t go over very well with House members. The White House reaction seems to be, ‘Position ourselves against Congress.’”

See, the problem is this here. The President seems to forget that the Congress; that being the House and Senate, have people running those offices, and not robots. Those people actually have to answer to their constituents, and going around doing the will of the President and ignoring those who elected you, can lead to one’s ouster from his office. You would think that the President would be smart enough to know this.  No, I am not saying that President is outright dumb; I just think that the President had some sort of crazy idea of some sort that when he took office and the Democrats got the majority that the Democrats and Republicans would just roll over and let him run roughshod over them. We see now that this just was not the case. This is a good thing, I believe this is why the America people’s involvement in politics is very necessary in this time of great uncertainty.

Others: Wall Street Journal,   Left Coast Rebel, , Hot Air,Wake up America

Senate to Obama: Task Force This!

Heh… So much for Hope and Change:

WASHINGTON – The Senate Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year despite glaring new figures showing the enormity of the red-ink threat.

The special deficit panel would have attempted to produce a plan combining tax cuts and spending curbs that would have been voted on after the midterm elections. The measure went down because anti-tax Republicans joined with Democrats who were wary of being railroaded into cutting Social Security and Medicare.

The Senate vote to kill the deficit task force came just hours after the nonpartisan Congressional Budget Office predicted a $1.35 trillion deficit for this year as the economy continues to slowly recover from the recession.

“Yet another indication that Congress is more concerned with the next election than the next generation,” said Sen. Judd Gregg, R-N.H., a sponsor of the plan.

via CBO: Federal deficit projected at $1.35T – Yahoo! News.

Another promise by the President gets smacked down…. by his own damned Party. Gregg is right. The Democrats are more interested in getting relected, than they were about the future of this Country. Which is why, come 2010 and 2012, the American people will fix that little problem.