You Did Not Hear About the Real General Motors at the Democrat Convention
Note: This first appeared in Breitbart.com’s Big Government.
We heard a great deal this week from members of President Obama’s protected Crony Socialist auto bailout class.
Many were showcased Wednesday night in the maudlin propaganda flick “An Economy Built to Last: Auto-Industry.” The film was followed by speaker Bob King, President of the Democrat apparatchik-union United Auto Workers (UAW). A “saved” General Motors (GM) employee spoke (in Mandarin?) on Thursday. And the uber-failed “success” of the $82 billion auto bailout has been repeatedly flogged throughout the festivities.
We heard about the “more than one million jobs saved.”
But this is the Administration that claimed the $1 trillion so-called “Stimulus” bill “created or saved” jobs – in non-existent Congressional districts.
$26.5 billion of the loss was a straight payoff to the…UAW….
President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts. Which were a hay-yuge contributing factor to GM going under in the first place – and are again, predictably, helping to wreck the bottom line…..
During the bankruptcy process, President Obama illegally paid off the UAW first and in full – before secured bondholders who should have been made whole before anyone else got a dime. Which was incredibly disruptive and destructive of the entire bond market. Economic uncertainty, anyone?
We heard from illegally over-rewarded UAW President King. Did we be hear from any of these Obama-victim bondholders? Or any bond market experts to explain just how cataclysmically damaging this was to the economy? Ummm, no.
We did not hear from any of the 100,000 or so GM and Chrysler dealership employees who Obama summarily fired…
(B)ecause (these) Joe and Jane SixPacks were guilty of working at auto dealerships that were owned by Republicans…. (N)othing like crushing innocent middle class Americans to mete out a little political payback.
We did not hear from any of the 20,000 or so non-union GM-subsidiary Delphi employees – whose pensions President Obama slashed by up to 70%.
With all of these President Obama American Job Kills, we did not hear that…
The bailout may not have saved one million jobs – but the jobs it did save are in…Beijing, Moscow and West Java.
We did not hear anything about the myriad inanities in which GM is engaging.
90+% of GM auto loans are now of the Freddie Mac-Fannie Mae-esque subprime variety – made to people whom GM and everyone else know can’t pay them back.
In fact, no company registered more (non-)green (non-)energy patents than GM in 2010.
We did not hear these inconvenient facts about the Eco-Fantasy Chevy Volt.
Even more inane, GM just spent $10.4 million to build a Chevy Volt-ville – an Obama Candy Land Potemkin village.
And lest we forget – there was the Chevy Volt song…and dance.
And yet Volt sales remain, as always, pathetic. Perhaps because it only gets 35 miles to a 12-hour charge, and costs twice as much as a similar-sized regular gasoline mobile.
As of November of last year, the total Chevy Volt subsidy Taxpayer cost was $250,000 per Volt sold.
Another contributing factor to the Volt’s non-sales: Obama and GM admit to only one Volt fire – dangerously rabbit-holing at least five fires and a whole host of attending Volt charging pro… that have not yet been adequately explained.
All of which explains how GM is actually doing – about which we did not hear.
The Taxpayers are still stuck with 500+ million shares of GM stock. For us to break even, they must be sold at $54 per. They debuted post-bankruptcy at $33 per share and are now around $22 per share. This sets us up for a more than $16 billion loss – just on the stock.
This week’s downsized Fantasy Land Dystopia was marked far more by what was not said than what was said.
Hope you enjoyed last night’s last dollop of Leftist ephemera.