Obama can't even tell the truth on his Government Motors bailout? - Granite Grok

Obama can’t even tell the truth on his Government Motors bailout?

GM logoOnce again, we see that Obama just makes stuff up – and says what is necessary to fit the political occasion of the moment:

“When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse,” said Obama. “As president, I refused to let that happen. I refused to walk away from American workers and an iconic American industry.”

“Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors,” he added. “GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.”

Yeah, how’s the Presidental auto experiment called the Volt working out fer ya, sport?  How much has Government Motors lost on the ideological bet, eh?  Besides, his own Treasury ratted Mr. Smartest Man in DC out:

The Treasury Department has sold its final stake in General Motors, closing the book on its 2009 bailout of the auto industry. GM has been revived and is now profitable, but taxpayers are out more than $10 billion dollars.

Treasury Secretary Jack Lew announced the final stock sale late Monday afternoon, saying that Treasury ultimately recouped $39 billion through the sale of shares, dividends and loan repayments since 2009. But the government pumped $49.5 billion into GM to help it get through a bankruptcy reorganization.

And let’s not forget that in supporting his union buddies, he stiffed the Sr. Bond holders – contra all normal financial / bond laws.  But hey, he didn’t waste a crisis, did he?

Just $10 Billion buckaroos of our money – he’ll just print more.  And another lie to lay on the pile.

 

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