Bailouts

More Green Energy Money Down the Drain

NLPC Associate Fellow Paul Chesser is interviewed on Fox Business Network's Money With Melissa Francis. Here is a transcript:

GM Bankruptcy Misrepresentations Prefaced Libya Attack Controversy

The 2012 election campaigns have seen accusations thrown about that both President Obama and Governor Romney have been less than honest at times. After Obama was soundly trounced in the first debate, the defense for the President's poor performance (other than Al Gore's theory that it was the high altitude) was that Mitt Romney lied. While that unsubstantiated charge might make Governor Romney an accused liar, the facts surrounding the General Motors bankruptcy process reveal that those in the Obama Administration are proven liars.

Ask GM Bondholders and Delphi Retirees About Obama's 'Economic Patriotism'

Obama debate photoPresident Obama called for a "new economic patriotism" during last night's presidential debate. Well, hold on to your wallets as this new buzz phrase seems to be a euphemism for "wealth redistribution." Just ask old General Motors bondholders or non-unionized Delphi retirees about how Obama's so-called "shared sacrifices" are more about cronyism than patriotism.

Embassies Facing Security Cuts Waste Money on Chevy Volts

Volt and Embassy officialThe U.S. military's newspaper, Stars & Stripes, recently reported that the Pentagon is buying Chevy Volts in a 1,500 electric-vehicle purchase, as part of the Defense Department's "green initiatives," which seek to reduce the country's dependence on foreign energy sources.

A recent Congressional Budget Office study challenged the assumption that electric vehicles have any impact on such dependence, prompting the question of why the government is spending money this way. Against the backdrop of the attack on our embassy in Benghazi, and looming embassy security cuts due to sequestration, it appears politics and ideology are trumping common sense.

General Motors Makes Obama an Offer He Can’t Accept

Here we go again. Déjà vu all over again as General Motors spreads rumors that they are tired of being Government Motors and they are so cash rich that they offered to buy Treasury's taxpayer-funded stake in the company. In typical deceptive GM fashion, sources were not named and spokesman Jim Cain refused to confirm the rumors. This is not the first time GM played the rumor game, as I previously wrote about over a year ago.

VIDEO: Treasury Rejects Sale of GM Stake

NLPC Associate Fellow Mark Modica was interviewed last night on Fox Business Network's Willis Report. Here's a transcript:

GM Admits There's No Market for Chevy Volt - Updated

Volt and AkersonA Reuters' article earlier this week created quite a buzz when it suggested that General Motors was losing $49,000 on every Chevy Volt sold. While many continue to debate just how much money GM loses on the politically-motivated car, a more important story on the Volt was reported by Automotive.com last week which explained the increase in August sales numbers for the vehicle. The piece exposes how GM (along with taxpayers) is heavily subsidizing leases and even gets an embarrassing admission from GM on the struggling Volt that, "The whole idea is we're creating a market." And this blockbuster, "There is no plug-in market."

Obama Misrepresents Auto Bailout– GM DID Go Bankrupt

We have heard the claims over and over again from the Obama campaign; the President "saved" General Motors and Mitt Romney said "let Detroit go bankrupt." The clear implication is that GM never went through the bankruptcy process that Romney suggested. Here's news for voters who didn't pay attention to how, exactly, Obama "saved" GM; $50 billion dollars of taxpayer money was given to GM to get them through a manipulated bankruptcy process. Replacing the word bankrupted with saved does not change the facts. And the fact is, GM DID go bankrupt.

God and Jerusalem Crash DNC Auto Bailout Party

VillaralgosaThe Democratic National Convention continued to celebrate the General Motors' bankruptcy and auto bailouts last night. Guests at the party included union leaders Bob King, President of the UAW and AFL-CIO President, Richard Trumka, both of whom gave speeches at the event. Union members cheered and waved their UAW signs at the affair as President Obama was repeatedly given credit for "saving" GM and the American auto industry. The fact that GM, along with Chrysler, went bankrupt was not mentioned. The only time the word "bankrupt" was used was to condemn Republican Presidential candidate, Mitt Romney, for wanting to let GM go bankrupt. Democrats seem to be in denial that GM actually did go bankrupt.

Auto Bailout is a FAILURE

GM/ObamaTonight, the Democratic National Convention will reportedly highlight the "success" of the auto bailout.  Michelle Malkin comments in a column today, and quotes NLPC Associate Fellow Mark Modica:

The claims that GM paid back its taxpayer-funded loans "in full" - a story peddled in campaign ads narrated by Hollywood actor Tom Hanks - were debunked by the Treasury Department's TARP watchdog this summer. GM still owes nearly $30 billion of the $50 billion it received, and its lending arm still owes nearly $15 billion of the more than $17 billion it received. Bailout watchdog Mark Modica of the National Legal and Policy Center adds: "In addition to U.S. taxpayers anteing up, Canada put in over $10 billion, and GM was relieved of about $28 billion of bondholder obligations as UAW claims were protected. That's an improvement of almost $90 billion to the balance sheet, and the company still lags the competition."

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