Plug-In Cars Don’t Resell – Because They Don’t Sell – Tea Party Nation

 

 

Plug-In Cars Don’t Resell – Because They Don’t Sell – Tea Party Nation.

 

 

 

Posted by Seton Motley

 

 

 

When the new plug-in sales share of the total market is only a pathetic 0.65%, this is hardly shocking:

 

 

 

Chevy Volt and Nissan Leaf Prove Tough Resells – Used EV Market Les…

Fuel-frugality aside, it seems the 2013 Chevy Volt and 2012 Nissan Leaf are proving to be expensive long-term investments.

One of the main questions every new car buyer should always ask themselves is what is the depreciation of the vehicle and therefore its potential resale value?  Recent reports have suggested that electric cars don’t hold their value quite as well as their regular counterparts.

 

Of course all new cars lose roughly 20% of their value the moment they roll off the lot.  But there are a lot of used plug-in-specific problems.

 

 

 

You don’t get the $7,500 federal bribe on the used ones.

 

 

 

The very-much-higher up-front retail price is rarely if ever made up in fuel savings over the life of the vehicle.

 

 

 

Americans Won’t Pay $40,000 for a $17,000 Car

The $40,000 Volt is basically a $17,000 Cruze – with a 500 lb., 25-mile range, eight-hour-to-charge battery.

 

Speaking of the batteries:

 

 

 

(T)he vaunted Volt batteries are then (in used cars) closer to extinction….And how much does it cost to replace a plug-in battery?  General Motors (GM) their own selves say the Volt’s is in the $8,000-$9,500 range.

And in case they’re fibbing (as post-bailout GM is wont to do):

Ford CEO: Battery Is Third of Electric Car Cost

Ford Motor Co. Chief Executive Alan Mulally indicated battery packs for the company’s Focus electric car costs between $12,000 and $15,000 apiece.

 

 

 

English: 2011 Chevrolet Volt exhibited at the ...

 

Plug-in cars are pathetic re-sells – because they are pathetic sells.

 

 

 

Good thing we’ve dumped more than $6.5 billion-in-government-subsidies-just-since-2008 into the plug-in car fantasy.

 

 

 

It’s working like a charm.

 

 

 

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Auto Bailout Loss Could Exceed $70 Billion – Tea Party Nation

Auto Bailout Loss Could Exceed $70 Billion – Tea Party Nation.

Posted by Seton Motley

Note: This first appeared in Breitbart.com’s Big Government.

 Courtesy of the $83 billion auto bailout – on which we are already poised to lose more than $40 billion – We the Taxpayers are stuck with 26% stock ownership of General Motors (GM).

 Things could soon get much worse.

 Judge Set to Rule on Case That Could Reverse Auto Bailout

 A New York federal judge may rule imminently on a case that could reverse the General Motors bailout and send the company back into bankruptcy….

 At issue is a backroom deal hatched by GM to fulfill the Obama administration’s demand for a quick bankruptcy, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009….

 On the eve of entering bankruptcy, the company cut a $367 million “lock-up agreement” with several major hedge funds to prevent GM Canada from failing. The agreement ensured that GM could spin-off its liabilities to “old GM,” while using a multi-billion dollar bailout to create a new company….

 “(Judge Robert Gerber) has made it very clear that he is greatly dissatisfied with the process,” one analyst told the Washington Free Beacon in October. “He’s basically implying that GM hid it from him and that reopening the sale is a possibility.”…

 “In this particular situation, there’s $1.3 billion in liabilities, but that’s just what’s officially back on the table if the court rules for old GM,” said a bankruptcy expert close to the negotiations. “If those go back on the table then everything could be back on the table and [new GM] would have to address them.”

 Those liabilities, which include old GM’s debt and product liabilities that pre-date bankruptcy, are valued at $30 billion, a sum that would wipe out the company’s $34.6 billion cash reserves.

 We may be on the verge of adding another $31.3 billionat least – to the auto bailout loss tally, pushing the total to over $70 billion.

 The reversal would cause GM’s stock to plummet even further.  And again, we own 26% of the mess – meaning we’d lose even more coin.

 And then there are the other, troublingly similar lawsuits.

 Spyker Sues GM for $3 Billion Over Saab Bankruptcy

Spyker claims that GM purposely sent Saab into bankruptcy by blocking a deal with a Chinese car manufacturer.

 And more lawsuits will follow should the entire bankruptcy be undone.  How many millions or billions in GM legal fees and potential damages will this cost?

“(I)f all the liabilities come back to roost, short that stock,” the bankruptcy expert said.

 We the Taxpayers wish we could.

 

Breaking News: Americans Won’t Pay $40,000 for a $17,000 Car – Tea Party Nation

Breaking News: Americans Won’t Pay $40,000 for a $17,000 Car – Tea Party Nation.

Posted by Seton Motley

Note: This first appeared in Breitbart.com’s Big Government.

 

From the So-Painfully-Obvious-We-Shouldn’t-Have-to-Run-This-Study Department:

Study: Electric-Cars Won’t Make a Big Impact Until Prices Fall

Shocker.  What are those sticker prices?

(T)he base price of a Toyota Prius comes in at $24,995 but the plug-in version starts at $32,795. The Chevrolet Volt starts at $39,995.

The $51 billion-bailed-out General Motors (GM) Volt is completely uncompetitive with its un-bailed-out electric/hybrid competition.

 

Heck – it isn’t even competitive with other Chevys.

A Little Bit of Chevy Volt in Chevy Cruze

 

The recent announcement of the $41,000 price tag on the Chevy Volt disappointed many fans—and spurred debate about the taxpayer dollars required to bring the plug-in hybrid to life.

 

But the new Chevrolet Cruze shows how General Motors is hedging its bets on the Volt’s high-cost components by installing them on a high-volume model.

The $40,000 Volt is basically a $17,000 Cruze – with a 500 lb., 25-mile range, eight-hour-to-charge battery.  Which is toxic when spent – and costs somewhere between $8,000 and $15,000 to replace.

 

And the American people aren’t buying?  Shocker.

 

But wait — it gets worse.

The Chevy Volt’s $89,000 production cost: A waste of money?

So the Volt is completely uncompetitive at $40,000 – and GM loses $49,000 on each one it makes.  “A waste of money?”  Not at all, President Bailout.

 

But wait – it gets worse.  As of the end of 2011:

Each Chevy Volt sold thus far may have as much as $250,000 in state and federal dollars in incentives behind it – a total of $3 billion altogether….

So the Volt has, by now, received well more than $3 billion in government subsidies.  To make the equivalent of a $17,000 car – that retails for $40,000 and costs $89,000 to make.

(T)he (electric/hybrid car) market only represents only 0.3 percent of total industry sales….

Billions well spent.

 

But wait – it gets worse.  We the Taxpayers own 26% of GM’s stock – and are poised to lose more than $40 billion on the auto bailout.

 

In no small part because GM – the company in which we are conscripted investors – is wasting tens of millions – and the Feds billions more – tilting at Volt windmills.

General Motors Is Headed For Bankruptcy — Again

Another shocker.

 

HURT: Obama victory means four more years with no hope of change – Washington Times

HURT: Obama victory means four more years with no hope of change – Washington Times.

ANALYSIS/OPINION:

WASHINGTON — All that for nothing. It was the billion-dollar election that did not decide one single damned thing.

Republicans control the House. Democrats control the Senate. And the White House remains in Democratic hands with absolutely no mandate whatsoever.

Another four years with no hope of change.

In this environment with this economy and all the gravely important matters pressing against the very existence of this country, it should have been a tsunami election. It should have been a landslide that sent President Obama into dust heap of failed presidencies. Instead, the election was about Big Bird.

It was the rape election. The contraception election. The binders full of women election.

It was about who was born where and whether she really could claim to be a Cherokee Indian.

It was about former president George W. Bush. And it was about gay marriage.

It was about the 1 percent and the 99 percent and the 47 percent.

It was about dancing freaking horses, for crying out loud!

Just about the only thing the election wasn’t about was the economy, which everyone agrees was the only thing voters actually cared about. People tend to really care about the economy when real unemployment reaches double digits, welfare rolls fatten by one-third, politicians rack up $16 trillion in debt and the largest tax hike in the history of the world looms just weeks away.

Yet that obviously is not what decided this election. Politicians were too busy talking all about Big Bird, rape and dancing horses.

The most disturbing issue of the election was how President Obama managed to win re-election in places like Ohio and Pennsylvania and Michigan by talking about the highly unpopular bailout of General Motors. By taking billions of dollars in hard-earned money from taxpayers during a deep recession and giving it to a couple of huge companies, Obama managed to buy the votes he needed to eke out re-election. Taxpayers remain on the hook to the tune of $25 billion.

This is the Achilles heel of a democracy. Politicians simply tax those who do not support them and give the money to those who do. Or give the money to those they would like to have support them. It is the end of the line. Game over.

The weeks to come will feature endless finger-pointing and blame about how Republicans do not know how to speak to non-white voters and women and all that non-sense.

What happened last night is the same thing that has been happening for decades in America. Politicians deploy all this highly precise technology to slice and dice voters into little micro-groups and then talk to them all about dancing horses or Big Bird.

The result is you have all these states vote for one side and all these other states vote for the other side and it all comes down to Florida and Ohio. You could have given me a lot less than a billion dollars and I could have told you that.

The only way this gridlock is finally broken is when politicians grow up and decide to put away Big Bird and dancing horses and seriously address like adults the $16 trillion in debts they have racked up on our credit card.

President Obama: Is This the ‘Private Sector…Doing Fine?’ – Tea Party Nation

President Obama: Is This the ‘Private Sector…Doing Fine?’ – Tea Party Nation.

Note: This first appeared in Breitbart.com’s Big Government.

 Posted by Seton Motley

President Barack Obama incessantly touts the alleged “success” of the $50 billion General Motors (GM) bailout, evidence to the contrary notwithstanding.

General Motors – The Government’s Warped Definition of ‘Success’

Much like the Obama Economy, General Motors’ numbers are tanking.  Earlier this week we had:

GM’s 2012 Sales Growth Only 2.5%

Outstanding.  And the failures continue to abound.

General Motors 3Q Profit Falls 14 Pct (from 3Q 2011)

Sound familiar?

2011 US GDP growth: 2.0%.

2012 US GDP growth (thus far): 1.77%.

Two percent is pathetic,  and the Obama Economy can’t manage to match it this year.

 

Are things now looking up for the economy?

Economic Outlook for 2012 Even Worse Than We Thought

Things are looking worse for the U.S. economy than even three months ago.

Apparently not.  How about for General Motors?

General Motors Is Headed For Bankruptcy — Again

Outstanding.

 

This all-things-failing-equally can’t be what President Obama has in mind, right?

Government Motors is What Obama Wants to Do to ‘Every Industry’

More than 23 million people are jobless or underemployed under Obama.

Report: Negative job growth under Obama

1,035,000 Construction Jobs Lost Under Obama

Tech (sector) layoffs hit 3-year high in first half of 2012; 260% m…

Obama closes more than 2,000 car dealerships; more than 100,000 let go

111 coal plants – more than 20% of US total – closed under Obama; m…

Government-land oil and gas drill permits down 36% under Obama.

Food stamp recipient number rises from 32 million to 47 million und…

Record 5.4 million join (Social Security) disability rolls under Ob…

Welfare spending jumps 32% during Obama’s presidency

Health care premiums rise $2,370 per family under Obama.

Gasoline prices double under Obama.

Obama: “The Private Sector Is Doing Fine”

Apparently it is what President Obama has in mind.

 

Government Motors vs Free Market Ford – Tea Party Nation

Government Motors vs Free Market Ford – Tea Party Nation.

Posted by Seton Motley

Note: This first appeared in Breitbart.com‘s Big Government.

 

A picture is worth a thousand words.  Here are several that tell the $82 billion auto bailout story a whole lot better than the Barack Obama Administration has.

 We have been told ad nauseum that the auto bailout was unavoidable – irrevocably necessary.  That without it, the entire American auto industry would collapse in a heap.

 Well, Ford demurred – they refused to take a government dime.

 So let us compare and contrast $50 Billion-Bailed-Out General Motors and Bailout-Free Ford.  And see what our $42 billion auto bailout loss (and counting) actually got us.

 Legend:

F = Ford (in blue)
GM = General Motors (in orange)

 Note:

“New GM” was borne out of bankruptcy in 2010, which is why their numbers pick up at that time.

 Charts From: YCharts.com and Google Finance.

 Revenue

 

 

Bailed-Out GM has had consistently higher revenue.  GM and Bailout-Free Ford track fairly evenly, with a between $4 and $4.5 billion (10%-12%) spread.

 But that’s revenue.  How did that translate into profits?

 Gross Profit Margin

 

 

Profit Margin

 

Net Income

 

 

Bailed-Out GM does worse in gross profit, and breaks about even in straight profit margin and net income.  (GM’s late 2011 spike was the result of the federal government making Government Motors purchases.)

 How are the shareholders doing?  After all, We the Taxpayers still own 500+ million GM shares – 26% of the company.  And we’re set to lose more than $14 billion – just on the GM stock with which we’re stuck.

 Stock Price

 

 

Bailout-Free Ford has been thoroughly, consistently better. 

 So, Bailout-Free Ford has in several key ways done just about as well – or better – than $50 Billion-Bailed-Out General Motors.

 So, again, the question is – why did we throw $82 billion down the auto bailout rat hole?

‘Record’ Volt Sales? Not Really – GM Counts $159 Leases for an $89,000 Car – Tea Party Nation

 

‘Record’ Volt Sales? Not Really – GM Counts $159 Leases for an $89,000 Car – Tea Party Nation.

Posted by Seton Motley

Note: This first appeared in NewsBusters.org.

 

The Jurassic Press have long had a field day puffing up bailed out General Motors (GM) and their electric automotive windmill – the Chevrolet Volt.

 

When it came to August Volt sales numbers, the Media were Justin Bieber-excited.

 

GM Volt August Sales = 2831 Units, New Record

 

Chevy Volt broke monthly sales record in August as GM Hails EV’s Mo…

 

Chevy Volt Sets New Sales Record in August

 

Chevy Volt broke monthly sales record in August

 

But the Press left out a few non-incidental facts.

 

Fully 2/3s of the “sales” were leases, leaving around 925 cars that were truly sold.

 

And this lease scam appears to have been going on since the Volt’s November 2010 launch.

 

Chevy Volt MSRP is $41,000, But Will Lease For Same Price as ($33,0…


And what kind of Volt lease deals is GM now cuttingHow about:

 

$159 a month on a two-year lease, with no money down.

 

Let us pause here to do the math.  $159 x 24 months = $3,816.  For an $89,000 car.

 

New cars lose 20% of their value the moment they roll off the lot.  And after two years of additional depreciation, these Volts are then returned to GM dealers.

 

Who’s on the hook for the massive cost differential and value loss?  Why, We the Taxpayers of course.

 

Meanwhile, the vaunted Volt batteries are then two years closer to extinction.  GM guarantees them for eight years – during which they will lose 10%-30% of their already pitiful 25-mile range.

 

And how much does it cost to replace a Volt battery?  GM their own selves say – in the $8,000-$9,500 range.

 

And in case they’re fibbing (as post-bailout GM is wont to do):

 

Ford CEO: Battery Is Third of Electric Car Cost

 

Ford Motor Co. Chief Executive Alan Mulally indicated battery packs for the company’s Focus electric car costs between $12,000 and $15,000 apiece.

 

How many used, post-lease Volts will GM realistically be able to sell – when the record for new “sales” is just over 2,800?  And that non-lease sales number is actually under 1,000?

 

And who’s on the hook for all these leftover, depreciated pre-owned Volts?  Why, We the Taxpayers of course.

 

And about those 925 actual sales.

 

GM Pays You $10,000 to Buy a Chevy Volt

 

Sales of the Chevy Volt have increased recently, but it’s largely due to GM’s 25 percent discount on the electric vehicle, according to Consumer Energy Report.

 

And who’s on the hook for this $59,000 difference between the Volt sale price and its actual cost?  Why, We the Taxpayers of course.

 

And because all of this is working so splendidly:

 

CBO: U.S.to spend $7.5B to Promote Electric Cars by 2019

 

Federal policies to promote electric vehicles will cost $7.5 billion through 2019 and have “little to no impact” on national gasoline consumption over the next several years, the Congressional Budget Office said in a report issued on Thursday.

 

Consumer tax credits for buying electric vehicles, which can run as high as $7,500 per vehicle, will account for about 25 percent of the $7.5 billion, the CBO said.

 

$2.4 billion are grants to battery makers and projects to promote electric vehicles, $3.1 billion are loans to auto companies.

 

$2.4 billion in grants to battery makers?

 

Obama-Backed Car Battery Company Files for Bankruptcy Protection

 

Electric Car Battery Makers Hit the Skids

 

Bankruptcy Filing Shows Difficulty of Thriving in Battery Sector

 

All of which makes the Press‘ attempted sale of the Volt’s “record-setting” “success” more than a mite difficult to swallow.

 

Obama’s (Un)American Auto Bailout – Michelle Malkin – Townhall.com

 

Obama’s (Un)American Auto Bailout – Michelle Malkin – Townhall.com.

Obama's (Un)American Auto Bailout - Michelle Malkin - [page]

CHARLOTTE, N.C. — Cue “Fanfare for the Common Man” and rev up the Government Motors engines. Wednesday is Great American Auto Bailout Day at the Democratic National Convention. Party propagandists have prepared a prime-time-ready film touting the “rescue’s” benefits for American workers. UAW President Bob King will sing the savior-in-chief’s praises.

But like all of the economic success stories manufactured by the White House, the $85 billion government handout is a big fat farce.

“I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” Obama bragged on the campaign trail. Here’s the inconvenient story they won’t tell you:

GM is once again flirting with bankruptcy despite massive government purchases propping up its sales figures. GM stock is rock-bottom. Losses continue to be revised in the wrong direction. According to The Detroit News, “The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.”

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.”

While the Obama administration wraps the auto bailout in red, white and blue, it’s foreign workers and overseas plants that are reaping redistributive rewards.

GM has increased its manufacturing capacity in China by an estimated 55 percent after the bailout, according to industry watchers. GM’s Dan Akerson crowed at the Beijing auto show earlier this year: “One of our aims is to help grow a new generation of automotive engineers, designers and leaders right here in China.” The U.S. auto giant’s ventures with the Communist regime include Shanghai OnStar Telematics Co., Ltd.; GM China Advanced Technical Center; FAW-GM Light Duty Commercial Vehicle Co., Ltd., in Harbin, Heilongjiang; FAW-GM’s Changchun plant in Changchun, Jilin; FAW-GM Hongta Yunnan Automobile Manufacturing Co., Ltd., in Qujing, Yunnan; and Shanghai Chengxin Used Car Operation and Management Co., Ltd.

In Europe, the UAW’s appointee to the Government Motors Board of Directors, Steve Girsky, recklessly pushed the feds to hold onto GM’s failing German-based Opel AG. The Great American Auto Bailout has been subsidizing this hemorrhaging enterprise while Obama failed to deliver on his 2008 campaign promise to salvage plants like the one in GOP vice presidential candidate Paul Ryan’s hometown of Janesville, Wis. According to Forbes magazine, “GM Europe, comprised mostly of Opel and its sister brand, Vauxhall, lost $617 million in the first half of 2012, on top of a $747 million loss in 2011 and a $1.8 billion loss in 2010. In all, GM has lost almost $17 billion in Europe since 1999.”

While Team Obama lambastes GOP rival Mitt Romney for outsourcing, Government Motors is now planning to invest $1 billion over the next five years — not in America, but in Russia. That’s on top of $7 billion total in China, close to $1 billion in Mexico, and $600 million for a shirt sponsorship deal with Manchester United, the British soccer club.

The DNC will put a rank-and-file U.S. autoworker on stage to back up Big Labor’s cheerleading of the deal. Rest assured, this human shield will not tell viewers how Obama and the union bosses colluded to pervert bankruptcy law and shaft some 20,000 nonunion Delphi auto parts workers. The forgotten victims saw their pensions erode by up to 70 percent; their health benefits disappeared. The first lady is radio silent. Obama consigliere Valerie Jarrett ducked questions about the Delphi injustice from The Washington Times here in Charlotte.

Only in a fantasyland where America has 57 states, “JOBS” is a three-letter word and bailouts are “achievements” does Obama’s rescue math add up. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry,” Obama vows. God help the American worker.

 

Government Motors is What Obama Wants to Do to ‘Every Industry’ – Tea Party Nation

 

Government Motors is What Obama Wants to Do to ‘Every Industry’ – Tea Party Nation.

Posted by Seton Motley

Note: This first appeared in Breitbart.com’s Big Government.

President Barack Obama on Thursday uttered the following utterly absurd thing:

“I want to (bailout) manufacturing jobs, not just in the auto industry, but in every industry.”

Even before President Obama dramatically bumped up the auto bailout to $82 billion, we were saying that this government-funded Crony Socialism model is what he has in mind for the entire once-private sector economy.  He’s just now openly asserting it.

 

So let’s take a look at the auto bailout nightmare mess – and marvel at what President Obama wishes to multiplicatively replicate.

 

(If some of the following sounds recently familiar, you must listen to gracious radio host-exemplar Mark Levin.)

 

  • 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?
  • Meanwhile, President Obama cut the pensions of non-union GM-subsidiary Delphi’s employees by up to 70%.
  • 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.
  • Why has the stock tanked so precipitously?  Because GM is no longer a for-profit car company – it is a Leftist ideological entity.  To wit:
  • We the Taxpayers pay $7,500 per Volt sold in bribe money – I mean incentive.  And in President Obama’s latest unanimously rejected budget he wanted to up that to $10,000 per.

 And so on, and so on, and….

 All of this slow-motion train wreck-litany – is President Obama’s vision for how we should from now on do all things economy.

 Because for this President, “success” doesn’t mean greater free market achievement – it means greater government control.

 

The promises of Obama – Tea Party Nation

Where's Our Bailout? protest

Where’s Our Bailout? protest (Photo credit: Toban Black)

The promises of Obama – Tea Party Nation.

Posted by Judson Phillips

Barack Obama is promising that if he is reelected, he wants to do for every industry what he did for the auto industry.

 Wouldn’t that be special?

 Actually the word disastrous comes to mind.

 From the Detroit News:

 The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.

On Monday, GM stock was trading down 6 cents, or 0.2 percent, to $20.49. At that price, the government would lose another $850 million on its GM bailout.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout.

Treasury spokesman Matt Anderson said the costs were still far less than some predicted.

“The auto industry rescue helped save more than one million jobs throughout our nation’s industrial heartland and is expected to cost far less than many had feared during the height of the crisis,” Anderson said.

The Obama administration initially estimated it would lose $44 billion on the bailout but reduced the forecast to $30 billion in December 2009.

Republican presidential candidate Mitt Romney has decried the losses on the auto bailout and insisted that forcing GM and Chrysler Group LLC to go through bankruptcy first would have saved taxpayers money.

 Isn’t that great.

 We are losing somewhere between $25 billion and $44 billion.

 How many industries can we afford for Barack Obama to help?

 We cannot afford four more minutes of Barack Obama, much less four more years.

 Mitt Romney is a businessman.  He was right.  GMC should have gone through bankruptcy.   That is why our founding fathers put the provisions for bankruptcy into the Constitution.

 That is why we have a free market system and why the government stays the hell out of the market place.