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.