US Action News

It’s one thing if some speculator takes a loss and that happens all the time, but when it is John Q. Public’s money, the expectation is that would be more cautiously managed. Nothing about the GM bailout suggests this.

[A]fter helping force a government bailout at a cost of tens of billions of taxpayer dollars and ending up with ownership of both General Motors and Chrysler, the United Auto Workers (UAW) is creating a stir over the Bank of America’s acceptance of a government bailout.

The Wall Street Journal’s Jonathan Welsh discusses whether the electric vehicle can make it through the winter weather. Government subsidies and government purchases have failed to prop up Chevy Volt sales. Electric cars are essentially coal powered since 46% of electricity is generated by coal.

The Obama administration rigged the bankruptcy to favor the union, rigged the IPO to favor the union, and has purchased much of the inventory unsalable in the free market, again to benefit the union (and the environmentalists). But of course, the unions (and the environmentalists) pumped many millions of dollars into Obama’s campaign. They also and pumped many millions into trying to keep Democratic candidates in office in the last election.

General Motors isn’t a success. Nor will it be until the government is no longer involved in its business and it can stand on its own two feet without taxpayer help.

General Motors has given more than $90,000 to political campaigns this year, according to data released by the Federal Assistance Commission last week.

The Treasury Department’s special inspector general says the government needs to get $133.78 per share for its 61 percent stake in General Motors Co. to break even on its nearly $50 billion bailout. – Detroit News

‘victims of Obama’s Chicago politics don’t want to hear any more of his own well-worn tales of struggle and sacrifice. They’ve got their own tragedies to tell — heart-wrenching dramas of personal and financial suffering at the very hands of Obama.’ – Michelle Malkin

Their goal, according to USCAP’s website, is to “call on the federal government to enact legislation requiring significant reductions of greenhouse gas emissions.” But like it is the case with Doerr and KPCB, the members at USCAP have tried to use climate change and the war against fossil fuels as an excuse to lobby the federal government for policies that directly benefit them financially.

The bottom line is that GM and Chrysler still owe the government a great deal of money, and it is far from clear that they will be able to repay it all. As long as the prospect of large losses for taxpayers loom in the distance, it is impossible to say that the jobs saved didn’t come at the expense of other jobs.