Midknight Review -- new and revised: GM just turned a 7.6 billion profit. Smoke and mirrors or the truth? We have the answer.

No taxes for GM for 10 years - $46 billion gift from the taxpayers to the AFL-CIO thanks to Obama.

GM was given TARP funds to "pay back" its 6.7 billion dollar "loan" from the Obama government, back in the first quarter of 2010, claiming that the payment came from profits earned by GM. Turned out that such was a blatant lie.

Its public stock offering is selling for $26.03 at close of business, today, well under its IPO of $33 per share. The price per share is up $6 from a year ago, however.

The taxpayers gave GM a total of more than $55 billion. None of that money was paid back to the taxpayer out of GM profits. Whatever has been "repaid" has come from a TARP escrow and, perhaps, Fannie and Freddie funds. GM can claim "profitability" only because all of its debt has been either transferred to the "old GM" entity or via gimmick financing through TARP or the GSE's.

Also, what is not mentioned is the fact that profits fell sharply in the 4q of 2011 to less than half of the profit margins of the industry (MSNBC).

Make note of this fact: there are so many lies coming out of this White House, the truth of any of its claims are suspect. There is a good chance that within 4 months, we will hear of an "adjustment" to the so-called facts of this story.

References used in this report:
WSJ/ Yahoo Finance/FactCheck.org/FoxNews/Sandusky Register/MSNBC/MidknightReview/

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

2 comments:

AnonymousMarch 1, 2012 at 10:05 AM
You want GM to fail, you want America to fail.

Smithson is the loser.

America is winning.
John SmithsonMarch 1, 2012 at 12:22 PM
I want GM to give back the retirement savings stolen from police and teacher unions during this Facist take over. Obama took GM into bankruptcy, destroyed billions of dollars in retirement funding, all to "save 47,000 GM jobs - something that would have happened ANYWAY under a normal chapter 13 restructuring.