Obama Pushes False GM Success Story

The Obama camp can’t stop clucking about how he saved GM and the car industry. But if the GM bailout is such a success story, why can’t it pay back its debt to taxpayers?

The president’s new campaign video narrated by actor Tom Hanks claims GM has “repaid” its loans. But in a revelation by the special inspector general monitoring the TARP bailout program, GM and GMAC together still owe the biggest share of the remaining $119 billion TARP debt.

Of the top bailout recipients, GM is the biggest laggard, the TARP watchdog says in his latest quarterly report to Congress. Bank of America, Citigroup, Chrysler and Chrysler Financial all have paid off their debt and left the TARP program. Even AIG has paid back more than 75% of what it owes taxpayers.

GM, on the other hand, still owes more than half the $50 billion in federal funds it received when the combination of the recession and its costly union contracts drove it into bankruptcy. And its lending arm, GMAC (now Ally Financial), still owes $14.5 billion.

Post Continues on www.realclearmarkets.com

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70 comments on “Obama Pushes False GM Success Story
  1. jong says:

    Of course this is political pay off to the Unions.    If we had our money back the Unions would not be able to make so much an hour and of course the Unions would not be able to kick back to Obama’s re-election campaign.

    • Jimoaklanduniv says:

      you are SO RIGHT ON!!   his UNION THUG cronies!!

    • TheChristianSolution says:

      I don’t automatically hate the idea of unions like you do. We have a constitutional right to assembly, and there could be nothing more American than for the workers of a company to propose a representative, from their ranks, to discuss working conditions, wages and safety with their company’s management.

      But I abhor tyranny.  If they decry the auto companies for tyranny against them, they have now themselves become the tyrant. The UAW does not just represent one company, it represents all auto companies; hence it is a collusive mafia-styled monopoly.

      They would cry bloody murder if GM, Ford and Chrysler were to merge their HR departments, but the merging of the three worker’s unions is seen as perfectly legal and legitimate  And WORST, the UAW uses its combined voting membership to UNFAIRLY influence politicians to side with it in negotiations against the auto companies.

      Now, the problem with your theory is that the other car company Chrysler has paid off its debts with the same UAW; while Ford, who never declared bankruptcy, also has UAW unions, and they are doing great right now as a private company.

      What we are seeing with GM is the complete takeover of GM by the UAW with the much obliging Obama administration as their strong-arm.

      • jong says:

         I have been a VP of a good Union we worked with Management towards a common good.  We had disagreements but, we never had such problems that would bankrupt the employer or try to “run” his business for him.   We maintain good communications and that deflected problems no one wanted.

  2. Rfh53 says:

    It’s called “money laundering” . AND…it’s was done by the most honest and transparent administration in history….NOT!

  3. Steve says:

    The Obama Graft Stimulas program……

  4. Jim Bob says:

    Just Buy Ford!!!!!!!!!!!!!!

  5. repubnut says:

    HOW TO DESTROY AMERICA– Elect a Socialist/ Communist President and destroy America’s Constitution  then destroy the Family values. Remove the mention of God from the vocabulary of America, then make a welfare country where the government controls ALL.—  WAKE-UP AMERICA

  6. Proudamerican says:

    obama knows he can lie his a s s off and get away with it!   He has the entire dem party covering for his lies and spinning them to the max.   Too bad the destruction they seek of the USA will equally effect them just as it does to everyone else.    A true definition to the term “useful idiots!”     They remind me of the scene in the movie “Independence Day”  where all the people were dancing and drunk on top of a tall building seconds before they got vaporized.    They are just stupid cannon fodder

    • cdoc says:

      It’s not just Obama, it is also the overpaid, self-important, actors in Hollywood helping him out.  Idiots like Tom Hanks.  I make it a point not to go to movies that have these far-left, politically retarded, narcissitic, mouthpieces for the Democratic party in them.  

      • Proudamerican says:

         You are correct!  Thats why I said “he has the entire dem party backing up his lies” I too agree about tom hanks and others like george looney.     They all live in some sort of la la land.

  7. Samtman says:

    Its Wall street thats pushing ths true resurgence of GM as the # one Car manufacturer in the World, thanks to the American Union worker and the confidence shown by President Obama in the American Auto Industry that made the northern states the envy of the manufacturing world. Love my new Chevy Cruze with Eco engine, 42 MPG on the highway.  Eat your heart ouit  imports.

    • colleenf says:

      “The American auto industry that made the northern states the envy of the manufacturing world”?????  What………..like Detroit, Michigan????????  
      You do realize Detroit leaders are razing buildings that are abandoned and falling down, don’t you??
      There are no jobs in Detroit anymore.
      Nice try…………wrong site……………….your post is NOT backed by facts.

    • Texan46xusaf says:

      Resurgence of manufacturing jobs in the North, really !  That why so many people are moving up there?  You are truly dillusional.

    • Ajincali says:

      If the Federal Government was not buying GM cars, they would have lost their butts last quarter.  Chevy sales are down 8% last month, Ford is down 5% and GM is up 25%?!?

      It is the same tactic as hiring and firing Census workers to try and artificiaaly influence the unemployment statistics.  More Smoke, Mirrors and Fertilizer.

      Obama’s only success is giving away other people’s money.  After that he is an abject failure with the record to prove it. 

  8. StewartS says:

    I agree with Jim Bob, “JUST BUY FORD”! 

  9. JackHotchkiss says:

    My fellow citizens;

    For years and years we have been able to depend on our vote
    to guide and direct our Nation.

    Slowly over the years, our say in how this Country is run
    has been taken from us. Not by an outside force but by each of us delegating
    our authority to people we hired to speak for us. Then we left them alone to do
    the job we instructed them to do and they turned away from us to greed 

    You know the rest of that story.

      The fact I want to
    point out now is, even though it looks like we have painted our self’s into a
    corner we have several tools available for our use. The Socialist’s that we
    have allowed to over take our leadership rolls in our government know the name
    of those tools also, they are in order Our God, our Constitution, our Flag and
    you know the rest.

      We have a standing
    army at our service.

    All the people that ever took the OATH to protect and defend
    The United States of America from all enemies foreign and DOMESTIC are Oath
    Keepers; your Oath is in effect for life.

    We have the weapons for that Army because we are a free
    society and we have a God given right to posses and use those arms. See why
    Nobama wants your weapons? It is the people he wants to control, controlling
    the guns is only a path to controlling you.


    We have the standing Army,

    We have the weapons for that Army

    We see a need for that Army

    The oath Keepers are there to back up the wishes of the
    people and to fight only if we must.

    Roll call in 15 minutes!

    Hotchkiss Oath Keeper

  10. colleenf says:

    Don’t they think we get it??  Obama and the lefty loonies know only a small select number of tactics to get what they want which is power………….they lie, they attack those presenting the truth and facts, and they destroy anyone who disagrees with their corrupt and warped ideas.

  11. Carol says:

    Everything that comes out of  Barry Soetoro mouth is a lie but he such a great salesman that people wouldn’t know that but just look at him when he speaks he looks down to the floor or looks away he can’t look straight at the camers other than that when he opens his mouth other than to eat is lying.

  12. What else would you expect from a complete criminal and fraud? To tell a lie is nothing to him, it is part of every breath he takes.

  13. Debra H says:

    He has no real success stories so he just makes them up as he goes and expects no one to say anything different because if the do.. well..” they are racist”.  Same old platform he ran on before.. its all he’s got.  Love me, I’m Black!!!

    • Big C says:

      That pretty much sums it up! Realists knew if this guy got elected, ANYTHING that he did, that was questioned, would be construed as RACISM!!!!
      Guess what!!
      On the other hand, GW was fair-game for the most vulgar Liberturd rhetoric ever heard! And STILL IS!!!!!!!!

  14. Tomtom says:

    Tom Hanks is a liberal idiot, he is being USED! Soooo you lie for the serial liar Barack?????

    • jim says:

      if there is anyone out there that tweets …tell hanks hes a lying POS  communist supporting fool

  15. hmmmmm says:

    Let’s just call it what it is a success story that is false is an outright lie which ob seems to be able to do very well if we wanted a lying president.  NO