The Obama administration announced late Thursday that it's forking over another $7.5 billion to GMAC, LLC (General Motors Acceptance Corp.). And, in keeping with the theme of this new administration, the government has mandated two new directors to GMAC's board of directors. Not that anyone is keeping track, but this now totals approximately $13.5 billion that the government (supposedly you and me) have invested in GMAC.
Oh, how quickly times have changed. Or, have they? Just yesterday, Turbo Tax Cheat Timothy Geithner said that the administration wasn't getting involved in management decisions at General Motors Corp. Oh, I see...they're not getting involved in General Motors management decisions. They're just going to choose their finance arm's directors. Now, I get it.
Tell that to former GM CEO Rick Wagoner! Or tell that to the workers at the nearly 2,000 auto dealerships that are overnight having their franchises taken away from them because the government, in their vast wisdom and experience, have determined that the Detroit car companies weren't making cuts fast enough. This was not a matter of cutting underperforming dealerships. Some of these dealerships were profitable. These achievers are now left with millions of dollars worth of inventory on their lots that they cannot move. The government is going to tell a private company how to cut costs? Are you kidding me?
I wonder who these government appointed directors are? Chicago pals of Obama or some of his community organizer friends? Perhaps cast-offs from the other highly successful government ventures like the Postal Service, IRS, Medicare, Medicaid, Fannie Mae or Freddie Mac perhaps? What in Mr. Obama's background or experience makes him think he has any clue how to run any company?
Turbo Tax Tim's comments follow those of President Obama from a few weeks ago, when he insisted that the government wasn't interested in running U. S. auto companies, despite giving them billions in bailout money. Money that we know the government doesn't have. The Obama/Geithner printing press is running full-force.
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"The press is the only tocsin of a nation. When it is completely silenced... all means of a general effort are taken away." - Thomas Jefferson. It seems the Obama Administration is trying to silience the freedom of the press. It is using its own production facilities to flood every channel on the Internet with its own highly produced version of the news. Take a look at how Obama wrapped his speech with the Founding Fathers and the Constitution. http://pfx.me/eX
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