Jennifer Granholm states that the auto bailout saved 25,000 jobs in North Carolina. As with the rest of the supposed 1,000,000 jobs saved by the auto bailout of General Motors and Chrysler, there is no proof. As for actual facts, private property was stolen (GM bonds) and redistributed to the labor unions. General Motors is now looking for a $5 billion loan, Volt production is shut down and GM dealerships are channel stuffed. Since no one is buying new cars, GM is now offering sub-prime loans:
90+% of GM auto loans are now of the Freddie Mac-Fannie Mae-esque subprime variety - made to people whom GM and everyone else know can’t pay them back.
The American taxpayers will lose $42 billion on this bailout. Under Obama, the resurrected General Motors has lost 34.47% of its value (from CNNMoney.com):
But seriously, facts and politics never mix. The reality is that these people and millions more will vote for Obama based on ideology and mailbox money.
Some more Numerical Issues about which you will not hear in Charlotte:
$26.5 billion of the loss was a straight payoff to the…UAW….
President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts. Which were a hay-yuge contributing factor to GM going under in the first place – and are again, predictably, helping to wreck the bottom line…..
During the bankruptcy process, President Obama illegally paid off the UAW first and in full - before secured bondholders who should have been made whole before anyone else got a dime. Which was incredibly disruptive and destructive of the entire bond market. Economic uncertainty, anyone?