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Stock Analysts And Politicians Praise GM’s Debut On Wall Street

November 24, 2010 by  

Stock analysts and politicians praise GM's debut on Wall StreetMarket analysts believe that General Motors' (GM) debut on the New York Stock Exchange was a good start.

Although the GM stock gained about 3.6 percent profit on its first day, which is considerably lower than the average of 8 percent of other initial public offerings (IPO) in 2010, trade experts believe the debut was strong considering that the United States government was the main selling shareholder, according to Market Watch.

Matt Therian, of Renaissance Capital, said that the government, which bailed out the auto maker during the global financial crisis and will earn some of the loan back through the public offering, would have been criticized if GM's IPO was too strong.

“The bankers were sensitive to too large a pop,” Therian told the news source. “A large first-day return would indicate that the government had left money on the table.”

Scott Sweet, of the research firm IPO Boutique, called it "an excellent debut" for GM's stock. He said that almost the entire tradable stock of the company changed hands on Nov. 18.

Speaker of the House Nancy Pelosi (D-Calif.) said that GM's IPO was a sign of progress for America's auto industry. She praised President Barack Obama and fellow Democrats for taking "difficult emergency action" to rescure the U.S. auto industry, and she added that GM's debut was proof that those bailouts are paying off. 

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  • Kinetic1

    NO! This can’t be. GM was supposed to die a long, painful death when Obama “took it over” and began calling the shots. Could it be that the new execs really are calling the shots and turning the company around? Will this actually turn out to be a positive story?

    • thinking

      By the way, you won’t hear about it from the pro-Obama mass media, but our government is giving away BILLIONS of additional bailout dollars. General Motors has another $45 BILLION worth of tax breaks and credits courtesy of our generous government.

  • nickwolf

    Of course it was the right thing to do! Palin and Paul would have let it die! If the Tea Party would actually hold open civil debates, they might amount to something…instead they are just easy dupes for lobbyists with lots of money! They follow Judas goats like Palin, who say nothing about how to get us out of the mess…they created. Not one word of apology for failed idealog policies proven in history to not work. Ronald Reagan and Nixon both knew that you must spend…you must put gas in the engine when its stalling!!!! otherwise it dies! Its how we got out of the last 8 recessions and how the rest of the Countries got out of theirs. Nowhere is their an example of their policies except when Wilson tried it and he drove us to the great depression. Corporate profits are the highest in 60 yrs…the GDP is growing on a perfect dual reverse W’s on the charts….a perfect textbook turnaround.
    Now to the Jobs….the outsourced jobs are not coming back.
    President Obama lives in reality and wants to create new good paying jobs. Wind turbines have 8000 moving parts. Thats a lot of manufacturing jobs!! Republicans are fighting investment in America…to keep things bad and blame Obama….but their losing on every front! Not everything the Crony Capitalism of the Republicans can be fixed! Not everything in the china shop can be put back together. Instead of punishing the culprits, the Tea Party wants to put them back??? For some antiquated ideas of some mystery small government…which would only make the Banks more powerful and dictate every factor of our lives?
    Come on Tea Party fight for real freedom of the real oppressors…….Lobbyists and Multi-national Corporate Greed!!
    They owned you, because you failed to reason it out, failed to hear both sides of the argument!
    Now, they will only let you do whats good for them….just like during the Bush years! You can cut anything you want for yourselves, the middle class or the poor….but just you wait till you try to reign them and their ultimate power and Kingdom in and you’ll find out right away that Baynor is on their side, not America’s. Watch, don’t believe me! You’ll get more debt and less regulations and safety for you and your children. You got what you deserved Ohio, more poverty!! By letting pretend Christians and pretend conservatives back into power! Thats why Ohio is shrinking in population and sliding into poverty…because Christians lose their ability to reason…even on the small stuff….and they are so easy to insite to near violence with made up boogie men! Really, it was embarrassing ly easy for Dick Army and the Insurance companies to have you vote against you own best interests on Health Care Reform you should be ashamed of having to kill your own children for lack of insurance…when they come for you! My family owns an insurance company…so I know for sure how stupid you are!
    But, oh,well! It’a good for me! Thats the Libertarian way right?
    Take Wyatt Earp out of Dodge and let the Big guns do what they want?? …….Right!

  • nickwolf

    P.S. An Insurance Company C.E.O. has come out and stated that they spent millions attacking Michael Moore to protect themselves from America realizing the truth about the Insurance cartels death squad tactics! I’m at the Hospital every week, I have two parents in their 90′s….they have been miss diagnosed 80% of the time…given drugs that don’t work that cost 400 a month..and state that they don’t slow the disease or cure it! So what is it? …its a tranquilizer! ….for 400 a month!
    I got a sonogram, which took 20 minutes…the cost was 1,000 dollars. If I paid cash their was a 60% discount!!! Does that show you how their gaming Medicare!! Wake up fools, look around to see who’s really hitting you in the head! Not Obama!
    Big Pharma, Big Insurance, Big Banks and Wall St!!
    If they are against someone or some policy, you should be for it! Because its probably good for you! How pissed off should you be when you find out the Presidents policies actually worked? Really pissed! Then find out who was lying to you and shut them off. I can prove to you…with hundreds of evidence based proofs that Fox News lies to you. They repeat what the lobbyists say on their web sites…you don’t even need to listen to Fox, just go to the Lobbyists web site and Whaalaa…Fox’s opine! Try it for yourselves!

    • http://eddie47d@gmail.com eddie47d

      We need to hear the positive and the negative so you’re comments were refreshing. Obama might be a one term President but certainly not from the lack of trying. Paper today said he will struggle in any re-election bid in 2012;If Palin runs against him though it will be 45% to 31% in Obama’s favor.

      • thinking

        you mean that 31% of democrates would go with Palin, wow the rats are jumping the sinking democrate ship! about time! thanks Obama

    • http://?? Joe H.

      nickwolf,
      not that I don’t believe you, but could you post a site to back up the statement that an insurance company admitted they attacked Michael moore for the reason that you state??? If they are as bad as you state, why would they come out and publically admit it??

  • nickwolf

    Wow, bad President…He:
    Fixed the recession
    Avoided a depression
    Saved the Auto Industry
    Stopped the bleeding of 700,000 jobs a month.
    Added 150,000 jobs
    Curtailed Pirate Credit Card Companies.
    Insured 30 million people while reducing the deficit.
    Invested in Infrastructure
    Gave us the lowest taxes since the 1950′s
    Passed Wall St reform
    Got an oil company to pay for their damages to America
    and ….
    The Country is not Socialist, Communist or Nazi Germany???
    How did it happen?
    He is Intelligent and finds out what the right course is…then does it….even if he knows his political enemies will use it against him. But if the population was intelligent, they would be Cheering him! Instead they can’t wait to go back to the past when things were terrible! You can’t bring back the 17th Century!…are you kidding? We have 300 million people and the Country does not have the same problems as back then.
    George Washington would have arrested the fake Tea Party like he did twice during his Presidency. Debate and find out how truly progressive our founding fathers really were….not what Glen Beck or Palin say, but, what they actually wrote down!
    Palin did not even understand the Alaskan State Constitution! How do I know this? The man who wrote it is alive and said so!
    He said it always was a “living document”…not fixed dogma!
    He said she did not understand the basics. He wrote it…I think that ends the story on Palins competency! But the Tea Party still has to grow up and see that politics are real…it’s not some storybook!

    • Doc Sarvis

      Excellent summary.
      President Obama didn’t do the easy thing and let GM die; he did the hard work and made the very difficult decision to save GM and he did the right thing (again).

      • Teresa

        REALLY, REALLY….DO YOU KNOW THE REAL REASON HE DID NOT LET IT DIE?????

      • Vigilant

        1) The government-forced brokerage gave the USG and the UAW 90% of the ownership of GM. At Chrysler, the unions got majority stock ownership. All this because the UAW had extracted such cushy gains from the company over the years that GM had to give up 39% of the ownership to these bastards. Communists are celebrating: the gov’t and workers are now owners of the means of production.

        (2) The above was done illegally and unconstitutionally. To accomplish the above, Chapter 11 bankruptcy law was turned on its head, forcing the bondholders to accept pennies on the dollar. Thousands of investors were thrown under the bus. All this so Obama and the Dems could pay back unions for their political support and further insinuate socialist methods into private industry.

        (3) It will still take years and years for the company to pay back what it owes to the taxpayers.

        (4) The company structures are permanently changed. You can bet Obama & Co. are just chomping at the bit to curry favor with the unions next time a company “too big to fail” gets in financial difficulty.

    • Teresa

      nickwolf, you failed to mention, which I have posted on here several times the GM scandal and WHY it is a actually making it. And it is not by your reasoning it is because Obama and his appointed Czar, which might I add is now having been found guily and paying fines, Steve Rattner. If you do not believe me I will gladly post again JUST FOR YOU!
      You say:
      Fixed the recession _ Please explain how…we are in a recession and going further down
      Avoided a depression _ Again explain
      Saved the Auto Industry _ Again I will show you the proof
      Stopped the bleeding of 700,000 jobs a month.
      Added 150,000 jobs _ the proof is all around, you are apparently blind the job stastics are rising not going down. The only jobs he has created is union and government jobs
      Curtailed Pirate Credit Card Companies _ Have you seen the credit cards policies?
      Insured 30 million people while reducing the deficit _ Again explain how
      Invested in Infrastructure _ self serving
      Gave us the lowest taxes since the 1950′s _ OMG are you serious!
      Passed Wall St reform _
      Got an oil company to pay for their damages to America
      and … _ you went here….how long did it take him to react to the problem? and they were his biggest donor when running for election and then when called to react he was angry and thought they were calling about food stamps, then he did not allow to pay from that fund, his administration altered records how many times?
      The Country is not Socialist, Communist or Nazi Germany??? _ not yet but he will never ever say the jihads are here to destroy us, never say extreme muslims are here to kill us, will bow to others, and will put political correctness before civil rights ANY DAY! And he thinks himself above us…AND THAT IS NOT A PRESIDENT!
      As for the Health care system, We ALL know the Pharmacy’s have ripped us off, but instead of regulating them he wanted to govern the entire nation, except of course his union buddies. So don’t you dare preach to us about what is best for us and about how you worship this imposter of a president, he deserves no respect from us and we do not need fox news or Palin to tell us that!

      • http://eddie47d@gmail.com eddie47d

        You are not telling the whole story either Teresa. The credit card companies screwed the public Before legislation could be passed. That was a deliberate pre-emptive strike against the consumer. Shame on them! The health insurance companies have been doing the same thing and far worse.

        • Teresa

          But guess what…WE HAD CHOICES! We were not penelized w/fines if not taken….THAT’s the difference. He DID break the law, rather you want to admit it or not! And the credit cards the consumer is to blame by most part as well.

          • Vigilant

            Teresa,

            The left loves to hate Palin, and Fox News in general, for one reason: they have been successful in appealing to American good sense and intelligence. You know well that if those sources were not telling the truth, they would lose adherents and fans. But guess what? Viewers are voting with their remotes and turning away from the MSM in favor of Fox News.

            Try to convince one of the lefties that this is happening because Americans see the strong liberal bias in all phases of so-called “journalism” and realize that Fox is indeed the most fair and balanced of them all.

            Keep up the good posts, Teresa. We’ll never convert the “true believers” of the left, but people of good sense will realize that the good fight continues.

          • Dan az

            Teresa
            You have been an asset to this site.Keep up the good work and have a happy thanksgiving!

    • Vigilant

      Wow, bad President…He:

      Fixed the recession: Tell that to the millions out of work! We’re still in a recession, dummy, whether some economic guru says so or not.

      Avoided a depression: Hide and watch. What’s coming down the pike is going to be the worst financial collapse in history, thanks to his profligate deficit spending policies and creation of fiat money.

      Saved the Auto Industry: By illegally skirting bankruptcy law, forcing companies to accept corrupt labor unions as major stockholders, and forcing bondholders to accept pennies on the dollar in favor of paying off labor union support.

      Stopped the bleeding of 700,000 jobs a month: through invention of voodoo “jobs created or saved” nonsense which means nothing.

      Added 150,000 jobs: Which was a drop in the bucket and didn’t reduce the 9+% unemployment rate (closer to 20% when you factor in those who have given up looking for jobs)

      Curtailed Pirate Credit Card Companies: Who immediately found workarounds to screw he customer in other ways.

      Insured 30 million people while reducing the deficit: Health care hasn’t gone into effect yet, will probably be de-funded incrementally (thank God), and was set up to tax us for years before it ever goes into effect. “reducing the deficit?” You are truly delusional if you think our deficit is being reduced by ANYTHING this president and Congress have done to us!

      Invested in Infrastructure: Name me a couple of “shovel ready” projects that even the Dems admit didn’t exist.

      Gave us the lowest taxes since the 1950′s: When he’s done with us, the 1950s tax rates will seem small indeed.

      Passed Wall St reform: Which was written by Goldman Sachs people, Barney Frank and Chris Dodd, among others. A financial reform which reforms nothing and leaves he door open for further mortgage crises.

      Got an oil company to pay for their damages to America: after realizing he could deflect attention away from his incompetence in handling the crisis by strong arming a company to do what would never hold up in a court of law.

      and ….

      The Country is not Socialist, Communist or Nazi Germany??? The country is more socialistic than it has ever been in its history, and on the way to ruin because of it.

      “He is Intelligent and finds out what the right course is…then does it….even if he knows his political enemies will use it against him. But if the population was intelligent, they would be Cheering him! Instead they can’t wait to go back to the past when things were terrible!”

      One of the things that great leaders of this country realized long ago and many times, is that the American people can be relied upon to make the right decisions over time. When you, like Obama, call the majority of Americans stupid, you are not only immature, you are dangerously elitist. You speak the language of statism.

    • http://?? Joe H.

      nickw.
      He stopped the bleeding of 700,000 jobs and added 150,000 jobs! Yet the unemployment rate stays at 9.6%!!!! Nation wide mortgage rates are inching up on an already stagnant market from 3.9% to 4.2%. Not gonna help home sales!!
      BTW, where can I buy a pair of those rose colored glasses you wear???

  • Al Sieber

    You’re missing the whole picture, this recession isn’t over, it’s just getting started, over 42,000 factories left this country in the last 8 years, never to come back. our Govt. is printing up money like it’s going out of style, over 40 million people are on food stamps. the whole economy isn’t based on GM.

    • Doc Sarvis

      I wonder why the GOP blocked the Democrats effort to stop giving corporations tax advantages to ship our jobs overseas?

      • Al Sieber

        I don’t know, I’m neither Democrat or Republican, both parties sold themselves out years ago.

        • Doc Sarvis

          I’m an Independent myself but it sure seems like the Democrats have been proposing some beneficial things like what I just posted and the GOP (a.k.a. the party of NO) is just being obstructionist.

          • Vigilant

            Doc, I’ll begin to believe you’re an independent when I see you post ONE thing favorable to the conservatives philosophy.

            You strike me as the type who calls himself an independent simply because it makes you look like a thinking person. Go ahead, we’ll not infringe on your role-playing fantasy.

          • Al Sieber

            Hey Doc, whats a Independent?

          • http://?? Joe H.

            al sieber,
            doc says an independent is a person that pays for his own meal when he’s out with his girl!!!

      • Vigilant

        Doc,

        “I wonder why the GOP blocked the Democrats effort to stop giving corporations tax advantages to ship our jobs overseas?”

        (1) Just get done channelling with Joe Goebbals? Kindly provide source for that bit of propaganda.

        (2) When will you guys cut the sh*t? That’s like trying to tell us that jobs and industries are leaving CA and NY in droves due to conservative or Republican policies! Jobs are leaving those states for the same reason jobs went overseas: confiscatory taxation, over regulation and wacko environmentalist roadblocks.

        (3) Your leftist buddies may believe the palaver, we of common sense and intelligence see it for what it is.

        • Dan az

          Vigilant
          Excellent keep up the good fight!

    • http://eddie47d@gmail.com eddie47d

      The road ahead will continue to be a bumpy one and a hard struggle for many. Most of realize those jobs that went overseas will not be back. Also,as soon as someone creates a new business they start to outsource which is not a good sign. Obama had little to do with most of the jobs going overseas but he should have more “control” over policies with these newer businesses. The issue should be;Will Americans accept less pay to get those jobs back? Will CEO’s scale back bonuses and higher executive pay and stop demanding huge stock options. That has also gotten out of hand.

    • Emmy

      This “recession” is nothing more than a selling of America, piece by piece.

      • Al Sieber

        Emmy, yeah! to the Chinese.

        • Dan az

          Hey Al
          You have a good thanksgiving and try to keep the dirt out of the turkey!

          • Al Sieber

            Dan, I’m not having turkey, Cornish Game Hens instead. Happy Thax to you.

  • J.M.R.

    this first american dick-tater hasn’t done anything right except destroy this great country, along a bunch of companies

  • Bus

    Wow, bad President…He:
    Fixed the recession All by himself? What a guy
    Avoided a depression Debatable
    Saved the Auto Industry One company, the Japanese ones did fine by themselves.
    Stopped the bleeding of 700,000 jobs a month. Yes now its only 405,000
    Added 150,000 jobs All government jobs that hurt the private sector.
    Curtailed Pirate Credit Card Companies. Why even have a Congress with this guy in charge?
    Insured 30 million people while reducing the deficit.
    Invested in Infrastructure Which president hasn’t? Kind of automatic.
    Gave us the lowest taxes since the 1950′s What have you been drinking?
    Passed Wall St reform We’ll see how that turns out.
    Got an oil company to pay for their damages to America. Which they were going to do anyway.

  • Bus

    Sorry I missed the “Insured 30 million people while reducing the deficit….What planet are you living on. That’s what he claims will happen but its a lie and 60 percent of the country see it for what it is and want it repealed. Plus many of those 30 million are illegal aliens.

  • Cecilio

    Small minds debate small points. Did you hear the note the violin payer missed, while paying at the biggest, costliest ship of that date – the Titanic – sank?

  • Emmy

    NEVER – EVER – EVER buy from this conglomerate. If you do, you are doing nothing more than supporting the lame, organized crime that are the unions, and the Chinese, who now own a sizable portion of GM.

    We’ve spent years building up China, making China the go-to place for everything under the sun, stealing revenue and financial support from this country and her people, only to have China come back with bulging pockets to buy up America.

    Wow, that was smart………..

    • http://eddie47d@gmail.com eddie47d

      Many salaries in the USA are outrageous especially with upper echelon white collar jobs. Be brave for a change and take them on also. This union bashing get’s a little old when there is another side of the coin. (some union workers do make too much money but some are barely above minimum wage). The Saudi government just announced that they bought 1% of GM yesterday. So if we don’t invest in GM there will be plenty of other suitors.

      • Emmy

        When someone speaks out against a union, it is for very good reason. They are only a detriment – period. Know your history, understand current events.

        If you invest in companies that are not American owned – 100% American owned, or at the very least, and to a certain degree, owned by an ally; a friend, then you support the opposition; a foe; an enemy, And, every single time, it will come back to bite you.

        I don’t know, a common sense approach just seems to escape the majority these days.

      • http://marcum@wildblue.net coal miner

        eddie47d,

        From The Business Insider

        Editor’s note: Michael Snyder is editor of theeconomiccollapseblog.com

        The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America.

        The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.

        So why are we witnessing such fundamental changes? Well, the globalism and “free trade” that our politicians and business leaders insisted would be so good for us have had some rather nasty side effects. It turns out that they didn’t tell us that the “global economy” would mean that middle class American workers would eventually have to directly compete for jobs with people on the other side of the world where there is no minimum wage and very few regulations. The big global corporations have greatly benefited by exploiting third world labor pools over the last several decades, but middle class American workers have increasingly found things to be very tough.

        Here are the statistics to prove it:

        • 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
        • 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
        • 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
        • 36 percent of Americans say that they don’t contribute anything to retirement savings.
        • A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
        • 24 percent of American workers say that they have postponed their planned retirement age in the past year.
        • Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
        • Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
        • For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
        • In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
        • As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
        • The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
        • Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
        • In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
        • The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.
        • In America today, the average time needed to find a job has risen to a record 35.2 weeks.
        • More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
        • or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
        • This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
        • Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.
        • Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
        • The top 10 percent of Americans now earn around 50 percent of our national income.

        Giant Sucking Sound

        The reality is that no matter how smart, how strong, how educated or how hard working American workers are, they just cannot compete with people who are desperate to put in 10 to 12 hour days at less than a dollar an hour on the other side of the world. After all, what corporation in their right mind is going to pay an American worker 10 times more (plus benefits) to do the same job? The world is fundamentally changing. Wealth and power are rapidly becoming concentrated at the top and the big global corporations are making massive amounts of money. Meanwhile, the American middle class is being systematically wiped out of existence as U.S. workers are slowly being merged into the new “global” labor pool.

        What do most Americans have to offer in the marketplace other than their labor? Not much. The truth is that most Americans are absolutely dependent on someone else giving them a job. But today, U.S. workers are “less attractive” than ever. Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing more rules and regulations seemingly on a monthly basis that makes it even more difficult to conduct business in the United States.

        So corporations are moving operations out of the U.S. at breathtaking speed. Since the U.S. government does not penalize them for doing so, there really is no incentive for them to stay.

        What has developed is a situation where the people at the top are doing quite well, while most Americans are finding it increasingly difficult to make it. There are now about six unemployed Americans for every new job opening in the United States, and the number of “chronically unemployed” is absolutely soaring. There simply are not nearly enough jobs for everyone.

        • Dan az

          Coal miner
          I may have been wrong about you!Thanks for the facts!

        • Al Sieber

          coal miner, thanks for the info.

      • http://?? Joe H.

        edduuuh47DUHHS!!
        Name a union job that’s barely above minimum wage that’s in a factory!!!

  • Teresa

    nickwolf & Doc Sarvis I will post one more time…just for you!
    and please notice when this was printed too!

    Wednesday, August 4, 2010, 2:52 PM

    Remember way back, way, way back, to a year and a half ago, when auto dealerships were closing all over the country. Everyone wondered how they were making decisions on which dealerships would close (and people would lose their jobs) and which would not. I even went so far as to call a local dealership because I was worried about the people who would be out of jobs as a result of it. Turns out there is an explanation for which dealerships were put on the chopping block and it had NOTHING to do with which ones were profitable or which ones were a valuable service to their communities. Even though this is a long explanation, it is all true and you can find it all on the internet with a few Google searches. Sorry I didn’t include all of the links but the grandkids are here and I didn’t have the time.

    Chrysler’s Railroad

    This could be a scandal of epic proportions and one that makes Nixon’s Watergate or Clinton ‘s Monica Lewinsky affair pale by comparison. Whywas there neither rhyme nor reason as to which dealerships of the Chrysler Corporation were to be closed?

    Roll the clock back to the weeks just before Chrysler declared bankruptcy. Chrysler, like GM, was in dire financial straits and federal government “graciously” offered to “buy the company” and keep them out of bankruptcy and “save jobs.”

    Chrysler was, in the words of Obama and his administration,

    “Too big to fail,” same story with GM.

    The feds organized their “Automotive Task Force” to fix Chrysler and GM. Obama, in an act that is 100% unconstitutional, appointed a guy named Steve Rattner to be the White House’s official Car Czar – literally, that’s what his title is.

    Rattner is the liaison between Obama, Chrysler, and GM.

    Initially, the national media reported that Chrysler ‘had made this list of dealerships’. Not true!

    The Washington Examiner, Newsmax, Fox News and a host of other news agencies discovered that the list of dealerships was put together by the “Automotive Task Force” headed by no one other than Mr. Steve Rattner.

    Now the plot thickens.

    Remember earlier we said that there was neither rhyme nor reason why certain dealerships were closed?

    Actually there’s a very interesting pattern as to who was closed down. Again, on May 27, 2009, The Washington Examiner and Newsmax exposed the connection.

    Amazingly, of the 789 dealerships closed by the federal government, 788 had donated money, exclusively to Republican political causes, while contributing nothing to Democratic political causes. The only “Democratic” dealership on the list was found to have donated $7,700 to Hillary’s campaign, and a bit over $2,000 to John Edwards. This same dealership, reportedly, also gave $200.00 to Obama’s campaign.

    Does that seem a little odd to you?

    Steve Rattner is the guy who put the list together. Well, he happens to be married to a Maureen White.

    Maureen happens to be the former national finance chairman of the Democratic National Committee. As such, she has access to campaign donation records from everyone in the nation- Republican or Democrat. But of course, this is just a wacky “coincidence,” we’re certain.

    Then comes another really wacky “coincidence.”

    On that list of dealerships being closed down, a weird thing happened in Arkansas , North Louisiana , and Southern Missouri. It seems that Bill Clinton’s former White House Chief of Staff, Mack McClarty, owns a chain of dealerships in that region, partnered with a fellow by the name of Robert Johnson. Johnson happens to be founder of Black Entertainment Television and was a huge Obama supporter and financier.

    These guys own a half dozen Chrysler stores under the company title of RLJ-McClarty-Landers. Interestingly, none of their dealerships were ordered closed – not one!

    While all of their competing Chrysler/Dodge and Jeep dealership were! Eight dealerships located near the dealerships owned by McClarty and Johnson were ordered shut down.

    Thus by pure luck, these two major Obama supporters now have virtual MONOPOLY on Chrysler sales in their zone. Isn’t that amazing?

    Go look in The Washington Examiner, the story’s there, and it’s in a dozen or so other web-based news organizations; this isn’t being made up.

    Now if you thought Chrysler was owned by Fiat, you are mistaken. Under the federal court ruling, 65% of Chrysler is now owned by the federal government and the United Auto Workers union!

    Fiat owns 20%.

    The other 15% is still privately owned and presumably will be traded on the stock market. Obama smiles and says he doesn’t want to run the auto industry.

    As horrifying as this is to comprehend, and being as how this used to be the United States of America , it would appear that the president has the power to destroy private businesses and eliminate upwards of 100,000 jobs just because they don’t agree with his political agenda.

    This is stuff you see on the news happening in other countries where there are DICTATORS, and it’s happening right here, right now, in our back yard.

    There are voices in Washington demanding an explanation, but the “Automotive Task Force” has released no information to the public or to any of the senators demanding answers for what has been done.

    Keep your ear to the ground for more on this story. If you’ve ever wanted to make a difference about anything in your life, get on the phone to your national senator or representative in the House and demand an investigation into this.

    Benjamin Franklin had it right when he said, “All that’s necessary for evil to triumph is for good men to do nothing.”

    Car Czar No More

    An amazing thing happened as this story was going to press. Obama’s Car Czar, Steve Rattner, resigned on July 13 and was promptly replaced by former steel workers union boss Ron Bloom.

    According to CBS News, Rattner left “to return to private life and
    spend time with his family.”

    Treasury Secretary Tim Geithner said, “I hope that he takes another opportunity to bring his unique skills to government service in the future.”

    By the way, Rattner is under investigation for a multi-million dollar pay-to-play investment bank scandal in New York … Uh-oh!

    But, we’re certain that had nothing to do with his resignation.

    And, according to several news sources out there, there are rumors he’s being investigated for what could be pay-to-play scandal involving the closing of Chrysler and GM dealerships. Really? Again, that couldn’t have anything to with his resignation-that’s ridiculous! Like CBS said, this guy just wants to “spend more quality time with his family.”

    Obama has 32 personally appointed “czars” who answer to no one but him, all of whom are acting without any Constitutional authority. But hey, we’re sure they all have “unique skills,”……as Tim Geithner likes to say!

    SOOOOO.

    HOW’S THAT CHANGE WORKING FOR YOU?..

    Check it out at the following website…..

    http://www.washingtonexaminer.com/politics/Obamas-auto-policy-All-in-the-Democratic-family-44414452.html -

    This goes beyond corruption in high places – to gross criminal actions on the part of our government!

    I hope you will spread this far and wide, and hopefully the taxpaying public will demand some of that transparency we were promised……followed by criminal prosecution of the perpetrators!

    • Emmy

      Surely, there was nothing racist about that………

      • Vigilant

        ALARM BELLS! FLASHING LIGHTS! SIRENS! The RACE CARD has been played!

        And gratuitously, I see.

        A single sentence, no response to the stats and journalistic references provided by Teresa, not even an attempt to argue the merits of the claim. No, the RACE CARD!

        Well, Teresa, you are duly chastised. Do not pass GO, do not collect $200, there is no possible answer once the RACE CARD has been played.

    • Dan az

      Teresa
      Wow This is why I stay and read all night,Its people like you that make it all worth it.Again thanks!

  • chuckb

    teresa

    good comment. this should give these liberals posting here food for thought. barry is up to his old tricks, he’s conning his constituents again, this stock play is a good one, we, the government (barry) paid 43.00 for the gm stock and he puts it on the market for 33.00. this whole charade was nothing but a payoff for the auto unions, of course you can’t expect the demo’s to figure that one out, they paid the gov. back with government money. gm is depending on their battery operated kitty car to be a big hit and all this promotion is based on that. it will be a big flop! just like everything liberal. al gore dreaming (under the influence of medical marijuana)

    • Vigilant

      chuckb:

      “this should give these liberals posting here food for thought..”

      Close but no cigar. The libs refuse to deal in facts and figures, and their only answer to Teresa’s fine effort is, like Emmy did above, play the race card.

  • smithington

    Greed’s stomach is never filled. For some interesting reading and an education, go to: Infowars.com

  • http://com i41

    coal miner, Wall Streeet crooks got closer to 20% bonuses. Geithner got over 18 million from Wall Street crooks, before becoming Tresury Sec, then he had to pay his taxes, if you watch the weasel I think he might be a drug user since he licks his lips constantly when questioned or when he is giving his “facts”. Daschle is another advisor in Wall Street, who has problems with not paying taxes, like Rangel. All the socialist did was leave out the fact GM just transfere debt for one government credit card over to another, as well as get another 45 billion. Onumnutts shure hised the taxpaters with his overpaid czars who have no to report to except purple lipped marxist muslim, and the high paid former Wall Street crimminals. The NMCDUP thugs owning part of any manufacturing company is a infringement for more government ownership. Ford got taxpayers money for diesel motors to send over to the EU, they get way high mileage than the hybrids, gas powered, or even the match box electric/putt putts. Goverment Motors should give any 5 year old car owner a new free cars for all the taxpayer money they took and still haven’t paid back. Except forany union worker, they got bailed out for their excessive pay and their ownership of GM.

  • Ted Crawford

    Ross Perrot told GM management years ago what would happen if they didn’t change their business model, they didn’t listen and he pulled out. We see what happened! If you think that GM stock is a good investment, I have some ocean front property in Green Bay you would also be interested in! With-in the next decade GM will be back in as much, if not more, trouble as we just got them out of!!!

  • Emmy

    Real Americans – you know those here legally – only own a minority share of only a fraction, if that, of America.

    This isn’t our country, our land, our materials, our products, our food, our government, our laws, much less our say any longer.

  • http://eddie47d@gmail.com eddie47d

    Many say they want a free market and government off their backs. Sounds so sweet but it will never happen. This issue is much bigger than GM (and GM could fall on their butts again). I read about 15 years ago that 75% 0f the farmland in Kansas was owned by Saudi Arabia. Foreign countries have been buying America for years. Which means all those corporations that are wheeling and dealing are buying land and buildings on the cheap. They get investors to get in on a good deal and then sell the USA to foreign entities. A few investors get rich and our nation gets sucker punched. There are too many wealthy who got their fortunes through dubious means.

    • Dan az

      Eddie
      I thought that was the russians that was buying up all the farm land back then!

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