Government Motors
In particular, an article published by Bloomberg on July 5, 2011 revealed that GM may have been unloading excessive inventory on dealers, a practice known as “channel stuffing,” in order to create the false impression that GM was recovering and sales and revenues were rising.” Luckily, since this is a class action lawsuit, anyone else out there who bought GM on the belief that the company would not engage in precisely the behavior that we have shown month after month to occur, is invited to enjoin the plaintiffs and to sue the company that exists only courtesy of taxpayer generosity (and more importantly, courtesy of labor unions subverting priority rights in bankruptcy, in exchange for presidential votes). Finally, and if nothing else, this lawsuit will certainly force the general co-opted media to pay some more attention to a topic that is quite sensitive for the administration: the business model of the one company that the president is so proud and happy to have saved from the clutches of evil bondholders.
(Read more)
t looks like General Motors will be throwing everything in but the kitchen sink to help fluff its second quarter earnings numbers. Taxpayers continue to help with the cause as President Obama campaigns on the “success” of GM following the manipulated bankruptcy process that cost taxpayers $50 billion and another $45 billion of tax credits gifted to GM to help protect powerful UAW interests. We now learn that government purchases of GM vehicles rose a whopping 79% in June. (Read more)
Recently Obama uttered words which illustrate
his view of how thinks work. These words have
caused comments by traditional Americans.
Here is writing of one respected commentator:
Thomas Sowell comments on Obama’s recent
words, “”if you’ve been successful, you didn’t
get there on your own.” As an example,
“Somebody invested in roads and bridges. If
you’ve got a business — you didn’t build that.
Somebody else made that happen.”
…
“Even if we were to assume, just for the sake of
argument, that 90 percent of what a successful
person has achieved was due to the government,
what follows from that? That politicians will make
better decisions than individual citizens, that
politicians will spend the wealth of the country
better than those who created it? That doesn’t
follow logically — and certainly not empirically.
“Does anyone doubt that most people owe a lot
to the parents who raised them? But what follows
from that? That they should never become adults
who make their own decisions?
“The whole point of the collectivist mindset is to
concentrate power in the hands of the collectivists –
- which is to say, to take away our freedom.
They do this in stages, starting with some
group that others envy or resent — Jews in Nazi
Germany, capitalists in the Soviet Union, foreign
investors in Third World countries that confiscate
their investments and call this theft
“nationalization.”
“Freedom is seldom destroyed all at once. More
often it is eroded, bit by bit, until it is gone. This
can happen so gradually that there is no sudden
change that would alert people to the danger. By
the time everybody realizes what has happened,
it can be too late, because their freedom is gone.
…
Did the taxpayers, including business taxpayers, not
pay for that road when it was built? Why should they
have to pay for it twice?
Thomas Sowell
http://tinyurl.com/78b48l6
http://townhall.com/columnists/thomassowell/2012/07/19/obamas_rhetoric