From the Washington Examiner last week:
Taxpayers lost $6.44 billion on Chrysler bailout
President Obama told a Chrysler plant in Toledo, Ohio, today: “Chrysler has repaid every dime and more of what it owes the American taxpayer from the investment we made during my watch.” That is just not true. Here is the math.
January 2009: Chrysler receives $4 billion loan from TARP
January 2009: Chrysler financial receives $1.5 billion from the Treasury Department
May 2009: Chrysler receives a $1.9 billion debtor in possession loan from the Treasury Department
June 2009: Chrysler receives a $6.6 billion loan from the Treasury Department
Total loaned to Chrysler: $14 billion
Chrysler made the following payments to the federal government:
May 2010: Chrysler pays the Treasury Department $1.9 billion to settle their January 2009 loan.
May 2011: Chrysler pays the Treasury Department $5.1 billion as partial settlement for June 2009 loan.
June 2011: Chrysler pays the Treasury Department $560 million to settle the rest of the June 2009 loan.
Total paid back by Chrysler: $7.56 billion
Total loss to taxpayers ($14 billion – $7.56 billion) = $6.44 billion. That, however, is only part of the more complex full and accurate story. A good bit of the rest is contained in this Wall Street Journal report. As it makes clear, the most significant cost probably is incalculable in monetary terms -- it is the damage that the Obama administration and its czars have inflicted by running roughshod over, and undermining the rule of law.
Financings essential to our economy will be more difficult going forward because their potential lenders and investors no longer can rely upon the order of priorities under established law. For the first time in this country's history, there now is a political risk that has to be taking into account. Financial priorities can be turned topsy turvy, leaving security holders with an empty bag, whenever a corrupt political leadership wants to pay off its supporters with assets upon which the financiers have a legitimate priory claim.
And oh, by the way, the Congressional Budget Office, has determined that bailing out Fannie Mae and Freddie Mac is costing the taxpayers not $130 billion, as the Obama gang has been claiming, but a whopping $317 billion, according to this report.
Once upon a time in what then really was a great deliberative body, one Everett McKinley Dirksen, a senate leader with greater oratorical skills as well as a fine sense of humorous irony, is reputed, probably falsely, to have said a million dollars here and a million dollars there and pretty soon you're talking about some real money. That of course was before his successors destroyed the value of our currency. Today even a billion dollars is just chump change to the clowns who now are running our multi trillion dollar spending show.
1 comment:
516 more days till we can get rid of the Liar In Chief. ELECTIONS HAVE CONSEQUENCES! Remember those 3 words if you are deciding between a fiscally Conservative Reagan-ite (hello Sarah), orjust go ahead and re-elect Jimmy Carter on steroids again.
Just saw that up to 78 million Americans could lose their Health Care in 2014 when Hussein "I'm Not A Muslim Obama's full Affordable (lol) Health Care Act kicks in. You know, the one that Natzee Nanzee deceitfully pre-funded with $105 billion of YOUR tax dollars, and which has been declared Illegal AND Unconstitutional by Federal Judge Vinson.
Obama's plan has ALWAYS been to make health care ONE PAYER, the Federal Government. Period. Just like FICA, and Medicare, and Federal Income Tax now come out of your paycheck, his healthcare deduction will take effect, and if you don't want it, well then, pay the fine $2,500. NO CHOICES.
What's next? Obama will TELL you what kind of a car to buy (Chevy Volt), and you may have to because there's no drilling going on, and he's already on record saying "I can live with $5 a gallon gas".
ELECTIONS HAVE CONSEQUENCES! Remember those 3 words.
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