The sheer genius that is Obama: Costing us $11 billion in losses for the moronic GM bailout.

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Look, I likes me some GM cars.  I own two Camaros, a 69 I've raced and an 87 I'm planning on racing.

But government bail outs, or in this case, union pay-offs using taxpayer dollars, should be grounds for impeachment.

And now... we will take at least an $11 Billion loss on this scam.  Who else can vaporize $11 Billion and not just not go to jail, but keep their jobs?

First, they screwed us by using our cash to bail out a loser like GM.  Then, they lie to us about GM "repaying the loans".

General Motors announced this week that it repaid its multibillion-dollar taxpayer-backed TARP loans. GM even bragged that it was able to “repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying [GM] vehicles.” There was great fanfare, including expensive, around-the-clock GM TV commercials nationwide. But, the hype is not the reality. In fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department.

Now, they're trying to bail on GM and we're going to lose at least the $11 Billion and likely more because of this government fire sale.

Enjoy more abuse by the Administration.

GM stock lower amid report of quick govt sale

(AFP) – 19 hours ago

NEW YORK — A report that the US government plans to sell off much of its remaining stake in General Motors this year despite the firm's lackluster share price caused investors to flee the stock Tuesday.

After the Wall Street Journal reported a government sale could come within the next six months, GM's shares fell by nearly 1.3 percent to end at $29.59.

The government sale would "almost certainly" mean that US taxpayers would take a loss from a politically controversial $50 billion rescue of the auto giant in 2009, according to the paper.

The government would need to sell its roughly 500 million shares for $53 dollars each in order to break even, but GM's stock is currently hovering at a price of just under $30 per share.

At the current price, the government would lose more than $11 billion, but the Obama administration is willing to accept the loss in order to cut its last ties to the auto manufacturer, the newspaper said, citing unnamed sources.

The summer sale would make it more likely that the government could unload the remainder of its shares before the 2012 election season.

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The bailout was a bad idea.  The porkulous was a bad idea.  Obama as president was the worst idea, and we're going to feel the pain his policies inflict for a long, long, time.

Like generations.
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