Undecided, or vacillating between the choice you have in November?
Please think about this:
As reported in the August 13, 2012 Detroit News -
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.
The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.
On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.
The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.
And now, see how you warm up to this idea:
“Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.” – President Obama at a campaign stop in Pueblo, CO, August 9, 2012
Now give this some thought:
The following is a list of clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy.
- Evergreen Solar
- Solyndra (received $535 million)
- Beacon Power (received $43 million)
- AES’ subsidiary Eastern Energy
- Nevada Geothermal (received $98.5 million)
- SunPower (received $1.5 billion)
- First Solar (received $1.46 billion)
- Babcock & Brown (an Australian company which received $178 million)
- Ener1 (subsidiary EnerDel received $118.5 million)
- Amonix (received 5.9 million)
- The National Renewable Energy Lab
- Fisker Automotive
- Abound Solar (received $400 million)
- Chevy Volt (taxpayers basically own GM)
- Solar Trust of America
- A123 Systems (received $279 million)
- Willard & Kelsey Solar Group (received $6 million)
- Johnson Controls (received $299 million)
- Schneider Electric (received $86 million)
Loans also went to foreign clean energy companies (Fisker sent money to their overseas plant to develop an electric car), and that 80% of these loans went to President Obama’s campaign donors.
Now do me a favor.
Before you decide how to cast your vote in November, take a look in your wallet or purse.
Now take a look at your last banking statement.
Give a quick gander to any portfolio of investments you may have.
And finally, ask yourself how much more of your money are you are willing to give President Obama to gamble with and pay off campaign donors and union supporters.
Hope this helps. Thank you.
UPDATE (12:55 pm): A reader, Chris, asks:
“Glenn: Wouldn’t GE count as a green energy company? You know, the conglomerate who’s media division (NBC) helped Obama get elected, who then received billions in federal grants / contracts from Obama, whose CEO sits on Obama’s “Job Creation” committee, who then shipped thousands of jobs to China thanks to DEM policies, then made billions and paid no corporate taxes? Just wondering…”
Why yes, Chris. Yes, they would count. In fact, I found an informative little piece on this additional example of misused taxpayer dollars at the direction of the Obama administration. This should definitely help in the decision making process for those on the political fence. Great catch, Chris, and thanks!