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The 13 September 2012 issue of The Pagosa Springs SUN carried my letter about Vice President Joe Biden’s assertion that while Osama bin Laden is dead, General Motors is alive and well. The letter primarily focused on GM stock, which is currently selling around $21 a share; the fact that the share price will have to reach about $45 a share before stockholders can realize a profit from their investment.
There is new information on GM (which is widely referred to by many stockholders as “Government Motors,” considering the government bailout, which cost $50 billion). This information is sourced to what is called the “Bloomberg Report.” Bloomberg is a respected site for business and financial news.
According to this report, the Obama administration, in its continuing efforts to convince the American public that rescuing GM was the right thing to do and to show that the economy is getting better, used a very imaginative accounting method to inflate GM’s car sales for the month of June. It claimed sales were up 16 percent, the best increase since 2008. Wow! Look everybody, look how we are saving the auto industry, said Biden and Obama.
Unfortunately for Obama, Bloomberg, not known for its gullibility (and unlike a good portion of the American public), decided to look into this remarkable sales figure. And, surprise, surprise, it seems that the jump in sales figures were due primarily to a 79-percent increase in GM fleet sales to the U.S. government in June.
Therefore, as Bloomberg notes, “Our tax dollars are being used to pump up GM sales figures ahead of next month’s quarterly report so that our Dear Leader can point to ‘Government Motors’ as a huge success. The incestuous relationship between GM, the UAW and the Regime has never been more glaringly apparent.” A business analyst equated this ruse to setting up a lemonade stand for your kids. You buy them the lemons, sugar, cups and pitchers — and then buy most of the lemonade yourself.
Isn’t it pathetic that Obama and his corrupt minions have to resort to this sort of chicanery to make it appear they have accomplished something? It shows how desperate and shameless they have become. Don’t be fooled by them and throw the bums out in November.