Wednesday, September 12, 2012

Float That Boat

We had a great time yesterday touring the lakes with a group of young people from church.  They call themselves the 49ers...and I'm not sure why.  Anyway they are over 49.    I imagine we had a couple of guests who were a bit younger.   It was a perfect day and we floated three pontoon boats full all around the lakes. It was  big  fun.

Our president and his 'boatmen' are trying desperately to float the GM boat which is trying to sink after we, the taxpayers, have put in billions of dollars to keep it above the red line.

The story goes much like this one: As a parent, you purchase the lemons, sugar , cups and pitchers for your children's lemonade stand. Then you buy most of the lemonade yourself.

The car  company the administration bought with our tax money is now being 'saved'  by government employees using MORE of our tax money to buy new cars.  79% of GM's sales last month were purchased by the government.

If  you are interested in knowing more...and getting more the entire article below:

Remember how Obama keeps telling us how he saved GM, and how our economy is getting better, it seems the car company he bought is being saved by Govt employees using our tax money to buy new cars. 79% of GM's sales last month was government purchased.
GM's sales figures for last month were the best since 2008 , up 16% for the month of June. YIPPEE! Well, wait just a minute. It seems that those rosy sales figures are due primarily to a 79% increase in fleet sales to the U.S. government in June. That's right. Our tax dollars are being used to pump up GM's sales figures ahead of next month's quarterly report so that 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. I've said it before and I'll say it again. GM is unsustainable without government subsidies and will ultimately go bust again, taking billions of taxpayer dollars down with it.
We bailed out General Motors to the tune of $50 billion. $30 billion of this is effectively a loss, mostly sunk into fattening the United Auto Workers union-fierce Obama supporters-while the actual bondholders were shown the elevator shaft.
Meanwhile, as News Busters reports, "We the Taxpayers are still stuck holding 500+ million shares of GM stock. Which we need to sell at $53 per. Which debuted post-bankruptcy at $33 per. And which is currently trading at just over $20 per. Meaning we'll lose about $15 billion."
But it gets better. Despite the overwhelming negatives, the tiny bright spot of positive June sales numbers is being heralded by Obama and the leftist press as proof the auto bailout was a "success."
Obama is now campaigning on the "success" of - the government buying cars from.the government's car company. With our money.
Americanvision says That's like you 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.
The pressure is on Government Motors to appear financially strong as this may be the last earnings report before November elections and sets the stage for how "successful" GM is. One of GM's past tricks to help fudge earnings numbers has been to stuff truck inventory channels. Old habits die hard at GM. According to a Bloomberg report, "GM said inventory of its full-size pickups, which will be refreshed next year, climbed to 238,194 at the end of June, a 135 days' supply, up from 116 days at the end of May." 135 days' supply is huge, the accepted norm is a 60 day supply. The trick here is that GM records revenue when vehicles go into dealership, not when they're actually sold! What a way to run a business- ain't this a great country?

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