Seton Motley, a user at Newsbusters, put together the Obama ponzi scheme.
According to NASDAQ.com, GM’s sales were up 16% in June.
Spurred by stable gas prices and greater access to credit, U.S. car shoppers flocked to dealer showrooms last month with Chrysler Group LLC and General Motors Co. (GM) reporting double-digit volume sales gains over a year earlier.
Don’t you love how they contribute better GM sales to car shoppers flocking into showrooms? This paves the way for Obama to tout this $50 Billion bailout as a success.
The problem is a lot of that growth was due to a ponzi scheme. Obama used taxpayer dollars to purchase GM vehicles.
We now learn that government purchases of GM vehicles rose a whopping 79% in June.
The government’s increased spending on GM vehicle purchases presents yet another conflict of interest as Treasury refuses to sell taxpayers’ stake in GM and Obama campaigns on the auto bailouts. It does not appear that any members of Congress (from either party) are questioning the increased spending. Also ignored was the Department of Energy’s gifting of $2.7 million of taxpayer money to GM to reduce energy consumption in its door manufacturing process by 50%. The DOE seems to be one of the main conduits to funnel taxpayer funds to cronies of the Administration.
Motley accurately describes this in simple terms:
- That’s like you setting up a lemonade stand for your kids.
- You buy them the lemons, sugar, cups and pitchers…
- Then buy most of the lemonade yourself.
Except you are President Obama. Your kids are the United Autoworkers Union. And the lemonade cost $50 billion. At least you get to tax your neighbors for the $50 billion.