Taxpayers Left Holding Bag For $7.2 Billion

America we need to thank socialist Barack Hussein Obama for the surgical bankruptcy performed on Chrysler. We now know so far that it is costing us hard working taxpayers $7.2 billion. That doesn't include the $1.5 billion loan Chrysler wants in June of 2010.

The UAW will own 55% of Chrysler. Now the union will sit on both sides of the negotiation table at contract time. The UAW through my thinking has made sufficient concessions like the one that says overtime pay will not begin until the worker has toiled for 40 hours in a week. That was quite a concession wasn’t it??

An Obama administration official has confirmed that Chrysler won't be repaying the loans. "The reality now is that the face value of the $4 billion bridge loan will be written off in the bankruptcy process," said the official, who added that the 8% equity stake that treasury will be receiving as part of the company reorganization is meant to compensate taxpayers for the loss.

Socialist Obama and his administration know that an 8% equity stake isn't meant to compensate taxpayers. It's meant to give Obama's socialist administration a further stronghold into controlling Chrysler. The Obama administration isn't looking to get our taxpayer dollars back they are looking for control.

We have seen socialist Obama's demagoguery on Chrysler bondholders. Obama has chosen to call them speculators and blame them for Chrysler's bankruptcy. These "speculators" are investors like you and me that socialist Obama decided how much or what they should recover in the bankruptcy. When the bond managers refused, Obama made one of his patented attacks on them.

After his demagoguery of investors socialist Obama says he hopes that private investors will begin supplementing the government as a source of capital for the automakers. Is there an investor/speculator with such a small memory that he or she would go into business with this capricious government?

It was said, "If the Japanese can design (an) affordable, well-designed hybrid, then, doggone it, the American people should be able to do the same.” Yes they can — if the American manufacturer can do what Toyota does with the Prius: Sell its hybrid without significant, if any, profit and sustain this practice, as Toyota does, by selling about twice as many of the gas-thirsty trucks that the President thinks are destroying the planet.

Socialist Obama has decided along with the federal government that the cars and trucks that Americans want, we can't have. Along with UAW contracts, federal government meddling has caused the automaker's problems. The automaker's have to sell small cars that Americans don't want at a loss so they can sell the pickups and SUVs that Americans do want.

Socialist Obama advises that this is a good time for Americans to buy a new car. I say this America if you by a new car choose a car made by Ford Motor Company.  Ford Motor Company is taking none of your tax dollars.

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