As I’ve mentioned several times recently, it’s the little things in life that often get you. And that’s why an article by Ed Carson in, Investors.com, on-line caught my eye this morning. Because, while many savvy folks are up in arms over the massive new health care tax, the public’s still quietly getting fleeced due to other whopping financial travesty's made by the incumbent.
According to Mr. Carson, “General Motors (GM) shares fell to a fresh 2012 closing low of 19.57 on Monday. The stock hit 19 in mid-December, the lowest since the auto giant came public at $33 in November 2010 following its June 2009 bankruptcy."
He went on to write that, “Normally you might say, tough luck investors. But this is Government Motors. The Treasury still owns 26.5% of GM, or 500 million shares. Taxpayers are still out $26.4 billion in direct aid. Shares would have to hit $53 for the government to break even. Those shares were worth about $9.8 billion as of Monday. That would leave taxpayers with a loss of $16.6 billion.
"But that's not the full tally," he says. "Obama let GM keep $45 billion in past losses to offset future profits. Those are usually wiped out or slashed, along with debts, in bankruptcy. But the administration essentially gifted $45 billion in write-offs (book value $18 billion) to GM. So when GM earned a $7.6 billion profit in 2011, it paid no taxes. Include that $18 billion gift, and taxpayers' true loss climbs to nearly $35 billion.”
In conclusion, the article points out that, “Of course, there's no chance that the administration will sell off its GM stake before Election Day. That would force Obama to recognize actual losses, which would remind voters that the bailout was a massive transfer from taxpayers to unions.”
So, as I’ve been noting for quite some time now, the best thing Mitt Romney’s campaign can do is to simply and surely educate the 20% of voters whom are independent. Because those folks aren’t going to hear the truth from a strongly biased liberal media. However, once the facts are exposed, all of which are correct, the administration will self-destruct vote-wise, resultant of their own misguided mistakes.
That’s it for today folks.
Adios
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