{"id":15098,"date":"2012-08-13T21:45:21","date_gmt":"2012-08-14T01:45:21","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=15098"},"modified":"2012-08-13T21:45:21","modified_gmt":"2012-08-14T01:45:21","slug":"why-the-government-shouldnt-meddle-in-business","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=15098","title":{"rendered":"Why The Government Shouldn’t Meddle In Business"},"content":{"rendered":"

President Obama<\/a> is citing his bailout<\/a> of the auto industry<\/a> as one of his accomplishments. I wonder if he has seen the numbers.<\/p>\n

The Detroit News<\/a> posted a story today that a report by the Treasury Department<\/a> has estimated that the government will lose more than $25 billion on the $85 billion auto bailout. That is almost a third of the cost of the bailout!<\/p>\n

The article states:<\/p>\n

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s<\/a> stock price<\/a> was $22.20 a share.<\/strong><\/p>\n

On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.<\/strong><\/p>\n

The government still holds 500 million shares<\/a> of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.<\/strong><\/p>\n

This is how much it cost the taxpayers to avoid General Motors’ going through a structured bankruptcy. The government bailout violated the basic bankruptcy laws. The bailout was nothing more than the taxpayers giving the company to the unions. This sort of activity needs to be avoided in the future!<\/p>\n

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President Obama is citing his bailout of the auto industry as one of his accomplishments. I wonder if he has seen the numbers. The Detroit News posted a story today that a report by the Treasury Department has estimated that … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[3751,2257,117,1264,121,562,3752,3730],"class_list":["post-15098","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-automotive-industry","tag-bailout","tag-barackobama","tag-detroit-news","tag-general-motors","tag-obama","tag-share-price","tag-united-states-department-of-the-treasury"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15098"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15098\/revisions"}],"predecessor-version":[{"id":15100,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/15098\/revisions\/15100"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}