Obama SAYS: "A New Vision Of An America In Which Prosperity Is Shared" Meanwhile he seems to have forgotten about GM-- Treasury: U.S. to lose $25 billion on auto bailout. YUP Obama is sharing the prosperity.. as median household income drops.

iamnothere 2012/08/13 20:00:09
August 13, 2012 at 2:32 pm
Treasury: U.S. to lose $25 billion on auto bailout

By David Shepardson -- Detroit News Washington Bureau

Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.

On Monday, GM stock was trading down 6 cents, or 0.2 percent, to $20.49. At that price, the government would lose another $850 million on its GM bailout.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout.

Treasury spokesman Matt Anderson said the costs were still far less than some predicted.

"The auto industry rescue helped save more than one million jobs throughout our nation's industrial heartland and is expected to cost far less than many had feared during the height of the crisis," Anderson said.

The Obama administration initially estimated it would lose $44 billion on the bailout but reduced the forecast to $30 billion in December 2009.

Republican presidential candidate Mitt Romney has decried the losses on the auto bailout and insisted that forcing GM and Chrysler Group LLC to go through bankruptcy first would have saved taxpayers money.

But President George W. Bush — who gave the automakers and their finance arms about $25 billion in his final weeks in office in bailout funds — said there wasn't time.

Taxpayers incurred a $1.3 billion loss on the $12.5 billion bailout of Chrysler.

The Treasury also has put on hold an initial public offering initially planned for last year in Ally Financial Inc. because of market weakness. The government holds a 74 percent majority stake in the Detroit auto finance company as part of its $17.2 billion bailout and has recovered $5.7 billion.

GM CEO Dan Akerson told employees at a town hall meeting Thursday that the company was working to take actions to boost the automaker's sagging price.

From The Detroit News: http://www.detroitnews.com/article/20120813/AUTO01/208130392#...

Obama: "A New Vision Of An America In Which Prosperity Is Shared"

"Too many folks still don't have a sense that tomorrow will be better than today. And so, the question in this election is which way do we go?" President Obama asked at a fundraiser in Chicago on Sunday.

"Do we go forward towards a new vision of an America in which prosperity is shared?" Obama asked. "Or do we go backward to the same policies that got us in the mess in the first place?"

"I believe we have to go forward," Obama said. "I believe we have to keep working to create an America where no matter who you are, no matter what you look like, no matter where you come from, no matter what your last name is, no matter who you love, you can make it here if you try. That's what's at stake in November. That's what is why I am running for a second term as president of the United States of America."

New York, NY (PRWEB) August 06, 2012

According to Michael Lombardi, lead contributor to Profit Confidential, real median household income is currently at the same level it was at back in 1995. Lombardi asserts that under these circumstances, economic recovery is unlikely.

In the article “American Real Incomes Fall to 1995 Levels,” Lombardi highlights that it is crucial that real disposable income grow in order for consumer spending to take place. Real disposable income, he explains, measures the average American’s income after adjusting for inflation (as reported by the government) and taxes.

“Seventy percent of GDP growth here in the U.S. is dependant upon consumer spending,” says Lombardi. “With jobs scarce and almost 50% of all Americans on some form of government subsidy, it is hard to imagine how confidence can be created in consumer spending to create GDP growth.”

Lombardi notes that costs for education since 1995 have increased by hundreds of percentage points, along with a significant rise in commodity prices, increasing foods cost and the price of goods.

What Lombardi thinks is worse is that, with weak employment growth in the U.S., wages in general have not grown.

“This is natural,” he reasons, “because companies do not feel pressure to raise wages to attract employees when there are so many looking for a job.”

Ultimately, Lombardi asks, “How is consumer spending going to pull the U.S. into an economic recovery with strong GDP growth under these circumstances?”
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  • Charles R. Anderson 2012/08/16 05:09:00
    Charles R. Anderson
    Clearly consumer spending is not going to end this recession and provide the first wave of economic growth. That will have to come from private enterprise seeing a future in which they can make money. Under Obama, there simply is no such future. He intends to rob them to redistribute any profits they might have a chance to make, so they will have no such chance and they will not invest in more plants, equipment, and hiring. Hence, Obama's sharing society will be just as stagnant as every socialist society has always been in the past. Actually, the quality of life will most likely deteriorate as the people lose all hope. We are seeing that already and it will get worse under more of Obama.
  • Bevos 2012/08/14 14:58:38
    I spend only what I have to. Because I never know when Obama is going to take our SS checks. After his threats last yr, I don't trust our Congress to stop him if he actually implements his threats. Until he is completely OUT of OFFICE, I trust NOTHING he says. HE LIES!!! And I will hang onto my money. I don't worry about whether Walmart is taking in enough or not. I am sure there are many who feel the same as I do.
  • Judog10 2012/08/14 11:07:58
    Simple, when the stock is low you hold on to them until the stock increase. Theirs no rush, why loose on a sure thing America.
  • iamnothere Judog10 2012/08/14 13:35:28
    you are right when you talk about a company that is moving and growing.. GM is going negative more so every month.. all you have to do is read the stock listing and see it is dropping and with reason.. they are going belly up again.. all the money went to pay for unions pensions and health care.. and not to make the company survive
  • firebird 2012/08/14 01:00:56
    Sharing the Prosperity is the same as SOCIALISM and SOCIALISM IS A SHARING IN THE MISERY !! Sharing the Prosperity is also taxing you more and spending your money ! No one has anything and you will probably have less.... No wealth is accrued and forget about saving anything.. YOU WORK YOU PAY... or you ride welfare and everyone else pays MORE..... WAKE THE F UP YOU ZOMBIES !!
  • D Hanes 2012/08/14 00:39:07
    D Hanes
    Thanks Barry.. but we have seen some of your visions and they are very bad for our country.. go try it in some other country that you claim to be a citizen of! Just please.. go away!
  • Torchmanner ~PWCM~JLA 2012/08/13 23:01:01
    Torchmanner ~PWCM~JLA
    Spreading the "wealth" from those who have worked for it to give to those who have not is part of obaaaama's communism.
  • Judog10 Torchma... 2012/08/14 11:26:39
    Can you explain how the rich got rich in America? Without the working poor. By the way when was the last time you received a raise?
  • iamnothere Judog10 2012/08/14 13:37:35
    people who have an idea.. without taking risk people never become rich.. my guess is you have never taken a risk opening your own business.. If you have not. .then your comment is just what it is shows.. you have not got a clue
  • Bevos Judog10 2012/08/14 15:07:56 (edited)
    My Son is still working, and he gets raises every 6 mos. Everyone in the Co. He works for are evaluated every 6 mos. If they are doing their job, they get a raise. If they are not, they get the door. AND NO UNION!!!
    I am sure the owner of that Co is not a Multi-Billionair, yet, because he only has offices in three States, but he is working his way there. He has stayed completely SOLVENT through all of the Recession.
  • iamnothere Bevos 2012/08/14 15:15:41
    of course obama built that .. RIGHT???
  • Bevos iamnothere 2012/08/14 15:51:27
  • Transquesta 2012/08/13 22:05:31 (edited)
    In socialist systems there are two classes of people; the elite and everybody else. Prosperity isn't 'shared.' It is hoarded with absolutely no chance for the plebes to avail themselves of wealth. Socialists LOATHE upward mobility just as they LOATHE the bourgeoisie. In Obama's socialist dystopia there will be no middle class. Poverty will be the only thing which is shared, and it will be, with the exception of the elite, universal.

    This is the part which middle-class morons who vote dem-flavored statist don't realize. They're voting for their own destruction. They're voting for neofeudalism. They live in one of the ONLY places on earth where the little guy can, if s/he works hard/smart enough, get a piece of the pie--and they're destroying it!
  • Judog10 Transqu... 2012/08/14 11:49:01
    Explain, MONOPOLY in AMERICA, plus who is holding over 3 TRILLION DOLLARS, from the working poor? Who is holding up a jobs bill that would put over a Million people to work? If you VOTED for the TEA PARTY, and you are blaming the president because people are unemployed and receiving WELFAIR OR FOOD STAMPS, understand you could be in their shoes or I could to. But, you listen to people on the radio tell you that a man down and out needs no help during this time of SHIPPING JOBS OVER SEAS FOR CHEEP LABOR, PUTTING GOOD AMERICANS ON THE STREET, plus taking their retirement from the company that people worked 40+ years for THEN PUTTING THEM ON THE PEOPLE'S DOLE, thus they get WELFAIR. This is what you get with out sourcing of AMERICA.
  • iamnothere Judog10 2012/08/14 13:39:52
    who is holding 3 trillion?? China, Japan and other unsuspecting countries..
    they are the reason people are up in arms about the spending by this country.. these are the people who have a brain and know that these bills will never be paid if we continue to spend 40 cents for debt ... that you have no clue about who and why the tea party exists.. is a horrible commentary about you
  • Transqu... Judog10 2012/08/14 19:00:49
    I imagine you're not too interested in the facts, but just in case I'm wrong. . .:

    1) I'm a libertarian and conscientious abstainer. I'm not a tea partier.

    2) the 3 trillion dollars of which you speak belongs to the people who produced it--not Obummer.

    3) I blame the current president ONLY for his contribution in turning this country into a socialist hell hole.

    4) I've been homeless and long-term-unemployed before, so spare me your speech.

    5) Businesses 'outsource' because labor unions have priced themselves out of a global marketplace.

    6) I *loathe* talk radio!

    NOW, would you like to offer a rebuttal which DOESN'T include prejudicial statements about people you don't fekking know?
  • Striker 2012/08/13 21:18:53
    I have only very modest "prosperity" but damned if it belongs to anyone else to "share" - it is mine and I'm keeping it.
  • txpatriot 2012/08/13 20:38:19
    His words echo those of leaders of the past...leaders of socialist countries. WAKE UP AMERICA...his vision of moving forward is the vision seen by Saul Alinsky and taught to him by his father, Frank Marshall Davis. We have to get him out of office before he completes his transformation a/k/a destruction of America. Personally, I think he's doing just what he set out to do and it is up to us to end his march to pure, unadulterated socialism.
  • Bob DiN 2012/08/13 20:20:07
    Bob DiN
    GM stocks went down again today.
  • Judog10 Bob DiN 2012/08/14 11:14:38
    But, people are still working and they did not shut down over the summer, over 100,000 jobs added to the economy this year? who else created jobs?
  • iamnothere Judog10 2012/08/14 13:45:04
    100000 new jobs.. and 350,000 new people entering the work force.. seems like we are going backwards.. only in obama land is that moving forward.. guess you had no clue why even with the new jobs the unemployment rate is going up.. you really should read more so you can understand the simple realities
  • Bob DiN Judog10 2012/08/14 13:54:17
    Bob DiN
    Some of the 100,000 have or soon will be eliminated. GM had good sales the last year but sales are down now. A few jobs were created but with Obamacare kicking in many more layoffs are around the corner. However the UAW is exempt from Obamacare. Any jobs they lose will be from a bad economy.
  • iamnothere Bob DiN 2012/08/14 14:42:36
    they are still not making cars that people want as is being attested to by the sales by kia, toyota and nissan.. just to name a few
  • Bob DiN iamnothere 2012/08/14 15:52:13
    Bob DiN
    True. the quality is no good like it once was also.
  • Grabitz 2012/08/13 20:07:53
    Yeah shared with all the third worlds just as they planed years ago the ass hole . Romney going to do the same and ill bet my first born on that .
  • iamnothere Grabitz 2012/08/13 20:27:10
    I would not take that bet
  • Bevos iamnothere 2012/08/14 15:18:08
    I think Grabitz's first-born could not find a job so moved back home. That is why he wants to bet him. Grabitz knows he would lose him!!!
  • beachbum 2012/08/13 20:07:30
    He seems to have 'forgotten' a good many things.
  • RTHTGakaRoland 2012/08/13 20:05:14
    Obama's vision for every American family, except his and his donors':

    african hut
  • Transqu... RTHTGak... 2012/08/13 22:06:00

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