Don’t Believe the Spin: GM Bailout Is a Financial Disaster

By John Lott

Only the government would consider it a success to buy stock at $43.84 a share and sell it at $33. — But President Obama and those who supported his bailout of General Motors and Chrysler are claiming just that today.

First, the alternative to the government bailout wasn’t to “give up” as Obama claimed on Thursday at his press conference. Bankruptcy didn’t mean that all jobs were going to be lost. It didn’t mean that all the factories producing cars would be closed.

Yet, the president made that claim in his announcement again today and he continually misstates what would have happened in a normal bankruptcy. Courts don’t just close down bankrupt companies. In fact, that rarely occurs. Any part of a company that can continue operating profitably continues to do so.

Some are pointing out that just a year and a half ago GM stock was trading at just $1 a share and claim that today’s closing price of $34.19 is proof of the bailout’s success. It simply doesn’t account for the over $50 billion in direct bailout funds and the tens of billions of dollars in other breaks President Obama gave the company and its unions.

It also ignores that GM’s stockholders and particularly its bondholders had their wealth stolen from them when the government took over ownership of the company. Traditional property right protections were shredded by the Obama administration, making corporate investments in America riskier as a result.

Read more: http://nation.foxnews.com/president-obama/2010/11/19/dont-believe-spin-gm-bailout-financial-disaster#ixzz15kFXv8WD

Obama Won’t Run…His Work Is Done

CFP

The drivel the media are blathering about Obama’s 2012 race for reelection is absolute baloney! All those talking heads and print [so-called] journalists should be ashamed of themselves for prattling on about this unserious subject while studiously avoiding the urgent issues that threaten the very life of our country.

These are issues that a maniacal Nancy Pelosi, as House Minority Leader in the lame-duck session, is intent on cramming down the already-gagging throats of American voters who loathe her fetish with Marxism so much that on November 2 they decisively returned the House she had appropriated back to We the People. As columnist Ralph R. Reiland writes, it was “…the greatest defeat for a newly elected president in a midterm since…1922.”

Make no mistake about it, when the Obama-Pelosi-Reid-orchestrated disasters listed below take place, this triumvirate will applaud them, as any disaster that befalls our country fits neatly into their vision of Big Bad America. Yes, the very same America that brought them to the pinnacle of prominence, wealth, and power is the country they’re working overtime to destroy.

Here is just a sampling of what’s in store:

Web censorship bill sails through Senate committee

On Thursday, the Senate Judiciary Committee unanimously approved a bill that would give the Attorney General the right to shut down websites with a court order if copyright infringement is deemed “central to the activity” of the site — regardless if the website has actually committed a crime. The Combating Online Infringement and Counterfeits Act (COICA) is among the most draconian laws ever considered to combat digital piracy, and contains what some have called the “nuclear option,” which would essentially allow the Attorney General to turn suspected websites “off.”

COICA is the latest effort by Hollywood, the recording industry and the big media companies to stem the tidal wave of internet file sharing that has upended those industries and, they claim, cost them tens of billions of dollars over the last decade.

Read more: http://dailycaller.com/2010/11/19/web-censorship-bill-sails-through-senate-committee/#ixzz15k2m1LRw

Obama’s Stimulous Package

Napolitano May Exempt Muslims From Airport Pat-Downs

Judicial Watch

As the U.S. government retaliates against an American for refusing to allow airport security to grope his genitals, the nation’s Homeland Security secretary considers waving the intrusive “pat-downs” for Muslim women who consider them offensive.

The demand came last week from the politically-connected Muslim rights organization that serves as the U.S. front for the Palestinian terrorist group Hamas. Calling the searches “invasive” and “humiliating,” the Council on American-Islamic Relations (CAIR) advises Muslim women wearing religious head covers known as hijabs to reject full-body checks before boarding planes.