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I was reading a New York Times article about how Chrysler was repaying it's bailout loans six years early. This prompted the Democratic National Committee (DNC) to praise the Great And Powerful President Oz-bama for saving the Chrysler car company against the wishes of the evil Republican flying monkeys. Presumably, the flying monkeys wanted to kill Chrysler so they could laugh maniacally from atop their piles of ill-gotten gold at all the misery and pain they were able to inflict on Americans, because that's just the way evil Republican flying monkeys roll. They get off on inflicting pain and suffering, because, you know, they're E-V-I-L, along the lines of Dr. Evil from the Austin Powers movies.
I mention Dr. Evil only because he will most likely be the Republican nominee for President in 2012, unless Sarah Palin enters the race and out-evils him (speaking of Palin, some harebrained MSNBC talking head tried to accuse Palin of a criime for putting an American flag on the side of her tour bus. No kidding. Apparently, Palin Derangement Syndrome is still alive and well).
The DNC said the evil Republican flying monkeys wanted to "let Detroit go bankrupt". Ah, I curse those evil monkey sob's !!!......Hey, wait a minute !!! Chrysler DID go through bankruptcy in 2009, after securing over $13 billion in bailouts from the American taxpayers. Oh well. I guess the DNC can't be bothered with fact-checking when they have a shot at some good old evil Republican flying monkey bashing. The DNC has elections to win. This is certainly no time for the truth. The DNC might also have mentioned that the initial $4 billion bailout loan to Chrysler was made by the Bush administration, not the Great And Powerful Oz-bama, but I suppose that is another inconvenient truth, best swept under the rug.
Here's what the New York Times reported about the Chrysler loan repayment:
Chrysler paid back on Tuesday $7.6 billion in loans from the American and Canadian governments, paving the way for its Italian partner, Fiat, to increase its control over the Detroit carmaker.
The repayment of loans and interest owed to the United States Treasury and Export Development Canada is a significant milestone in Chrysler’s methodical comeback from bankruptcy in 2009.
Now the company’s revival will enter a new phase that depends heavily on its alliance with Fiat, which on Tuesday increased its stake in Chrysler to 46 percent, from 30 percent.
Fiat will most likely increase its ownership to 51 percent by the end of the year. Terms of Chrysler’s federal bailout allow the Italian company to gain an additional 5 percent interest when a prototype of a new fuel-efficient compact car is ready for production in the United States
That's great news about Chrysler repaying it's loan and all, but did anyone else notice that Chrysler will become a foreign-owned company as a result ??? The American taxpayers put up $13 billion to bailout an American company so it could become an Italian company ? [insert curse word here]
The Great And Powerful Oz-bama released a statement calling Chrysler's repayment a "significant milestone", and went on to say he wouldn't let Detroit die, even though it took some tough decisions and yadda, yadda...
What's more interesting here is how Chrysler "paid back" it's bailouts. First, Oz-bama forgave the $4 billion in loans that Bush gave Chrysler, along with $3.2 billion in bankruptcy financing. See how great Chrysler is doing in "paying us back" already ??? Then, as mentioned before, Fiat bought Chrysler stock at a reduced price, which raised $1.3 billion for Chrysler (and will end with Fiat owning the majority stake in Chrysler). Then, Chrysler pulled the General Motors trick, paying off one loan while acquiring another government loan (known as a "wash"). Energy Secretary Stephen Chu has signaled approval of a new $3.5 billion loan for Chrysler. Chrysler acquired most of the rest of the money by taking out bank loans.
To sum up, American taxpayers gave Chrysler $13 billion so it could pay back about $4 billion to date, and end up being owned by a foreign company. Chrysler will never pay back more than half the money. Chrysler went through bankruptcy in spite of the bailouts (which is what the evil Republican flying monkeys suggested in the first place). This is the "success" Obama wants to trumpet. [insert curse word here] Btw, Chrysler's entire company is worth $4.8 billion, less than the money the taxpayers have already lost. But I hear Italy is thrilled.
On a related note, Treasury Secretary Timothy Geithner is talking about all the jobs that were saved in Detroit due to the bailouts. That is something to be happy about, but unemployment in Detroit is still 11.3%, far above the national average, and from January 2009 when Oz-bama became President to now, Detroit has actually lost jobs.
Maybe I'll start listening to those evil Republican flying monkeys. At least with them, I don't feel like I'm watching David Copperfield's act. With Oz-bama, it always seems to be smoke and mirrors, where things magically disappear.