Tuesday, March 24, 2009
I believe all concerned citizens of the USA should by now be aware that President Obama is literally throwing money we do not have and will not have for generations to come in a vain attempt to stem the downward spiral of economy. So far there are few signs that the trillion dollars spent by his cohorts in Congress has had any substantive effect on the economy. His supporters and people who are taking advantage of the depressed prices of Citi-Corp. and many other depressed stocks have manage to buy enough stocks to cause a brief rally on the corner of Broad and Wall street at the stock exchange. But this is only the calm before the “perfect storm” that awaits us!
In the European Union the leaders do not believe in the spend part of the tax and spend theory for attacking a recession. Most are Socialist countries so they already have he tax piece in place. But they do believe in the old theory of when in trouble call on the Americans to bail us out. They have had us pull their irons out of fire ever since the World War of 1917!
Now a story you cannot find in our Obama propaganda Media network of TV and Newspapers is found in the Internet site of the left leaning Der Spiegel from Berlin Germany that I have based my post for today.
AS many of you already know the first stimulus package included billions of dollars that went from the American banks and financial giants like AIG directly to there European counter parts.
This money was appropriated under the false pretense that it would be used exclusively to bail out our banks to help stem the economic recession we find ourselves in. Little did we know that over 44 bllin dolars wouls end up in England, France, Germany and Switzerland of all places!
The following is a direct quote that illustrates the Germans are here begging for more money to bail out Opel the car manufacturer that is partially owned by failing GM!
“Germany’s Economy Minister Karl-Theodor zu Guttenberg has crossed the Atlantic in a bid to save Opel, the German subsidiary of troubled US carmaker General Motors. The minister is holding a series of talks on Monday and Tuesday with leading bankers, politicians and the GM management to clarify outstanding concerns in Berlin about the long-term viability of the German automobile manufacturer.
The German government was unconvinced by the rescue plan GM Europe submitted earlier this month, arguing that it left too many questions unanswered. The plan envisages spinning off Opel and the UK-based Vauxhall into a new subsidiary, which it says would require €3.3 billion ($4.2 billion) in state aid to be viable.
On Sunday before leaving for the United States, Guttenberg said “I hope GM and the US government will be ready to shed some light on the issue.” One of the main concerns the minister will address is the ownership of patents and other intellectual property that Opel would need to continue operating. He will also sound out the willingness of GM and the US government to actually let go of Opel.
German Chancellor Angela Merkel is reluctant to throw such a huge amount of money at a company unless it stands a good chance of surviving the current downturn, which has severely affected the automotive sector. In particular, Berlin wants to avoid any state aid being somehow funnelled across the Atlantic to prop up Opel’s troubled parent company. ( If the German Chancellor will not bail out Opel, why should the American Taxpayer?)
The Obama administration’s auto task force has until March 31 to determine whether GM and Chrysler are commercially viable”. We can only hope God intercedes and this travesty will not happen, But don’t hold your breath! Unions contributed over 50 million dollars to Obama’s presidential campaign, and thus far he has passed legislation that appears to be pay backs to his campaign supporters and to establish rapport with the EU!