How To Blow It In Business Without Really Trying

Mr Obama shows why he needs to focus on his CONSTITUTIONAL responsibilities instead of trying to run banks and auto companies:

"Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler's bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company's key financial advisors in the bankruptcy case.

Some of the main assumptions listed by Robert Manzo of Capstone Advisory Group were that the Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler's operations during bankruptcy."

Not only do we get stiffed on the payback for the previous loans, we now get to "lend" them MORE. This does bring into question how reliable we think GM will be in paying back THEIR loans.

Of course, what else can we expect from a President who spends almost a $787 Billion on a "stimulus," promises budget deficits for the next 10 years, and tells us that a $17 Billion dollar reduction in spending is "significant."

We also found out this week that there is no real oversight over how the Stimulus money is being spent. Congressional members of the Recovery Act Accountability and Transparency Board aren't even showing up to the meetings--but they're gonna have a website!

Yep, change is in the air--and it smells like crap.