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Joe Lee III
One More Time
A Comment by Joe Lee III

   General Motors wants to buy back some of the GM stock the government bought in order to secure the union vote, but the Obama administration is resisting because of the price.
   In 2009, Democrats forced taxpayers   to buy $50 billion in stock to save the company from years of poor management and caving in to unions. In the deal, the administration subverted U.S. financial law by dissolving bondholder investments, and forcing bondholders to lose money they had loaned in good faith.
   A far better solution would have been to let America’s normal bankruptcy laws and procedures take their course. The end result would have been a much stronger company and more competitive labor relations, but that would not have produced as much union vote for Democrats.
   The current problem centers around stock value. The Obama administration forced American taxpayers to pay $53 a share, but the current price is only about $24 per share. At current market prices, taxpayers are set to loose about $15 billion.
   Incidentally taxpayers paid $131,330.46 each to ensure those Democrat union voters -- $50 billion divided by 381,719 UAW members.

Buying more votes
   The Federal Reserve is continuing its political policies by declaring QE-3. This policy, called Quantitative Easing, is merely a plan to flood the market with fake money in order to make the short term economy look good for November. The problem is that all the additional money in circulation will ultimately cause severe inflation.
   Seniors are getting a double dose. Right now, those who planned to live off interest on money they earned and saved, rather than depending on the government, are getting less than a percent return on their money. In many cases, less than half a percent.
   Current interest rates are only half their problem. When the Fed’s policy of “Quantitive Easing” ultimately skyrockets inflation, seniors will get hit again -- only harder.
   But, actually, that is the plan -- to make more people dependent on government so they will vote for the folks in control of government.
   Romney got a lot of flack last week when he told supporters that the folks on the dole would not vote for him, so he is going to have to look for votes elsewhere for support. He told the truth.

Mississippi dependence
   The problem is that Americans have become dependent on government handouts.
   How long would the Mississippi economy hold up without EBT cards (food stamps) and other government programs? Three months? Six months?
   Without the generosity of guilt-laden do-gooders in California, New York, and other liberal states, our state would be in economic ruin.
   Fortunately, they like subsidizing us, because it gives them someone to whom they feel superior.


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