Unbelievable Corruption – Government To Rebate $42,000 On $110,000 2 Seat Sports Car!

What former Politicians or current Political contributors are cleaning up on this scam?

How much of the “stimulus money” went to underwrite the budget in the State of Colorado and therefore indirectly underwrite this giveaway program?

We all know there is only so much money to go around – that is why the US Government is borrowing trillions of dollars from the Communist Chinese to pay our current bills. Trillions of dollars that the younger generations of Americans will be forced to repay.

And now we have this stupidy …….

The State of Colorado’s “income”, which it generates through taxes and fees and the transfer of funds from the US taxpayers who don’t live in Colorado, isn’t umlimited.

So why funnel $42,000 to inidivuals who buy a a Tesla. Tesla is a California based company, which is partially owned by Daimler AG (as of May 19, 2009). You remember, Damlier, Chryslers’ former owner?

Tesla has already received $500 Million from the US Department of Energy (March 2009) to “defer” the cost of developing these vehicles. $500 million from the Department of Energy, when the “owners” or “investors” in Tesla, have committed approximately $100 million of their personal wealth. In other words, 5 out of 6 dollars has been funded by American Taxpayers through the Department of Energy to start with. Now the Taxpayers will fund half the purchase price of the car for those who can plunk down $100,000 plus to start with.

You don’t need to sell Tesla’s to develop the technology – the technology is already in the car. If someone wants to use the “technology” they should pay a royalty to Tesla to use and adapt it. If the plan is to let Tesla “hoard” the technology, that is fine, but they can do that without further Government subsidy.  If Tesla can make autos that will sell on their own, let the private market place fund the venture, not the American taxpayer.   

At the present time Tesla employs something slightly more than 350 people. Tesla has 8 sales stores, 2 in California, 1 in Colorado, 1 in Illinois, 1 in Florida, 1 in Washington, DC, 1 in Toronto, Canada and 1 in Monaco.  At full production, Tesla manufacturers approximately 25 autos per week.

The Tesla vehicle in question carries a US Identification number, however, the chasis and most of the vehicles external parts are manufacturered outside of the US. The components are assembled and shipped to the US where the battery packs and power drive are installed.

It appears that the Tesla is a wonderful vehicle, but as a $100,000 plus 2 seater, it isn’t really a practical vehicle for a family of 4?

For every $42,000 that the Government “rebates” for the purchase of a Tesla, that is $42,000 that isn’t in the Government’s budget to pay for the operating expenses, expenses that lead to “budget deficits” and budget short falls. $42,000 that isn’t available for student loans, to pay teachers, fireman or police officers or to cover unemployment benefits for the 7.6 Million lost jobs in this Country.

$42,000 that must be replaced by taxing the average working stiff.  

Has the Country gone crazy or just the people we elect to govern it?

World’s Largest Cash-Back Rebate: $42K Off Tesla Roadster

 
provided by      
 

If you’re in the market for a new car and would like a little help with the purchase, there’s a nice $3,500 cash-back rebate this month on the Pontiac G8. There’s a similar $3,500 rebate on leftover 2009 Ford Mustangs. Or, for Colorado residents, there’s a $42,083 rebate on the all-electric Tesla Roadster.

Yeah, read it again. Didn’t change, did it?

Autoblog reports, “Colorado is offering a $42,083 rebate on the 2009 Tesla Roadster until December 31st…yep, that’s a 38-percent discount on what must be the most desirable electric car currently for sale in the United States.” 

For the uninitiated, the Tesla Roadster is a guilt-free supercar. A topless, wind-in-your-hair rocket that surges from a standstill to sixty miles per hour in less than four seconds, it’s fast enough to catch the gingerbread man. It corners faster than a caffeinated chipmunk running from a lawn mower and, oh yeah, it doesn’t use gas. When you get home (which shouldn’t take long), you just plug it back into the wall.  

The only problem with the Roadster is its buzz-killing six-figure sticker price. Except, apparently, for those who can see the Rockies from their driveway.  

Autoblog explains, “The incentive actually applies to a slew of qualifying hybrid and electric vehicles and will be paid in the form of an income tax credit that’s calculated by determining the difference in price of the alt-fuel car or truck as compared to a competitive gas-powered model. In the case of the Tesla Roadster, Colorado figures the EV costs a whopping $50K more than its competitive set.”  

We have no idea what possessed them to think the Tesla had competitors. There’s just nothing else like it. They may have compared it to the Lotus Elise, a similarly-sized, lightweight track racer that does cost about $50K less.  

(McAuleys World: So the Government thinks they should help you buy a Tesla, provided you live in Colorado, and to make sure you don’t have to pay more than you would spend on a Lotus – and just how many of us drive a Lotus sports car?)

Whatever they were comparing it to, they took a massive chunk out of the price. Jalopnik notes, “The final price, after the tax credit, is a relatively low $67,800 (relative to the 110K starting price).”  

Tesla dealers are rare, but Colorado shoppers are in luck. Fox News reports, “Tesla will open a new store in Boulder, Colorado, this Friday.”  

If you need more than two seats, or trunk space for something larger than a pen, the Tesla won’t meet your needs. But we found jaw-dropping rebates on some cars that might. A fact sheet put of by the Taxpayer Service Division of the Colorado Department of Revenue lists the lot of them, ranging from $3,906 off a Ford Escape Hybrid to $20,392 off a Lexus LS 600 hybrid 

http://autos.yahoo.com/articles/autos_content_landing_pages/1151/worlds-largest-cash-back-rebate-42k-off-tesla-roadster/

Hmmmm …. $20,000 plus off a Lexus LS 600 Hybrid.

Somebody pays for the $20,000 discount on the Lexus, just like somebody pays for the $42,000 on the Tesla. Wanna guess who?

Wanna guess whose tax money was sent to Colorado to subsidize their State Budget and indirectly subsidize this giveaway program? 

It is absolute insanity!

Obama Administration Wants A New $1 Trillion From Taxpayers – MSNBC

Treasury’s toxic asset plan could cost $1 trillion

Geithner releases initial outlines of proposal to be unveiled on Monday

Treasury Secretary Timothy Geithner intends to announce Monday aims to use the resources of the $700 billion bank bailout fund, the Federal Reserve and the Federal Deposit Insurance Corp.

The plan relies on a new government entity, the Public Investment Corp. to help purchase as much as $1 trillion in toxic assets on banks’ books.

[You may have thought the Government was already doing this – for an explantion of where the money has been going up to now see: https://mcauleysworld.wordpress.com/2009/03/21/aig-cash-channelled-to-hedge-fund-millionaires/ ]

The initiative will seek to entice private investors, including big hedge funds, to participate by offering billions of dollars in low-interest loans to finance the purchases and also sharing risks if the assets fall further in value. [The same Hedge Funds that have been receiving our “Bailout Dollars” to purchase “bad debt insturments” at 100% of face value – will now use those same “bailout dollars” paid out of American Taxpayer Dollars – to repurchase the same assets – but at 20 cents on the dollar – This is a criminal conspiracy of the highest order. For the Hedge Funds who received our bailout dollars there is no “risk” at all – only more profit at taxpayer expense] 

http://www.msnbc.msn.com/id/29817617

Is Geitner complicit in this scheme or just a  “fall guy” or “patsy” to take the blame when the facts become public knowledge.  

BACKGROUND: 

1). Banks lend money and obtain mortgages

2) Most Banks do not “hold the mortgages until they are paid off in 30 years.   The Banks “sell” the mortgages as “mortage securties” to investors – most notably “Hedge Funds” – like the ones run by Madoff and Stanford.

3). The investors/Hedge Funds “insured” these securities through firms like AIG and Goldman Sachs. With CDOs (credit default swaps) and other “instruments”.

4). The Bailout dollars have been going in the front doors of banks and firms like AIG and straight out the backdoor to the Hedge Fund Firms and other investors. The great bulk of Taxpayer money spent to this date has not gone to restoring the economy or creating jobs but has instead gone to make the Billion dollar Hedge Funds, their Managers and Investors whole.

5). The governemnet did not even negotiate on the amounts paid out – the Hedge Funds have been paid 100 cents on the dollar. In some instances the Government overpaid by as much as 500%  – Incredible Government waste in what could be a “criminal enterprise”.

6). These same Hedge Funds, their investors and the Foreign Banks who received the Taxpayer Bailout dollars will now be offered the chance to repurchase these same “assets”, using the “bailout money” that was “channeled” to them through firms like AIG. Repurcahse the same assets at 20 cents on the dollar. An immediate 80% profit at taxpayer expense.

7). At a minimum, this effort exposes the incredible failure of the previous bailout activities and an almost unimaginable amount of Government waste. The same parties to receive the “bailout cash” are now being “invited” to “repurchase” the same investments.

Who Do You Think Benefits From The Ongoing Bailout Schemes? Tell Congress the Bailouts Were A Bad Idea to Begin With – To Stop Them Now!       

 

 

UAW GOLF COURSE TO BE SUPPORTED WITH BAILOUT CASH

Make UAW Sell its Championship Golf Course Before a Bailout

By EXAMINER EDITORIAL HOT ZONE
12/16/08


A view of the finely groomed Black Lake golf course owned by the UAW. (Michigan Golf)
What do UAW executives and workers do to relax? They play golf at the union’s highly touted championship caliber Black Lake Golf Club, designed by Rees Jones. The UAW golf club is in secluded Onaway, MI, as part of the union’s Walter and Mary Reuther Family Education Center. Also part of Black Lake are a learning center, a practice facility with practice bunkers, chipping and putting greens, and a small, nine-hole par-three Little Course.Golf Digest named Black Lake as one of top “upscale public courses.” And Michigan Golf described the course as a “classic” that includes “wide, well-groomed fairways [that] provide ample room for big hitters.” But some big hitters get special privileges at Black Lake. Tee times can be reserved up to two weeks in advance by UAW execs, compared to only three days for non-UAW duffers. Cost to play Black Lake is $95 per round.

Remember all the much-deserved bad press Detroit’s high-paid Big Three executives received last month when they flew in their corporate jets to beg Washington for a tax-paid bailout? Has anybody in Congress or the media bothered to ask UAW head Ron Gettelfinger about his union’s assets and perks like Black Lake Golf Club?

As head of one of the nation’s most powerful unions, Gettelfinger doesn’t earn nearly as much as Detroit’s top CEOs. GM’s Rick Wagoner, for example, made more than $14 million last year. But Gettelfinger’s total compensation of nearly $160,000 annually far exceeds the U.S. median gross family income of $61,500 and puts him among the top five percent of all tax filers, according to U.S. Census Bureau and IRS data.

And the UAW is anything but poor, with net assets reportedly worth an estimated $1.23 billion. UAW membership has been declining for years, as it has for most major unions, but annual income from member dues, interest and other revenues exceeded $300 million in 2006.  

UPDATE:

Michelle Malkin does some digging and comes up with a bunch more information, including a Detroit News investigation that found the Black Lake course is a big money loser for the UAW.

http://www.dcexaminer.com/opinion/Should_UAW_Sell_its_Championship_Golf_Course.html

LET YOUR CONGRESSPERSON KNOW WHAT YOU THINK – IS THIS WHAT CONGRESS PROMISED TO SPEND THE BAILOUT CASH ON?

http://www.usa.gov/Contact/Elected.shtml

YOUR TAX DOLLARS AT WORK – THE AUTO BAILOUT – 30 DAYS PAID VACATION

$17 Billion Dollars of Taxpayor Money for Two of the “Detroit 3” – General Motors and Chrysler are to receive $17 Billi0n Dollars in Taxpayor money. Ford Motor Company, Toyota Motor Company of American, Hundai USA, KIA USA, Honda of America, Volkswagon of America, nor any of the other Automobile Manufacturing Companies in the United States will, as a group, receive nothing in support of their activities in this Country.

What are GM and Chrysler doing for this $17 Billion Dollars?

Here is what they are not doing: They are not scheduling meetings with the UAW to work out a “NEW BUSINESS PLAN” that will allow the Companies to survive and prosper. They are not scheduling discussions with their supplier chain or sales and distrubution networks. They are NOT USING THE TIME TO FINALIZE THE SHUT DOWN OF THE “JOBS BANK PROGRAM” – THE PROGRAM THAT PAYS WORKERS NOT TO WORK, FOR UP TO 4 YEARS.

What are General Motors and Chrysler doing with your tax dollars – they a re closing their plants and shutting down production for 30 days – USING YOUIR TAX DOLLARS TO PROVIDE THEIR EMPLOYEES A 30 DAY PAID VACATION AT TAX PAYOR EXPENSE.

I wonder if you cab double dip – collect your “Job Bank Pay” not to work and get your 30 day paid vacation at the same time. I’m sure the UAW would consider that reasonable.    

Let your Congressperson know how you feel about this use of taxpayor dollars.

http://www.usa.gov/Contact/Elected.shtml

What Bailout Transparency? Banks Refuse To Disclose Where Money Is Going

IS THE AUTO BAILOUT NEXT?

Where’d the bailout money go? Shhhh, it’s a secret

By MATT APUZZO, Associated Press Writer

 

WASHINGTON – It’s something any bank would demand to know before handing out a loan: Where’s the money going? But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse to discuss it.

“We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ‘Here’s how we’re doing it,'” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. “We have not disclosed that to the public. We’re declining to.”

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what’s the plan for the rest?

None of the banks provided specific answers.

Some banks said they simply didn’t know where the money was going.

“We manage our capital in its aggregate,” said Regions Financial Corp. spokesman Tim Deighton, who said the Birmingham, Ala.-based company is not tracking how it is spending the $3.5 billion it received as part of the financial bailout.

The answers highlight the secrecy surrounding the Troubled Assets Relief Program, which earmarked $700 billion — about the size of the Netherlands’ economy — to help rescue the financial industry. The Treasury Department has been using the money to buy stock in U.S. banks, hoping that the sudden inflow of cash will get banks to start lending money.

There has been no accounting of how banks spend that money. Lawmakers summoned bank executives to Capitol Hill last month and implored them to lend the money — not to hoard it or spend it on corporate bonuses, junkets or to buy other banks. But there is no process in place to make sure that’s happening and there are no consequences for banks who don’t comply.

“It is entirely appropriate for the American people to know how their taxpayer dollars are being spent in private industry,” said Elizabeth Warren, the top congressional watchdog overseeing the financial bailout.

But, at least for now, there’s no way for taxpayers to find that out.

Pressured by the Bush administration to approve the money quickly, Congress attached nearly no strings on the $700 billion bailout in October. And the Treasury Department, which doles out the money, never asked banks how it would be spent.

“Those are legitimate questions that should have been asked on Day One,” said Rep. Scott Garrett, R-N.J., a House Financial Services Committee member who opposed the bailout as it was rushed through Congress. “Where is the money going to go to? How is it going to be spent? When are we going to get a record on it?”

Nearly every bank AP questioned — including Citibank and Bank of America, two of the largest recipients of bailout money — responded with generic public relations statements explaining that the money was being used to strengthen balance sheets and continue making loans to ease the credit crisis.

No bank provided even the most basic accounting for the federal money.

“We’re choosing not to disclose that,” said Kevin Heine, spokesman for Bank of New York Mellon, which received about $3 billion.

Others said the money couldn’t be tracked. Bob Denham, a spokesman for North Carolina-based BB&T Corp., said the bailout money “doesn’t have its own bucket.” But he said taxpayer money wasn’t used in the bank’s recent purchase of a Florida insurance company. Asked how he could be sure, since the money wasn’t being tracked, Denham said the bank would have made that deal regardless.

Others, such as Morgan Stanley spokeswoman Carissa Ramirez, offered to discuss the matter with reporters on condition of anonymity. When AP refused, Ramirez sent an e-mail saying: “We are going to decline to comment on your story.”

Most banks wouldn’t say why they were keeping the details secret.

“We’re not sharing any other details. We’re just not at this time,” said Wendy Walker, a spokeswoman for Dallas-based Comerica Inc., which received $2.25 billion from the government.

Heine, the New York Mellon Corp. spokesman who said he wouldn’t share spending specifics, added: “I just would prefer if you wouldn’t say that we’re not going to discuss those details.”

Lawmakers say they want to tighten restrictions on the remaining, yet-to-be-released $350 billion block of bailout money before more cash is handed out. Treasury Secretary Henry Paulson said the department is trying to step up its monitoring of bank spending.

“What we’ve been doing here is moving, I think, with lightning speed to put necessary programs in place, to develop them, implement them, and then we need to monitor them while we’re doing this,” Paulson said at a recent forum in New York. “So we’re building this organization as we’re going.”

Warren, the congressional watchdog appointed by Democrats, said her oversight panel will try to force the banks to say where they’ve spent the money.

“It would take a lot of nerve not to give answers,” she said.

But Warren said she’s surprised she even has to ask.

“If the appropriate restrictions were put on the money to begin with, if the appropriate transparency was in place, then we wouldn’t be in a position where you’re trying to call every recipient and get the basic information that should already be in public documents,” she said.

Garrett, the New Jersey congressman, said the nation might never get a clear answer on where hundreds of billions of dollars went.

“A year or two ago, when we talked about spending $100 million for a bridge to nowhere, that was considered a scandal,” he said.

___

Associated Press writers Stevenson Jacobs in New York and Christopher S. Rugaber and Daniel Wagner in

WHEN CONGRESS PASSED “TARP” THEY PROMISED THE AMERICAN TAXPAYOR COMPLETE TRANSPARENCY – CONTACT YOUR CONGRESSPERSON AND DEMAND TO KNOW WHERE YOUR TAX MONEY IS GOING !  NO MORE BAILOUT FUNDS !

http://www.usa.gov/Contact/Elected.shtml

 

%d bloggers like this: