Post by danceswithdogs on Dec 10, 2012 15:48:32 GMT -5
Isn't this wonderful? Obama has handed over more "stimulus" (tax dollars) to China along with the entire industry. Oh Happy Day! 
President Obama travels to Detroit today to talk about the need for increased taxes on top earners to finance federal spending, and is using an announcement of a $100 million investment from German auto giant Daimler to illustrate that his economic prescription is working.
Obama is not likely to discuss another big business story of the day – the sale of the assets of battery maker A123 to a Chinese competitor. A123 spent at least $132 million of its $249 million stimulus package grant to build two Detroit-area factories, including one in Livonia, right next door to Redford Township, where Obama is speaking today.
Obama is out talking about growth while Republicans are debating how much to raise taxes and how much to cut entitlements. Merry Christmas.
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Assuming a bankruptcy judge and the Obama Treasury Department approve of the sale of A123’s assets to Wanxiang Group, the Chinese battery maker would immediately become the dominant force in the industry.
So for $256.6 million, the Chinese firm would get all that the stimulus package purchased plus the company’s existing operations in Massachusetts and Missouri and have the chance to pare down the company to profitability without the overhead of A123’s debt.
A very good deal to be sure, but not one that American firms were willing to take on. As the president has often said, China and its economic central planners are betting very big on the battery business – for cars, for the electric grid, etc. And with A123, they get to take advantage of not only their own government subsidies, but those provided by American taxpayers.
An additional irony: Whatever share of the original $249 million stimulus grant that the Treasury borrowed from China will still have to be paid back. The boys in Beijing must be having a happy Monday. Obama gave A123 lots of subsidy money to expand to compete with subsidized Chinese firms and the subsidized Chinese firms win anyway.
(there's the "Oh Happy Day" Mink spoke of.....for CHINA, not America)
Just who, exactly, is Obama the President of? Certainly not America. What a traitor!
President Obama travels to Detroit today to talk about the need for increased taxes on top earners to finance federal spending, and is using an announcement of a $100 million investment from German auto giant Daimler to illustrate that his economic prescription is working.
Obama is not likely to discuss another big business story of the day – the sale of the assets of battery maker A123 to a Chinese competitor. A123 spent at least $132 million of its $249 million stimulus package grant to build two Detroit-area factories, including one in Livonia, right next door to Redford Township, where Obama is speaking today.
Obama is out talking about growth while Republicans are debating how much to raise taxes and how much to cut entitlements. Merry Christmas.
-
Assuming a bankruptcy judge and the Obama Treasury Department approve of the sale of A123’s assets to Wanxiang Group, the Chinese battery maker would immediately become the dominant force in the industry.
So for $256.6 million, the Chinese firm would get all that the stimulus package purchased plus the company’s existing operations in Massachusetts and Missouri and have the chance to pare down the company to profitability without the overhead of A123’s debt.
A very good deal to be sure, but not one that American firms were willing to take on. As the president has often said, China and its economic central planners are betting very big on the battery business – for cars, for the electric grid, etc. And with A123, they get to take advantage of not only their own government subsidies, but those provided by American taxpayers.
An additional irony: Whatever share of the original $249 million stimulus grant that the Treasury borrowed from China will still have to be paid back. The boys in Beijing must be having a happy Monday. Obama gave A123 lots of subsidy money to expand to compete with subsidized Chinese firms and the subsidized Chinese firms win anyway.
(there's the "Oh Happy Day" Mink spoke of.....for CHINA, not America)
Just who, exactly, is Obama the President of? Certainly not America. What a traitor!