Photo Caption Contest: Treasury Department Officially Announces Taxpayers Will Lose Billions On GM Bailout
President Obama “saved the auto industry” just enough to win Ohio and Michigan on Election Day, but his win means an initial $5 billion loss for taxpayers with the news announced this week that the Treasury Department plans to sell its remaining stake in “Government Motors” back to GM.
However, that $5 billion loss is only for the stock Treasury will sell by the end of this year. It is estimated that when Treasury sells GM back all its remaining stock in 2013 or 2014 the net loss to taxpayers will be $10 billion to $12 billion.
The photo worthy of this caption contest was found in US News from a piece by Rick Newman with the headline, “It’s Official: Taxpayers Will Lose Big on the GM Bailout.” The caption under the photo with Chevrolet spelled “Chevrelot” reads:
President Obama inspects a Chevrelot Silverado during a visit to the DC Auto Show, Jan. 31, 2012 in Washington, D.C. Obama touted his bailout of General Motors and Chrysler three years ago.
Now I am confident that PJ Tatler readers are capable of writing a much better caption and even know how to correctly spell “Chevrolet.”
So start your engines or flip the switch on your Chevy Volt and write one that will help us emotionally recapture some of those billions we all lost while “saving the auto industry.”
If you are a newcomer to our contest, welcome aboard and buckle your seat belt, but please abide by our strict rules which are “be nice and stay classy because the media is watching.”
The winner receives an all-expense paid visit to a “Chevrelot” dealership and upon visiting must say, “What is good for General Motors is good for America.”
(Remember that this famous statement was made back in 1955 by Charlie Wilson, then chairman of General Motors. Now, with the impending net loss of $12 billion U.S. taxpayer dollars it, sure takes on new meaning, especially with President Obama in the driver’s seat.)