Listening
Gold Member
- Aug 27, 2011
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What business has Obama made profitable??
GM and thousands of their suppliers. Between TARP and the Stimulus, Obama has made just about every business more profitable. I guess he nailed the bankruptcy lawyers though. If I were a repo man, I'd vote for Romney.
Fail.
When things first started to go south......banks were taken over that should probably have been left alone. As things got worse banks were allowed to stay in business that had balance sheets that looked a lot worse than those that were initially shut down. I know someone who lost about 2 million because his bank was taken over by regulators who forced him to refinance.....
My favorite story is a guy in CO who had an enterprise in the western part of the state that was worth 118 million. He had been expanding it and owed about 70 million on land he had bought and processing facilities he had constructed.
His bank was taken over and he was told he had to refinance (they called the loan). Of course there was no money and no buyer....so he goes into bankruptcy and loses it all.
The whole enterprise is sold in a government firesale and winds up in the hands of a hedge fund. This guy follows it the whole way. The hedge fund got it for 10 cents on the dollar (it was valued at about 90 million) but can't really do much with it. Things have loosened up this guy buys it back for about 25 million dollars.
Thanks to Uncle Sam, the guys debt goes from 70 million to 25 million (and the value at the time he bought it was about 105 million). Guess who funded the difference ?
I don't know this person, but those who have told me about him and know him say he thanks each of them for their involuntary contributions to his nearly 50 million dollar increase in equity everytime they get together.
You might check into how the govenrment handles all these bankruptcies. You can pick them up for pennies on the dollar.....if you have about 20 million to get into the game. The government makes it easier for the rich to get richer.
And you pathetic bastards just want to keep feeding it.