When you hear and read what Barack Obama claims to do for middle Americans, please take a look at what he did for me and many other middle Americans like me. Like many others, I owned bonds and senior notes and preferred stock in General Motors. My brokers all had advised that these investments were safe and even in the unlikely event of bankruptcy I would get most of my investment back. Based on more than 50 years these type investments I knew their advice was accurate. However when the Obama administration got involved with the bailout, the game changed. GM went bankrupt anyway and the Obama administration handled the bankruptcy as they chose. My $50,000 investments are now worth less than $5,000 and it is distributed over two different warrants and GM common stock, none of which I would have bought. My brokers told me that what had happened was not lawful. It is unlikely that I will live long enough to recover my losses at $3,000 write off per year. That part of the investment which is in my 401k is a loss that I cannot recover. I am retired and cannot rebuild.
The thing that really disturbs me is that the auto workers union ended up owning a large share of GM. My only conclusion is that president Obama used my money to buy GM ownership for the union as payment for their political support.
When Obama claims that he saved the automotive industry, please take a look at the 25 billion that we the taxpayers have lost from this bailout. We will have to pay this off via taxes over the coming years.
Please note that Ford Motor refused the bailout. I had similar investments in Ford and they did not go bankrupt and they have fully redeemed all of my bonds.
My overall conclusion is that we can not trust Barack Obama to continue as President of the United States. Think about this when you go to the polls on Nov. 6.