By John W. Lillpop
One of the last and most foolish acts of President George W. Bush while still in power was to send billions of taxpayer money to General Motors in order to keep the sinking auto maker afloat a while longer.
Nearly every Republican in Congress warned W. that sending additional funds to Detroit was "good money, chasing bad."
Everyone but W. knew that those billions would not be enough to save GM, and that there was virtually no chance that any of the so-called "loans" would ever be repaid.
Thus, it should be no great surprise to learn that General Motors is on the cusp of bankruptcy and the American people are on the cusp of being taken ripped off to the tune of another $13 billion dollars.
As reported, in part, at Yahoo.com:
"General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.
The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.
'The corporation's recurring losses from operations, stockholders' deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern,' auditors for the accounting firm Deloitte & Touche LLP wrote in the report.
The automaker has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008."
Once again, the legacy of George W. Bush as the "worst president in U.S. history" is confirmed.
Even more tragically is the fact that Bush's failed presidency continues to give "cover" to the corrupt Marxist regime now in power.
