According to ABC News, a SEC document showed that a Bain affiliate, Brookside Capital Partners Fund, owned 6% of Global Tech. That company, ABC reported, exported US jobs to China. In point of fact, Global Tech was a Chinese company located in Dongguan, China. Independent fact checkers reported that while Romney's name was still being used by Bain and its subsidiary, Brookside, Romney was not associated with Bain when Brookside bought a 6% stake in Global Tech. Furthermore, there is no evidence that Romney had any role in sending any American jobs to China, or even that he had a role in investing Bain money in the Chinese company. The Obama campaign spot, like almost every anti-Romney spot Obama is running, is blatantly and deliberately inaccurate.
Yet Obama, who invested $80 billion of US taxpayer dollars to boost the appeal of General Motors, has outsourced 70% of GM's auto productionmost of itto China. General Motors has gone from being known as "Government Motors" to now being rebranded as "China Motors." Chevrolet can no longer claim it's "...as American as Mom's apple pie." That's a slogan today that can only be claimed by Fordand perhaps Japanese brands Toyota, Nissan and Hyundai.
To hear Obama talk, he rescued GM with taxpayer dollars to provide jobs to Americans. He's proud of his redistribution of our wealth. It cost usthe working class stiffs$80 billion for "those Obama jobs."
But, according to Dan Akerson, CEO of GM in a news conference in Shanghai (that somehow was never broadcast here), "Almost 7 out of every 10 [GM] automobiles are made outside the United States." What he was saying is that 70% of GM's workforce is somewhere other than the United States. So, 7 out of 10 of the jobs that $80 billion of US taxpayer money saved were not here. We paid $80 billion to provide jobs for Chinese workers. (And, by the way, what portion of that loan which GM repaid was paid with revenue from another loan from us.) And that repayment was not applied to that debt which our grandchildren and great grandchildren will be paying for decades, it was money that went into the general treasury to be loaned or given to someone else.
Since GM began producing cars in China, they have made over 3 million cars there, in 11 brand new assembly plants and 4 power train plants in China. Geez, it's no wonder they needed an $80 billion bailout.
The new GM designs, manufactures, sells, distributes, does telemarketing and financing in China. They don't need America for anything except buying their American branded cars. They even manage used car sales from China. GM has officially become China Motors. And yet, Obama is running TV ads suggesting that six years after Mitt Romney left Bain Capital he was still somehow outsourcing jobs from a Chinese company in Chinato China.
According to Romney spokeswoman Amanda Henneberg, during his first presidential campaign, Obama promised to "...take China to the mat.." for currency manipulation and for unfair trade practices. But, instead of "taking China to the mat," Obama approved export licenses for GM that allowed the auto maker to give China access to new fuel conservation technology that will increase fuel efficiency in GM cars to 54.5 mph. That technology is banned from export without a presidential waiver under the Arms Export Control Act because of the military applications that would allow military vehicles to go three times the distance on a tank of gasoline.
Obama apparently sees nothing wrong with giving military applicable technology to America's deadliest enemy. That technology will be a boon to China's war machines when they decide to help the Muslim world and the the Soviets launch World War IIIjust as the lack of that technology hindered Germany in North Africa and Western Europe in World War II. China, by the way, who now has export waiver access to Boeing's secrets, too, no longer feels the need to buy our debt bonds. To continue printing $1.7 trillion per year, Obama is now forcing the Fed and America's "too large to fail" banks to buy the nation's debt bonds which is akin to Parker Brothers paying for the Monopoly money it prints for its games with the Monopoly money it had already printed.
General Motors, which the American consumers renamed "Government Motors" as a slam for the Obama Administration's and the Reid-Pelosi 110th Congress' arrogance in assuming the right to use taxpayer money to bail out not only America's largest banksparticularly AIGand General Motors and Chrysler, but Obama's redistribution of the preferred stock of both companies, taking the stock away from the rightful, legal debt holders of GM and Chrysler and giving their stock to the UAW and leaving the lawful debt holders with an empty bag.
Obama did something he had no authority under the Constitution nor under existing lawhe nationalized the automotive industry in the United States. Take it to the proverbial bank, if he's reelected one of Obama's first acts will be to try seize the private healthcare industry and the private insurance industry that supports it. When you want to control who lives and who diesand precisely when those deaths will occur, when you control the money spigot at both ends of the age corridor, you have absolute control over life itself.
But, let's put that aside for another day. Today, we're talking about China Motors. You still know them by their primary nickname: Government Motors. As of December 31, 2011, the federal government owns 31% of General Motors. General Motors wants the Obama Administration to sell off their 31% holding. The question is, to whom does GM senior management want the stock sold? Think about it. Currently, 26% of all GM stock is owned by investors outside the United States. How much of that stock is owned by China or Chinese interests around the world is anyone's guess. But, one thing's not a guessChina's policy on access to the Chinese market.
When Walmart wanted access to China it was forced to create a separate corporate division that owns all of the stores and distribution centers in China. That division will control all of Walmart's expansion on the Pacific rim. China owns 50% of that corporation. In addition it's likely that various Chinese government entities or agencies may each own up to 4.9% of Walmart's common stock since, in the United States, stock ownership under 5% is neither tracked nor monitored.
Which brings us back to China Motors. GM sales in China in 2011 rose 67% to a total of 28% of GM's total business. That type of access to China's vast humanity requires a quid pro quosufficient ownership of stock. How much is enough? Perhaps about 31% of GM's stock. Wonder how much the UAW is willing to kick in to unionized the Chinese workers since union membership is way off in the United States? Of course, so are jobs in general. As GM was dumping dealerships in the United States, it added 2,700 dealerships in China. GM has 11 joint ventures with SAIC and FAW. SAIC is the Shanghai Automotive Industry Corporation. It is owned and operated by the Chinese Communist Party in the People's Republic of China. It's not a "free trade" shareholder corporation. SAIC owns or controls most manufacturing activity in the People's Republic of Chinaincluding the auto industry. FAW is another Chinese government-owned manufacturing entity. Same book. Different page.
What Ackerson said in Shanghai is that GMsaved by the free enterprise working class of the United Stateshas climbed in bed with the most dictatorial, anti-democratic communist regime in the world. Ackerson added that these joint ventures with the communists are viewed, by GM, as their 11 keys to success. After all, Ackerson noted, GM is committed to working in China, with Chinafor China. Remember, in China there is no capitalism. No free trade. No Mom's apple pie. So, I just gotta ask youis there a new GM product in your future? There are none in mine.