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Stimulus Recipient GE to Buy TARP Recipient Chevy's Volt

General Motors (GM) has put all of their eggs in one basket with the $41,000 Chevy Volt, a plug-in electric vehicle.  As the parent company to Chevy, the brand that's releasing the Volt, GM was bailed out by American taxpayers and has yet to repay their loans.  They're banking on the Volt to push them out of bankruptcy.  Today General Electric (GE) announced plans to purchase 12,000 Chevy Volts in 2011.  However, GE received money from the phony stimulus bill, so is this just a giant ponzi scheme?  Well, it is the government!

In the announcement GE mentioned that they'll also be purchasing an additional 13,000 electric vehicles over the next year, but haven't determined which model.  They are heavily invested in "green" energy and technology.

The oddity here is that GE received over $23 million in phony stimulus money.  Jeffery Immelt, GE's CEO, is practically in bed with the Obama administration and has openly pushed for extreme liberal legislation such as Cap and Trade and health care reform because they will profit from those policies.  GE has smart grid technology, which would become a standard in most households.

In total, GM received $52 billion in funding from the government - part of which came from TARP - and has yet to pay it back, despite their lie earlier this year.  They used a loan to payoff a loan, which isn't exactly the same thing.

It appears that two large corporations, both of which are closely aligned with the Obama White House and both of which received federal funding via the taxpayers, are helping each other out.  The Chevy Volt, although a great piece of engineering and innovation, will have an extremely hard time selling at it's price of over $40,000.  The Volt will not save GM - there is not enough of an audience who want this car, especially since likely buyers will have a similar demographic to the Toyota Prius.  The average household income of the Prius is over $100,000 - and they're really buying the car to make a statement.  Chevy's aren't exactly top of mind to wealthy individuals.

The announcement was most certainly planned.  Next week, GM will be an IPO in the stock market, so an artificial boost like this will look good to investors.  But, peel back the curtain, and it's far from pretty.

This is how the government operates:  Take money out of one pocket, put it in another pocket, while keeping special interest groups happy and shunning the taxpayer, who is being forced to spread the wealth.

Chuck Justice is the editor-in-chief for Habledash.

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