Thursday, August 09, 2012
Obama: "Hey Let's Repeat My Auto Industry 'Success' "
Some stories almost write themselves. Here's President Obama speaking in Colorado:
President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
“I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo,” Obama told a crowd gathered for a campaign rally at the Palace of Agriculture at the Colorado State Fairgrounds here.
Either our president has finally slipped his moorings or he arrogantly thinks everyone is stupid but him. There's no third possibility.
The cost of the bail out to the American taxpayer (which, let's face it, was done strictly to benefit Obama's union allies, as it amounted to wiping out private equity holders and gifting the company to the unions) was actually a lot more than people realize.
The losses alone on the devalued stock the feds are holding came to over $16.6 billion...not counting the $26.4 billion in direct aid that's never been recouped.
There's also that $45.4 billion dollar tax credit against future profits at the American taxpayer's expense given to them by the Obama Administration that could keep GM tax free for years.GM earned a $7.6 billion 'profit' in 2011 but paid no taxes.
Yes. let's keep doing that..until we go broke., which won't be long if President Obama's re-elected.
And speaking of keeping jobs...obviously the president is quite choosy about which jobs, and who gets to keep them.
There were over 1100 GM dealership that were arbitrarly closed down, no matter how profitable they were. It's also a matter of record that no dealership that was minority owned got the axe,no matter how unprofitable they were.
Then, there's the story about what happened at Delphi, a company closely associated with GM and the largest auto parts manufacturer in the world. When they were taken over by th eObama Administration as part of the bail out, a funny thing happened; Twenty thousand of its salaried non-union retirees lost nearly their entire pensions when the government bailed out GM. At the same time, Delphi retirees who were members of the United Auto Workers union kept their full pensions and had them made good:
The move, made in 2009 while the Obama administration implemented its auto bailout plan, appears to have been made solely because those retirees were not members of labor unions.
The internal government emails contradict sworn testimony, in federal court and before Congress, given by several Obama administration figures. They also indicate that the administration misled lawmakers and the courts about the sequence of events surrounding the termination of those non-union pensions, and that administration figures violated federal law.
Another day, another lie, another scandal...business as usual.
Perhaps, though the president ought to work on his stump speech to make things a little more challenging. The contempt he must have for other people's intelligence is just a tad too obvious.