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Sorry I've been away for awhile, but I've been fighting off a pretty nasty virus.
With Mitt Romney looking more like the Republican nominee after yesterday's wins in Michigan and Arizona, I should examine one of President Obama's talking points against the Mittster, the one about how Romney wanted Detroit to go bankrupt. Here's the President:
"I've got to admit, it's been funny to watch some of these folks completely try to rewrite history now that you're back on your feet," the president said to a raucous crowd at the United Auto Workers Convention. "The same folks who said if we went forward with our plan to rescue Detroit, 'you can kiss the American automotive industry goodbye.'"
In a November 2008 New York Times op-ed titled "Let Detroit Go Bankrupt," Romney wrote, "If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won't go overnight, but its demise will be virtually guaranteed."
The visit was an "official" presidential event, not campaign-related, but the odd dynamic when the president took the stage to chants of "Four More Years!" after which a labor official told the crowd, "This is not a political event."
That seemed a questionable assertion, given how the president continually referenced Romney, defending how his moves to save GM and Chrysler demanded change and accountability. "The other option we had was to do nothing, and allow these companies to fail," the president said. "In fact, some politicians said we should. Some even said we should 'let Detroit go bankrupt'" - another reference to Romney's New York Times op-ed
Looks like Obama has Romney dead to rights there, except for one tiny little detail - Detroit DID go bankrupt, just as Romney prescribed, or at least GM and Chrysler did. They both went through bankruptcy. Ford received no help from anyone. Perhaps Obama forgot about that as he attempted to rewrite history during his "not campaign related" campaign stop. I'm thinking that if a Republican made such an egregious error as Obama did there, the press would be calling him an idiot.
Romney called Obama's GM and Chrysler bailouts "crony capitalism on a large scale", which of course they were. Where Romney appears to be wrong was when said the bailouts would cause the demise of the American automotive industry. GM is doing pretty well at the moment. So is Chrysler, though there's another tiny little detail Obama omits - Chrysler is now majority owned by Fiat, the Italian car maker, meaning it's actually not an American company any more. I guess we have to give Romney partial credit for his prognostication after all. Obama's Chrysler deal also cost the taxpayers $1.3 billion in order for Chrysler to become owned by a foreign company. What a deal !!!
Btw, last time I checked, the GM bailout cost the taxpayers $23.6 billion. This is what President Obama is calling a success, a $25 billion hit to the taxpayers to keep the car companies afloat for now. Welcome to the Age Of Obama, where costs have no meaning. That's why Obama will have rolled up $5 trillion in new debt by the time the next election arrives. Costs mean nothing to him. All they are is a way to buy votes and fund whatever causes he supports. This is the Age Of Obama, the age of state-subsidized private enterprise, where the Emperor decides which companies will prosper and which companies will fail. The old rules (of law) no longer apply. It's all cronyism now. Like Caesar, Obama gives an industry a thumbs up or a thumbs down, and it's fate is decided. I hope your business is one of the lucky ones.
I think Romney's biggest mistake was in his assumption that the car companies would be required to repay the money they borrowed, but in the Age Of Obama, we don't worry about paying for things anymore. Obama just passes out money like candy. It's all so...fun. What could possibly go wrong ?
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