Let's remember history: In 2009, president Obama forced both General Motors and Chrysler into bankruptcy. The folks who owned the companies were wiped out. The folks who had lent money to these companies got about 12 cents on the dollar. About half of the people who worked at the dealerships for the two companies lost their jobs. All non-union retirees lost their pensions and healthcare. The taxpayers had to fork over about seventy billion dollars just to keep the two companies afloat; about thirty billion dollars has not been repaid. Only the United Auto Workers came out of the process undamaged; Obama forced everyone else (including the taxpayers) to give up money in order to protect his union buddies. And this is the "bailout" that Obama considers a success.
Today, Obama was in Colorado crowing about this "success". Here is what he told the crowd:
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back. Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
Did you get that? Obama wants to put every other industry into bankruptcy so he can wipe out the stockholders, the bondholders and most of the non-union employees. The man is nuts.
The best part of all, however, is that Obama criticizes Romney because he opposed this bailout. Romney wanted GM and Chrysler to go through bankruptcy (which is what Obama did.) Romney, however, wanted the law to be followed so that the bankruptcy court decided how the new company would be restructured. Romney did not want the federal government to rob everyone involved in order to pay off the unions. Romney did not want the government to throw seventy billion dollars away before the bankruptcy in a futile attemp to keep GM and Chrysler out of bankruptcy court. In other words, Romney recognized the ultimate reality to which Obama had to succumb. Romney should be praised for his acumen not criticized for his position.
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