Posted on 06/01/2011 12:52:15 PM PDT by TheConservativeCitizen
INDUSTRY EXPERT: REMINDS PUBLIC OF UNPOPULAR BAILOUT
- Barack Obama, who recently stopped by the CIA to “thank” the agency for its part in the bin Laden mission by referring to himself 35 times, is firing up his next victory tour: Taking personal credit for the unpopular bailouts of General Motors and Chrysler.
Ironically, Obama’s latest brag-fest may actually end up hurting the two firms, an industry expert told CNSNews.com.
While hailing Chrysler’s repayment of 2009 bailout loans last week, the O-man couldn’t help but take credit for the automaker’s revival. Obama said it was because of his own action that Chrysler was able to rebound from bankruptcy, and ultimately be acquired by the Italian automaker Fiat. (No word yet as to Obama’s executive position at Fiat)
“Supporting the American auto industry required making some tough decisions, but I was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company. I said if Chrysler and all its stakeholders were willing to take the difficult steps necessary to become more competitive, America would stand by them, and I we did.”
The O-man, (or should I say, the I-man?) left a tiny bit of information out of his “I saved the American auto industry” speech: The Treasury Department says it is unlikely that taxpayers will recover their outstanding $1.9 billion “investment” in Chrysler.
According to the expert interviewed by CNS, if the Obama Administration is serious about breaking even on the bailouts of GM and Chrysler, bragging about them for political purposes won’t help. Polling data indicated at the time, (and still does) that the bailouts were unpopular and had a stigmatizing effect on automakers, added the expert.
So here’s the $64,000 ($110 billion) question: With an unemployment rate of 9%, angry labor unions, and the 2012 election right around the corner, is Barack Obama more concerned with personal political gain, or recovering the taxpayers’ money?
Not to be outdone, Joe Biden claimed Saturday that the Obama Administration saved the American auto industry from “the brink of extinction.”
“Because of what Barack and I we did, the auto industry is rising again,” Biden said.
The White House also announced that Obama will visit a Chrysler plant in Toledo, Ohio, Friday to continue to brag about himself ”discuss the carmaker’s recovery.” Uh huh.
The merits and wisdom of the government’s bailout of GM and Chrysler will be debated for years to come, as they should be. What is clearly not debatable, is this:
The Barack Obama I saved the American auto industry brag-fest victory tour is just beginning. The I-man and his minions (including the sock puppets in the “mainstream” media) will pull out all the stops on this one. Would you really expect anything less?
The bailouts that weren’t.
Paid for by taxes that’ll never be recovered.
Bragged about by a president who isn’t.
Any Obama victory is a setback for America and the American people.
It is definitely already hurting GM and Chrysler. I own a 2003 Chevy truck and I will never buy another GM or Chrysler car because of the government bailout.
How can Obama take credit? I thought Romney already said the bailouts were his idea.
Seriously, how out of touch does a pol have to be, to think it’s a PLUS to be credited with such a disastrous economic policy? Maybe in Democratland it’s a resume enhancer, but for conservatives??? Romney is delusional.
I don’t understand how selling Chrysler to Fiat is “saving” the American automotive industry. That just makes them the same as all of the plants around the US that are foreign owned. If “Buy American” means where the car is built, and not where the money stays, I can buy American made Toyota, BMW, Honda, Mercedes ... etc.
His current blather about saving the two companies is not influencing my auto purchases one bit.
From the minute the bailout was passed I vowed to never purchase a GM or Chrysler ever again.
I have a Chrysler I purchased in 2004. I would like to look at the new ones but will never set foot on a Chrysler dealership let alone buy one.
I read somewhere on FR that Ford took a “backdoor” loan from the Government. I will research that before I think of them too. I may have to buy another foreign auto. I just have to find one that can haul a small, lightweight Jay Feather trailer.
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