Skip to comments.GM bankruptcy: End of an era (obama lied again)
Posted on 10/17/2012 3:13:15 AM PDT by gotribe
General Motors filed for bankruptcy protection early Monday...
(Excerpt) Read more at money.cnn.com ...
Couldn't believe that whopper!
How would liberals feel if Bush managed the GM bankruptcy to ensure the investors and dealers were protected and that the UAW would have to make severe sacrifices?
It would be just as wrong as what Obama did.
GM bankruptcy: End of an era After years of losses, the troubled automaker is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs. EMAIL | PRINT | SHARE | RSS By Chris Isidore, CNNMoney.com senior writer Last Updated: June 2, 2009: 4:03 AM ET
buh...buh...buh But Obama SAVED the auto industry! He told us he did, didn’t he?
And? Op clearly has the date attached to the post. He’s pointing out news that was happening at the time to show Obama lied.
Welcome to FR!!
Yeah - I was glad Mitt finally tore that lie apart.
Mea culpa ... mistook you for a troll.
"Sit down Governor Romney! Now.....sorry about that Mr. President......please Mr. President, continue......tell us how many working families that are employed for GM that you saved from starvation....."
That illegal alien halfbreed in the white hut didn’t save
GM, he saved the union and screwed GM, their stockholders, and the tax paying public!
What can I say - I watched the debate with 3 lib neighbors. It's PTSD from being in foreign, enemy, hostile territory.
Pretty high altitude too, and Bush made me do it, the Republican house wouldn't compromise, the change was always about you, 6 trillion jobs saved or created, you didn't build that.
Well, GM IS tanking again, but that’s another story!
And you are correct. Romney DID challenge obama last night by reminding him that obama forced GM through bankruptcy and obama denied it.
Obama: Number one, I want to build manufacturing jobs in this country again. Now when Governor Romney said we should let Detroit go bankrupt. I said we’re going to bet on American workers and the American auto industry and it’s come surging back.
OBAMA: Candy, what Governor Romney said just isn’t true. He wanted to take them into bankruptcy without providing them any way to stay open. And we would have lost a million jobs.
ROMNEY: And one thing that the president said, which I want to make sure that we understand, he said that I said we should take Detroit bankrupt. And that’s right. My plan was to have the company go through bankruptcy like 7-Eleven did and Macy’s and Condell (ph) Airlines and come out stronger.
And I know he keeps saying, you want to take Detroit bankrupt. Well, the president took Detroit bankrupt. You took General Motors bankrupt. You took Chrysler bankrupt. So when you say that I wanted to take the auto industry bankrupt, you actually did.
And I think it’s important to know that that was a process that was necessary to get those companies back on their feet, so they could start hiring more people. That was precisely what I recommended and ultimately what happened.
One thing has been constant in both debates:
1. Obama lies during his rebuttal, so that Romney can’t rebut the rebuttal.
2. Romney inserts himself in anyway, and calls Obama on the lie
3. Dems think he’s a rude bully CEO but ...
4. The audience/listeners finally get to see Obama treated like anyone else telling a lie - if only by Romney and not the mods or press.
If you take away all the times Romney has had to say “hey, wait a minute” and the moderator indicates he shouldn’t be speaking because it’s on to the next question, but he continues ... “none of that was true ...”
This has been equally as important as Romney’s positive arguments. Part of destroying Obama’s brand, the illusion of Obama, is that Romney is willing to get in his face.
I was very happy, in my group with 3 other liberals ... to say “finally!”
Bankruptcy is meant to be an apolitical judicially refereed action in which the rights of creditors are protected. Anything different destroys capital and capital formation.
Isn’t that Obama’s goal?
I was so proud of Romney making the correction in last night debates that GM and Chrysler did in fact file for bankruptcy relief. This BS Obama has been saying that ‘..Romney wanted GM to just go bankrupt...’ is beyond annoying.
And every lawyer understands that there are several levels of bankruptcy proceedings.
The two that are most often used by corporations are Chapter 7 and Chapter l1.
Obumbler keeps saying that Romney wanted to close GM and put everyone on the street without a job.
That would be Chapter 7.
That is not what Romney suggested at all. Romney was referring to a Chapter 11 proceeding in which a trustee is appointed by the court. The trustee designs a plan that protects the workers, creditors and company assets.
It is correct that some assets will be sold and creditors may be paid less than their invoiced amounts, but all are treated equally and the company continues in business.
In other words, the company is put on a strict budget and a payment plan that requires everyone to contribute equally.
I am not a lawyer, but I was for 56 years in a business that involved large corporations, some of whom went through Chapter 11.
In most of those, the employees saw no change in their pay or hours and the companies are still in business today.
Obumbler as a lawyer, knows that is how Chapter 11 works and he is a liar in this case just as he is in reference to Libya and many others.
I smell a retread.
I think most people remember all of the dealerships being shut down in the downsizing during the managed bankruptcy. It was a major news story in all local markets where the dealerships were being closed and how people were losing life long businesses if they were not able to affiliate with another carmaker to keep it open.