THE REAL STORY OF THE GM BAILOUT:
Mitt Romney sensibly proposed in a New York Times article to create a new and competitive GM through a normal structured bankruptcy. In a case of blatant journalistic malpractice, the venerable Times chose the headline: Romney wants to Let Detroit Go Bankrupt.
Obama had his false narrative and sound bites for his stump speeches: Heartless Bain-capitalist, Mitt Romney, wants to destroy all GM jobs. He could care less about the embattled middle-class UAW workers earning more than a hundred grand. Regrettably, this malarkey resonated throughout much of the campaign.
Contrary to Obama’s claim that there was no financing for a normal bankruptcy, the Treasury could have provided secured credit (at no risk to taxpayers) and then stepped back and let the chips fall where they may, as the bankruptcy court created a truly “new” and competitive GM. Any government creditor-in-possession funds would have been chump change relative to the $25 billion the bailout has cost taxpayers.
Obama rejected this sensible and tried-and-true route favored by Romney. He wanted a political bankruptcy to reward friends, punish enemies, and secure Michigan and Ohio for the 2012 election.
not only did he not save GM, he guaranteed that they will fail again, and probably within the next 5 years.
he didn’t fix the problem. unsustainable and extortionist claims on GM by the parasitic unions will doom GM again.
I believe most of the Delphi employees who got SCROOOOOD are in Ohio.
I wouldn’t go so far as to say that “Ohioans are no fools” since they went for him in 2008. Anybody who voted for Obama in ‘08 is a fool and should be ashamed of themselves.
Saturn?
Hummer?
Saved?
"...Just ask the tens of thousands of retirees who sunk their life savings into now-worthless GM stock, whether Obama “saved” GM? Ask small bondholder, Debra June, whose $70,000 investment in GM bonds is now worth $200, whether Obama’s GM bankruptcy was fair to all or favored his political cronies?"
Devastating.
Let’s not forget the illegal closing of republican leaning dealerships where a lot of blue collar non-union workers lost their jobs.
Let’s not forget the illegal closing of republican leaning dealerships where a lot of blue collar non-union workers lost their jobs.