Last week the president took time off from golf and fundraising to brag about what a great thing he did in bailing out
the UAW General Motors:
“Now, I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
Barack Obama, Pueblo, Colorado – Thursday Aug 9
“I want to say what we did with the auto industry, we can do it in manufacturing across America.”
Barack Obama, Colorado Springs, Colorado – Thursday Aug 9
That’s what we’re all afraid of.
The president should have waited to comment on the wonderfulness of Government Motors, as these stories from Forbes and Investors Business Daily show:
General Motors Is Headed For Bankruptcy — Again
Obama’s $25 Billion Government Motors Lemon
Any competent CEO/CFO would insist on knowing these facts, certainly he would do so before wishing GM’s fate on every other US manufacturer. I’m sure Mr. Obama did know these things. Think about it. Unlike every other CEO/CFO, he has the CIA, the NSA, the CBO, the GAO, the FBI, Tim Geithner, Harry Reid and John Corzine to help him out with industrial intelligence.
The president failed to mention his accomplishment in trashing the contracts for GM bondholders. Nor did he speak of raping Delphi salaried pensioners. Recognizing those acts as counter to the rule of law would involve ideas, not intentions.
At the moment, the GM bailout is just barely a better investment than A123 and Solyndra, two “green” initiatives the president has funded. He is at least consistent. The president dumped $500 million into A123 for batteries, and $500 million into Solyndra for solar electricity to charge the batteries.
What’s the return on investment from that? A bunch of temporary jobs in China, a taxpayer funded bankruptcy and the Chevy Volt.