Obama Threatens to Do to Entire Economy What He Did to GM and Chrysler
There is no chance of Obama learning from his mistakes because from his malevolent point of view, they are not mistakes, no matter how much damage they inflict on the American economy. The obscene auto bailout is a case in point. From the Heritage Foundation:
The U.S. government will lose about $23 billion on the 2008-2009 bailout of General Motors and Chrysler. President Obama emphatically defends his decision to subsidize the automakers, arguing it was necessary to prevent massive job losses. But, even accepting this premise, the government could have executed the bailout with no net cost to taxpayers. It could have — had the Administration required the United Auto Workers (UAW) to accept standard bankruptcy concessions instead of granting the union preferential treatment. The extra UAW subsidies cost $26.5 billion — more than the entire foreign aid budget in 2011. The Administration did not need to lose money to keep GM and Chrysler operating. The Detroit auto bailout was, in fact, a UAW bailout.
A disaster, right? But not if your objectives are to funnel taxpayer money into the pockets of union cronies and to move America closer to socialism. Consequently, Obama barks:
“Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.”
Imagine an entire economy run by fascistic micromanaging bureaucrats for the benefit of greedy union thugs and kept afloat with government subsidies largely financed by borrowing. That’s the broken, dysfunctional future we are shuffling “forward” to.
On tips from G. Fox, J, Shawn, and Bob Roberts. Hat tip: Gateway Pundit.
And if that FOX poll showing the anointed one with a nine point lead over Romney is accurate,the entire economy will be subjected to the same UAW treatment.
Argentina was once a thriving industrial nation, within a few years it was reduced to a third world socialist hellhole. Both Chile and Argentina were European styled nations, but within a decade they both fell into murderous regimes with Juntas and death squads. It is coming to a city by you..
So, just what did GM do with those hundreds-of-millions of dollars the Muslim-in-Chief took from us?
Well, GM announced it’s going to build 600 new dealerships. No, don’t get your job application ready just yet. All those dealerships will be built in, China.
And, their all-new Cadillac DTS sedan will be designed and built in, China.
I wonder how all those gullible dolts in the United Auto Workers union feel about that. Oh, that’s right. They have welfare, food stamps, 900 weeks of unemployment benifits, and “free” healthcare to fall back on. Don’t you wish you did? Welcome to the land of the “free”, and the home of the brain-dead.
I only got 99 weeks of unemployment. I didn’t leave my lousy underpaid mortgage job, it left me and everyone else I worked with. I’ll take 900 weeks, where do I sign up? It would still be pennies compared with what I see that Chuck Schumer’s favorite people, the russian jews loot. They are building helicopter pads on their mansions now with all the stolen Medicaid money he makes certain is steered to them.
Thanks to low-flow enviromoonbat mandates, his task of sending this economy down the toilet will require more than a few flushes. GM and Chrysler were among the first in a series of many.
Obama is to blame for the socialization of the mortgage industry and the resultant losses to jobs, gross loan amount, and average commission.
I have to ask, though. During the bubble, what exactly was a “lousy underpaid mortgage job”? Everybody but the secretaries and janitors were bringing home loads of loot.
When will we actually wake up and realize the Obama plan is not Socialist … it is COMMUNIST. Virtually every significant “mentor” he has ever had was an acknowledged Communist. “Socialism” is what fools call Communist plans initially so it sells among progressives and liberals….and it is noteworthy that Obama doesn’t refer to “socialism.” Sweden is a socialist country … the Soviet Union, China, and North Korea were not or are not socialist, they are nationalistic Communists. Period.
AC: that is absolutely not true. The brokers made the money and the owners, the staff did not. The people who actually got the loans processed were not paid as well as you think. Couple that with stolen commissions and non existent raises and bonuses. There was a tremendous turn-over in these jobs for just that reason.
The only thing that brings a smile to my face is that the owner of my old company went from making $1.2 Million a year consistently for about a decade, to being penniless and resorting to borrowing money from his former employees for cigarettes and rent. It couldn’t have happened to a more deserving man.
BTW.. even with my rotten, underpaid job, I saved enough and invested so that I can survive indefinitely. Though the Queen Emperor makes it more difficult every day by raising my taxes, water, and beats me like a pinata for my spare change every way he can.
The upside of being robbed daily, is that I get to see how the money is spent. The russian mob is doing FANTASTIC, their EBT cards are used to by caviar and fillet mignons that they wear their best Gucci and Rolexs to buy and lovingly place into the trunks of their $150,000 Mercedes Benz.
Why do people keep saying GM and Chrysler got ‘bailed out’? GM and Chrysler went bankrupt. The stockholders got essentially nothing. Yes: The UAW got bailed out… Yes: The Banks that lent GM & Chrysler money got bailed out… But GM & Chrysler went bankrupt, they most certainly did NOT get bailed out.
If Obama wants to be like Salvador Allende he’ll meet the same fate.
Kevin R: Things sure got better under Pinochet.. How many Mothers of the DIsapeared were there again?
Once that bloody, slippery slope has been crossed, the “Solutions” are even bloodier.
It isn’t too late to buy sheep farms in New Zealand isn’t it?
Every one of my LOs made six figs. Procs at about 60 and up.
250k was not uncommon for a motivated LO with his own clientele and an insatiable work ethic.
I didnt screw my people because I made more not having repeat refis and referrals walk out the door.
I was also in SFL. Higher loan amts and higher expectations. Much more short term inv. loans too.
Hey, at some point, won’t you get a little sick and tired of being lied to about Obama? Won’t you start to distrust the liars that lie to you again and again?
Did anyone check that something important might have been SELECTIVELY EDITED out of Obama’s speech? Try this on for size:
“I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back and GM is number one again. So now I want to do the same thing with manufacturing jobs not just in the auto industry, but in every industry. I don’t want those jobs taking root in places like China. I want them taking root in places like Pueblo.”
Do you wingnuts really hate the idea of American manufacturing? Or were you lied to and you accepted the lie happily, just so you could hate the guy some more? Unfairly.
GM is channel stuffing.
Next.
“Nangleator says: August 10, 2012 at 12:06 pm
Won’t you start to distrust the liars that lie to you again and again?”
We needn’t start distrusting the liars because we never stopped distrusting the leftists.
anon says:
August 10, 2012 at 10:06 am
Why do people keep saying GM and Chrysler got ‘bailed out’? GM and Chrysler went bankrupt. The stockholders got essentially nothing
______________
The stockholders knew that they might end up with nothing if the company went into bankruptcy. The people who really got screwed were the secured creditors.
Nangleator says:
August 10, 2012 at 12:06 pm
Hey, at some point, won’t you get a little sick and tired of being lied to about Obama? Won’t you start to distrust the liars that lie to you again and again?
Did anyone check that something important might have been SELECTIVELY EDITED out of Obama’s speech? Try this on for size:
“I said I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back and GM is number one again. So now I want to do the same thing with manufacturing jobs not just in the auto industry, but in every industry. I don’t want those jobs taking root in places like China. I want them taking root in places like Pueblo.”
Do you wingnuts really hate the idea of American manufacturing? Or were you lied to and you accepted the lie happily, just so you could hate the guy some more? Unfairly.
____________
Point one:
GM et. al. have not come “roaring back.”
Point two:
When the government “invests” in your business, there are very substantial strings attached to such an investment. You can talk to any banker who took TARP money (and many bankers were forced to take TARP money).
Point three:
The government investing in private business is classic Fascism. Did you ever wonder about Obama firing the CEO of GM? On what authority did he do that? The government (and Obama) weren’t stockholders. The CEO is hired and fired by the board of directors.
So how is it that Obama fired him?
Do you think that it is a good idea for the president to hire and fire the presidents of major corporations? Maybe we should just call him El Presidente!
And all it takes is a nation of weak, gullible, sheep.
[...] auto industry and saying that he now wants do the same with every manufacturing industry — into it’s proper perspective and intent: There is no chance of Obama learning from his mistakes because from his malevolent point of [...]