President Barack Obama was in Toledo for the Labor Day weekend and during his speech at Scott High School, here's what he had to said about the auto bailout which he, and other Democrats, call a 'rescue plan':
"We weren't going to give up on your jobs and your families and your communities. We weren't going to let Detroit go bankrupt. We weren't going to let Lordstown go bankrupt. We weren't going to let Toledo go bankrupt."
GM did go bankrupt!
And they may end up in bankruptcy - AGAIN!
If the company had gone directly to a bankruptcy reorganization instead of first getting billions of taxpayer dollars in a bailout and then going bankrupt anyway, the American public wouldn't be saddled with thousands of shares of a company that is likely to go bankrupt again and a debt that probably will never be repaid..
All the bailout money did was delay the inevitable - and it is a complete lie when Pres. Obama says that he "wasn't going to let Detroit go bankrupt."
Sadly, Obama is aided and abetted by a press too eager to let the lie stand, since no one bothers to include even a single sentence that states "GM did file for bankruptcy."
Where are the fact-checkers on this one?