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?
2 comments:
The worse part of all of this is that I hear so many people say "Romney would have let GM go bankrupt."
When I say to them "but they did go bankrupt." I'm greeted with a vociferous denial that I don't know what I'm talking about. I of course insist and ask them how they feel about "Obama letting GM go bankrupt?"
To calm them somewhat, I tell them that whether it's Obama or Romney as the next President, GM will undoubtedly find themselves where they were before. Why? Because they were not allowed to go through a regular bankrupty. Instead, they went through a bankruptcy that ignored bankrupty law and merely took care of the UAW. Not GM.
On your other point Maggie. It is pathetic to see an unnamed local newspaper parrot whatever the Obama campaign says. Is it too much to ask that someone, anyone ask the question, "didn't they actually go bankrupt?"
Skeeter, you're correct in saying GM went under and Obama allowed them to skirt a normal proceedure via our money.
What people need to understand is the reason why they did it this way.
Under a normal proceedure, GM's labor contracts with the UAW would have been scrapped during restructuring...and, the Obama-backing UAW wanted their favor returned...so instead of going to the bargaining table to negotiate a new contract that would have without a doubt dropped many of their perks, they simply had Obama hand over our money in order to avoid losing what they believe belongs to them.
And now they're headed right back to where they were before because they wouldn't change the way they do business.
Maggie, Obama also forgot to mention the billions in stock the government took as "payback" at a premium rate that has fallen to the tune of a 26 billion or, so loss to the taxpayer.
Post a Comment