Government Motors is What Obama Wants to Do to 'Every Industry'
“I want to (bailout) manufacturing jobs, not just in the auto industry, but in every industry.”
Even before President Obama dramatically bumped up the auto bailout to $82 billion, we were saying that this government-funded Crony Socialism model is what he has in mind for the entire once-private sector economy. He’s just now openly asserting it.
So let’s take a look at the auto bailout nightmare mess - and marvel at what President Obama wishes to multiplicatively replicate.
(If some of the following sounds recently familiar, you must listen to gracious radio host-exemplar Mark Levin.)
- $26.5 billion of the loss was a straight payoff to the Democrat-apparatchik United Auto Workers (UAW) union.
- During the bankruptcy process, President Obama illegally paid off the UAW first and in full - before secured bondholders who should have been made whole before anyone else got a dime. Which was incredibly disruptive and destructive of the entire bond market. Economic uncertainty, anyone?
- Meanwhile, President Obama cut the pensions of non-union GM-subsidiary Delphi’s employees by up to 70%.
- President Obama illegally carried forward through the bankruptcy the ridiculously exorbitant UAW contracts. Which were a hay-yuge contributing factor to GM going under in the first place - and are again, predictably, helping to wreck the bottom line.
- Why has the stock tanked so precipitously? Because GM is no longer a for-profit car company - it is a Leftist ideological entity. To wit:
- We the Taxpayers pay $7,500 per Volt sold in bribe money - I mean incentive. And in President Obama’s latest unanimously rejected budget he wanted to up that to $10,000 per.
And so on, and so on, and....
All of this slow-motion train wreck-litany - is President Obama’s vision for how we should from now on do all things economy.
Because for this President, "success" doesn't mean greater free market achievement - it means greater government control.