“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.