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March 25, 2011
Obama, taxpayers, and the coming GM failure
Topics: Political News and commentaries
General Motors ... Obama bought it with taxpayer's money, Obama still runs it with people who know nothing about running a car company (the CEO has already been CEO of at least two companies that declared bankruptcy), and contrary to what Obama claims ... it's headed toward failure.
Warner Todd Huston explains:
The Obama Administration has proclaimed TARP and the subsequent bailout for General Motors a great success. US Treasury Deputy Timothy Massad recently said, "Where we are today shows that the program, by any reasonably objective measure, was a success." But is GM, now much derided as "Government Motors" the success that Obama says it is? Facts don't argue in Obama's favor.Read more ...First of all, we must dispense with the whole idea that a benevolent Obama played sugar daddy to "save" GM and did so without too much meddling with the company. Despite the claims that it is "back" and back in private hands, We The People still own 33% of GM. But government ownership is deeper than the a mere calculated percentage. You see, GM's Board and its CEO were all placed in their positions by Obama, his czars and advisers. Worse, none of them have any experience at all in the auto industry.
Like almost all of Obama's other claims and promises, very little to any of what he says is based on reality, and more often than not ... once the facts come out the truth is the exact opposite of what he claimed or promised.
Posted by Richard at March 25, 2011 8:41 AM
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