Yes, Osama bin Laden is still dead, and General Motors is alive…sort of

American Thinker

By Ethel C. Fenig

 

That was then: Over six years ago, then-vice president Joe Biden (D) was campaigning for a second term for the Democratic administration of Barack Hussein Obama and himself with this proud theme:

If you are looking for a bumper sticker to sum up how President Obama has handled what we inherited, it’s pretty simple: Osama bin Laden is dead and General Motors is alive.

He was referring, of course, to the assassination of terrorist Osama bin Laden, indicating a successful American foreign policy during the Obama administration, and simultaneously the government bailout of General Motors indicating a successful domestic policy of providing for American workers.


Image credit: Ancho.

At that time, after four years of Obama’s rule, the U.S. unemployment rate was 8%.

Well, the theme worked, and that dynamic Democratic duo – plus others – were re-elected for a second term in November 2012.

But a year later, Biden was relatively silent when (emphasis added):

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GM was bailed out so it could move jobs to China

obama-gm-government-motors-auto-industry 

Flopping Aces

Barack Obama took another one of his endless “victory laps” the other day. This time he was boasting about his role as savior of the auto industry.

President Barack Obama, who has taken several victory laps to celebrate the successful U.S. bailout of General Motors and Chrysler in 2009, said today he is planning to attend the 2016 Detroit auto show.

The president touted the bailout’s success during his weekly radio address, reminding his audience that the industry nearly collapsed

“Seven years ago, auto sales hit a 27-year low. Last year, they hit an all-time high,” he said.

“Later this month, I’ll visit the Detroit auto show to see this progress firsthand. Because I believe that every American should be proud of what our most iconic industry has done.”

Let’s see if he mentions that bailing out Detroit was George W. Bush’s idea.

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GM Sure Recalled A Lot Of Cars Right After The Feds Sold Their Shares

Free Republic

According to recent reports, GM just recalled another 2.4 million vehicles this week, bringing the total number of recalled GM vehicles this year to a record 13.6 million. USA Today got right to the point when it asked, “Are there any GM cars that haven’t been recalled?”

GM knew about serious problems with the ignition switch for years, going back to at least 2007. At that time, GM had hard data from multiple crashes showing that some of its ignition switches had failed to function properly. The U.S. government officially bailed out the automaker in December of 2008. Throughout the five-year period of U.S. government ownership, nothing was done to address the deadly switch. According to one timeline of events, GM’s new CEO, Mary Barra, claims she did not even learn of the problem until December of 2013, which just so happens to be when the federal government sold its final shares of GM stock (at a loss of $10 billion, naturally).

Even though the company had data demonstrating a faulty ignition switch for years, it didn’t initiate a full investigation or recall until February of 2014, two months after the government sold its stake in the company.

Our nation is in the safest and most ethical of hands.

(Excerpt) Read more at thefederalist.com

 

The GM Scandal Is Worse Than You Think

Free Republic

Here’s another reason government should never own a business.

In February 2010, the Obama administration’s transportation secretary, Ray LaHood, told America, without a shred of evidence, that Toyota automobiles were dangerous to drive. LaHood offered the remarks in front of the House subcommittee that was investigating reports of unintended-acceleration crashes. “My advice is, if anybody owns one of these vehicles, stop driving it,” he said, sending the company’s stock into a nose dive.

Even at the time, LaHood’s comments were reckless at best. Assailing the competition reeks of political opportunism and cronyism. It also illustrates one of the unavoidable predicaments of the state’s owning a corporation in a competitive marketplace. And when we put LaHood’s comment into perspective today, it’s actually a lot worse. The Obama administration not only had the power and ideological motive to damage the largely nonunionized competition but also was busy propping up a company that was causing preventable deaths.

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Nullification in 2011!

CFP

The great issue of our times is the same great issue of the 1830s. The question is whether Congress can pass legislation or the President issue executive orders that are not authorized by or consistent with the Constitution?

The federal government is a republic composed of separate and sovereign republics.

What recourse do the States have individually and in combination when the central government acts in a fashion that is contrary to the limits and enumerated powers of the Constitution?

The answer, other than an appeal to the courts, is nullification. This term is defined as the assertion that States can and should refuse to enforce unconstitutional federal laws.

This is no trifling matter.

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Don’t Believe the Spin: GM Bailout Is a Financial Disaster

By John Lott

Only the government would consider it a success to buy stock at $43.84 a share and sell it at $33. — But President Obama and those who supported his bailout of General Motors and Chrysler are claiming just that today.

First, the alternative to the government bailout wasn’t to “give up” as Obama claimed on Thursday at his press conference. Bankruptcy didn’t mean that all jobs were going to be lost. It didn’t mean that all the factories producing cars would be closed.

Yet, the president made that claim in his announcement again today and he continually misstates what would have happened in a normal bankruptcy. Courts don’t just close down bankrupt companies. In fact, that rarely occurs. Any part of a company that can continue operating profitably continues to do so.

Some are pointing out that just a year and a half ago GM stock was trading at just $1 a share and claim that today’s closing price of $34.19 is proof of the bailout’s success. It simply doesn’t account for the over $50 billion in direct bailout funds and the tens of billions of dollars in other breaks President Obama gave the company and its unions.

It also ignores that GM’s stockholders and particularly its bondholders had their wealth stolen from them when the government took over ownership of the company. Traditional property right protections were shredded by the Obama administration, making corporate investments in America riskier as a result.

Read more: http://nation.foxnews.com/president-obama/2010/11/19/dont-believe-spin-gm-bailout-financial-disaster#ixzz15kFXv8WD