Obama Claims He Saved The Auto Industry And Wants To Do The Same In Every Industry

[mudwhistle]

Obama never lifted a finger to help Ford yet the company is still around and they don't owe the government $27 billion dollars. So how can Obama claim he saved the auto industry when it's obvious he didn't.

Fact is Obama merely delayed the inevitable. Eventually GM is going to have to ether take another massive bailout or they're going to have to file for bankruptcy like Romney said. The reason is because of the massive influx of taxpayer cash and the mishandling of the company by Obama cronies they're still in the same mess they were 3 years ago.

All Obama did was close down hundreds of GM dealerships costing thousands of jobs and pay down the union benefits that were about to be cancelled.

Now Obama wants to do exactly the same thing in every industry.

Posted on August 10, 2012 at 10:00 PM

Obama’s dishonesty and statist rhetoric continues on the campaign trail. This time he doubled down on completely malicious claims that Romney’s a “pioneer in outsourcing,” as well as saying we need to repeat the imaginary success of the auto industry in “every industry.” Here’s what he said at a campaign stop in Colorado:

I said, I believe in American workers, I believe in this this American industry, and now the American auto industry has come roaring back. Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry. I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo…Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called ‘pioneers of outsourcing,’” the president said. “I don’t want to be a pioneer of outsourcing. I want to insource.​

First of all, the auto industry is doing little to help “American workers” and isn’t exactly an American success story as Obama claims.

GM, for example, today still owes $27 billion of the $50 billion bailout they were given by the Federal Government (which started under Bush, not Obama), and prospects for paying it back aren’t good. Their financial arm is still in debt to taxpayers by $14.7 billion of their $17.2 billion loan; meaning total GM debt to taxpayers is $41.7 billion of $67.2 billion in lending, showing that they still owe 62% of what the government lent. Since January 2011, the stock has plummeted 32%; in order for the US to equalize its bailout, the stock would have to reach $53.98 per share. That would mean a unrealistic 118% rally for the stock. The Federal Government still owns 32% share of GM.

GM has also struggled recently; Obama’s claims that the auto industry is “Roaring Back” comes one week after GM announced a 41% decline in quarterly profit. By contrast, foreign companies saw rises in profits such as Toyota who sold a record 9.76 billion cars with a 60% increase in profit to $70.5 billion, trumping GM’s miniscule $1.48 billion profit by 97%.

GM is also depending on “outsourcing,” they announced 98% increase in importing vehicles from overseas; including a 325% increase in imports from South Korea to over 156,000 vehicles by 2014 and an increase of imports from China to 51,546. The plan includes cutting 1,300 jobs from 14 of 17 of their American plants. As well as depending on subprime lending; their quarterly report showed that lending to individuals with FICO scores below 660 is up 87% since Q1 2010, when GM Financial was acquired, the worst category of those below 540 up 79% alone to $2.3 billion. Prime loans of those above 660 have fallen 47%; total lending of subprime is 8% of GM, above the industry average of 6% and growth from 4.8% in Q4 2010. It was similar lending tactics that led to the housing bubble and collapse of 2008 in the financial sector.

Obama Falsely Claims he Saved the Auto Industry, Says he wants to Save "Every Industry" from Outsourcing - Lone Flame News

 

[JakeStarkey]

"Lone Flame"? That's your source? Mainstream Republicans don't believe in what such rags write.

 

[Stephanie]

I hope the people have woken up to Obama and his Socialist "visions" for our country

He already started with OUR HEALTH CARE

Open your eyes

Vote him out people

 

[mudwhistle]

"Lone Flame"? That's your source? Mainstream Republicans don't believe in what such rags write.

Jake.....everyone by now knows that Obama is talking this crapola right now. The quote is accurate.

Obama wants to take over every industry the way he took over GM and Chrysler.

 

[Article 15]

I hope the people have woken up to Obama and his Socialist "visions" for our country

He already started with OUR HEALTH CARE

Open your eyes

Vote him out people

Yeah, I can't believe that socialist health care reform bill that mandates people to buy private insurance.

Derp, derp, derp......

 

[Old Rocks]

Bin Laden is dead, GM is alive.

Moan, bitch, snivel, and whine, the facts remain the same.

 

[mudwhistle]

I hope the people have woken up to Obama and his Socialist "visions" for our country

He already started with OUR HEALTH CARE

Open your eyes

Vote him out people

Yeah, I can't believe that socialist health care reform bill that mandates people to buy private insurance.

Derp, derp, derp......

Name one person that has received health care or even health insurance because of the Affordable Health Care Act.

Over 3 years later and we're still waiting on the benefits. They don't begin to kick in until next year and most of them don't kick in till 2014.

 

[mudwhistle]

Bin Laden is dead, GM is alive.

Moan, bitch, snivel, and whine, the facts remain the same.

You'll be moaning and bitching when Obama tells us he needs another bailout for GM.

Far as Bin Laden is concerned the record is still unsettled.

 

[LoneLaugher]

Name one person?

My son.

 

[nitroz]

He saved all other branches of GM and Chrysler. Ford was lucky to have other branches and investments to break their fall.
Did you know that this decision of Obama saved 250,000-1,000,000 jobs?

 

[Bigfoot]

LOL, if he tries the same crap with anymore industries we better all start learning to speak Chinese. GM is damn near belly-up.

 

[nitroz]

LOL, if he tries the same crap with anymore industries we better all start learning to speak Chinese. GM is damn near belly-up.

And taking advantage of the selling opportunities in Asia's exploding economy is a bad thing?

 

[Old Rocks]

I hope the people have woken up to Obama and his Socialist "visions" for our country

He already started with OUR HEALTH CARE

Open your eyes

Vote him out people

Yeah, I can't believe that socialist health care reform bill that mandates people to buy private insurance.

Derp, derp, derp......

Name one person that has received health care or even health insurance because of the Affordable Health Care Act.

Over 3 years later and we're still waiting on the benefits. They don't begin to kick in until next year and most of them don't kick in till 2014.

Mud, as usual, you are full of shit. A great many parents now carry their college age children on their health insurance, thanks to ObamaCare.

 

[nitroz]

Yeah, I can't believe that socialist health care reform bill that mandates people to buy private insurance.

Derp, derp, derp......

Name one person that has received health care or even health insurance because of the Affordable Health Care Act.

Over 3 years later and we're still waiting on the benefits. They don't begin to kick in until next year and most of them don't kick in till 2014.

Mud, as usual, you are full of shit. A great many parents now carry their college age children on their health insurance, thanks to ObamaCare.

^
He is right. It has benefited many who have been hit the hardest in this recession.

I was 25 and unemployed and under my parents medical plan when I had skin cancer removed from my back. How has OBAMACARE helped you? : politics

 

[G.T.]

I hope the people have woken up to Obama and his Socialist "visions" for our country

He already started with OUR HEALTH CARE

Open your eyes

Vote him out people

Yeah, I can't believe that socialist health care reform bill that mandates people to buy private insurance.

Derp, derp, derp......

Name one person that has received health care or even health insurance because of the Affordable Health Care Act.

Over 3 years later and we're still waiting on the benefits. They don't begin to kick in until next year and most of them don't kick in till 2014.

It helps when you're not WRONG all the time.

You obviously don't know that parts of Obamacare have been rolled out already right? So you speak out of ignorance.

 

[mudwhistle]

Name one person?

My son.

How old is he?

Did Obama actually pay for his insurance or did you?

 

[mudwhistle]

LOL, if he tries the same crap with anymore industries we better all start learning to speak Chinese. GM is damn near belly-up.

And taking advantage of the selling opportunities in Asia's exploding economy is a bad thing?

According to Obama it is.......

 

[nitroz]

Name one person?

My son.

How old is he?

Did Obama actually pay for his insurance or did you?

One provision of Obamacare requires insurance companies to keep people on their parents plan until they are 26. So no tax $ are going towards their healthcare and it is made affordable, covering many more people.

Sort of a triple whammy.

 

[Skull Pilot]

Bin Laden is dead, GM is alive.

Moan, bitch, snivel, and whine, the facts remain the same.

At what cost?

Was GM worth saddling us with 27 billion in debt or more when the company could have been restructured for a fraction of that and at no cost to the taxpayer?

Was killing one man worth the death and maiming of tens of thousands of American troops and innocent civilians not to mention the monetary cost ?

To both; I think not

 

[mudwhistle]

Name one person?

My son.

How old is he?

Did Obama actually pay for his insurance or did you?

One provision of Obamacare requires insurance companies to keep people on their parents plan until they are 26. So no tax $ are going towards their healthcare and it is made affordable, covering many more people.

Sort of a triple whammy.

Triple whammy is right.

If you notice your premiums going up then you can thank Obama.

Another provision that went into effect is the 85% rule. The insurance company must use 85% of their income paying benefits or return it. But to whom? Not to us. I've already been notified that some of my premiums have been returned but never saw a dime of it. Still I have to pay the same or greater amount every paycheck.

What this leads to is cost-cutting by insurance companies which results in fewer jobs since 30% of any business's overhead is wages and benefits. They always start cutting there.