Obama Needs to Stop Saying ‘I Am GM, Hear Me Roar’

[ScreamingEagle]

If I have to hear left-wingers touting the “success” of the auto bailout one more time, I might as well toss a chair through my window. It’s patently false to say that the auto bailout was a success. Furthermore, it was more of an United Auto Workers UNION BAILOUT than it was for the auto industry. As Amy Payne of Heritage wrote back in June:

The Treasury Department estimates that taxpayers will lose $23 billion on the auto bailout. Sherk and co-author Todd Zywicki [both are economists for Heritage] find that none of these losses came from saving jobs, but instead went to prop up the compensation of some of the most highly paid workers in America. They write:

We estimate that the Administration redistributed $26.5 billion more to the UAW than it would have received had it been treated as it usually would in bankruptcy proceedings.
Taxpayers lost between $20 billion and $23 billion on the auto programs. Thus, the entire loss to the taxpayers from the auto bailout comes from the funds diverted to the UAW.

The Obama campaign is touting the bailout in Michigan this week, crowing about saved-or-created jobs. What the bailout actually saved was the UAW’s heavily padded compensation packages; what it created was a massive taxpayer loss.

However, let’s focus on the China element for a second. Obama claims that Mitt Romney and the Republicans are complicit in the evil dynamics of OUTSOURCING. I don’t think liberals read Forbes much, but Paul Roderick Gregory wrote back in August 12 that:

To be exact: GM’s December 31, 2011 annual report shows General Motors of North America accounting for 98,000 of the 207,000 GM jobs worldwide. But 12,000 of these jobs are in Canada and 11,500 are in Mexico. Accordingly, GM has 74,500 jobs in the United States and 122,500 abroad, even after Obama’s touted surge in Detroit jobs. Almost TWO THIRDS of GM’s jobs are in other countries.

GM’s outsourcing is not a slip. GM clearly states that foreign investment and OUTSOURCING OF JOBS are an integral parts of its growth strategy.

Concerning claims that millions would have lost their jobs through the bankruptcy process, Sherk and Zywicki aptly conclude that ”General Motors and Chrysler would have had no difficulty filling entry-level positions even though they paid less than transplant automakers,” even under the threat of a strike, which wasn’t in the works in 2009. It’s all nonsense. Barack Obama and the Democrats needed to keep their parasitic allies in big labor happy at the expense of the American taxpayer. I know this is old history, but until the media and folks on our side have the gumption to say that the bailout was a horrible episode of government intervention– we should keep on hammering away at this. After all, it will probably be brought up in the debates.

Mr. President, stop saying “I am GM, hear me roar!” The facts just don’t support your narrative.


Obama Needs to Stop Saying ‘I Am GM, Hear Me Roar’ « The Greenroom

 

[8537]

GM is alive and thriving. Bin Laden is dead and rotting.

you and Ms. Malkin need to get over it.

 

[CrusaderFrank]

Ask yourself this question, "Is the UAW better off now than it was 4 years ago?"

 

[rightwinger]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

 

[Moonglow]

So when reagan bailed out auto makers in the 80's it was okay to support union jobs, since the unions backed him for president?

 

[CrusaderFrank]

So when reagan bailed out auto makers in the 80's it was okay to support union jobs, since the unions backed him for president?

Woweeeee.

Senior Secured Creditors did not get fucked over by Reagan, neither did the UAW get equity in the company they were bankrupting...

and the loan was fully repaid and not by borrowing more from the government

 

[HUGGY]

Obama Needs to Stop Saying ‘I Am GM, Hear Me Roar’


He is also Chrysler. I take pride that for a short time we were part owners of Ferrari.

 

[ScreamingEagle]

GM is alive and thriving. Bin Laden is dead and rotting.

you and Ms. Malkin need to get over it.

GM is only alive because TAXPAYERS are underwriting it......Obama cronyism and socialism at work....at YOUR expense.....

And where are all the new GM jobs?.........in foreign countries that's where.....

 

[Moonglow]

you left out Dodge/Chrysler.

 

[ScreamingEagle]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Don't you get it lamebrain.......?

If GM was allowed to go bankrupt the taxpayers would not be on the hook.......the union would have had to take a haircut instead.....

 

[Vel]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Still spreading the lie that Obama saved the auto companies? It has become well known that the auto industry would have survived a structured bankruptcy. The union contracts would not have. The difference here is that Obama gave his buddies at the UAW taxpayer money as payback for their political support by disregarding established bankruptcy law. 23 million payback dollars on the backs of the taxpayers. And then on to Solyndra.

 

[HUGGY]

We are now making a 4WD Masseratti in the USA thanks to the Chrysler bailout!

I'm stoked!

 

[8537]

GM is alive and thriving. Bin Laden is dead and rotting.

you and Ms. Malkin need to get over it.

GM is only alive because TAXPAYERS are underwriting it.

I'm well aware of that. And because we underwrote it, hundreds of thousands of people have a job today.

 

[Vel]

We are now making a 4WD Masseratti in the USA thanks to the Chrysler bailout!

I'm stoked!

And Chrysler is no longer an American company.

 

[naturegirl]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Don't you get it lamebrain.......?

If GM was allowed to go bankrupt the taxpayers would not be on the hook.......the union would have had to take a haircut instead.....

They don't get it because their messiah is saying otherwise. When are they going to realize Obama is ONE BIG LIE. He's a composite, there is nothing inside him but his love for himself. Repeat a lie long enough and even you start to believe it.

GM has outsourced more jobs with taxpayer money than they have left in the US, just like the Janeville Plant.

They'll never believe it til it comes crashing down around them, just like Barney Frank said there was nothing wrong with Fanny Mae. They are even convinced they are smarter than everyone else because they're liberals and they heard some left wing nut saying that.

 

[AmyNation]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Still spreading the lie that Obama saved the auto companies? It has become well known that the auto industry would have survived a structured bankruptcy. The union contracts would not have. The difference here is that Obama gave his buddies at the UAW taxpayer money as payback for their political support by disregarding established bankruptcy law. 23 million payback dollars on the backs of the taxpayers. And then on to Solyndra.

Except no private investors stepped up to bail out GM.

 

[8537]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Don't you get it lamebrain.......?

If GM was allowed to go bankrupt the taxpayers would not be on the hook.......the union would have had to take a haircut instead.....

No, the entire nation would have taken a haircut. Lamebrain.

 

[Vel]

GM is alive and thriving. Bin Laden is dead and rotting.

you and Ms. Malkin need to get over it.

GM is only alive because TAXPAYERS are underwriting it.

I'm well aware of that. And because we underwrote it, hundreds of thousands of people have a job today.

And those people would have had jobs without the taxpayer's buying the union contracts. How many airlines have gone bankrupt and yet still fly?

 

[HUGGY]

We are now making a 4WD Masseratti in the USA thanks to the Chrysler bailout!

I'm stoked!

And Chrysler is no longer an American company.

So what? It employs several thousand American autoworkers and the loan has been paid off in full at something like 17% interest.

 

[naturegirl]

Still pouting about Obama saving the auto companies while Romney said "Let them fail"?

Still spreading the lie that Obama saved the auto companies? It has become well known that the auto industry would have survived a structured bankruptcy. The union contracts would not have. The difference here is that Obama gave his buddies at the UAW taxpayer money as payback for their political support by disregarding established bankruptcy law. 23 million payback dollars on the backs of the taxpayers. And then on to Solyndra.

Except no private investors stepped up to bail out GM.

Don't you wonder why they didn't??