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Sunday, August 22, 2010

Auto Bail Out Fiasco - Tens of Thousands of Lost Jobs

Remember the bailout of GM and Chrysler by Washington? Well, at a time when the country was experiencing the worst economic downturn in generations and the Government and Obama's Auto Team (headed by Mr. Bloom, appointed to handle the bailouts) were asking the taxpayers to support a 787 billion dollar stimulus package designed primarily to preserve jobs, the Auto Team made a series of decisions that substantially contributed to the accelerated loss of tens of thousands of jobs due to closing thousands of dealerships. Their actions added many, many thousands to the unemployment rolls -- all based on a theory and without sufficient consideration of the decisions' broader economic impact.

When Mr. Bloom was asked specifically whether the Auto Team could have left the dealerships out of the restructurings he confirmed that the Auto Team "could have left any one component of the restructuring plan alone," but that doing so would have been inconsistent with the President's mandate for "shared sacrifice." So Obama's policy of "shared sacrifice" cost this country tens of thousands of jobs. Did he care? Doubtful.

And the "shared sacrifice" didn't extend to the GM bond holders. They got practically nothing out of their investment in the company, while the unions got most of what they wanted - guaranteed pensions, owning a large portion of the company, etc. Doesn't sound like "shared sacrifice" to me. Oh, I forgot, everyone shares in the sacrifice except the unions. That's par for the course for Obama and the Democrats.

Funny, isn't it, that Obama and the Auto Team were certain that dramatic and accelerated dealership closings were necessary immediately to help GM/Chrysler become viable again, and now these same companies have offered reinstatement to hundreds of dealerships without concern that such reinstatement would threaten their viability.

And remember the speed with which this happened? It had to be done IMMEDIATELY, it was crucial to "ACT QUICKLY," according to Obama and his Auto Team.

Just another joke perpetrated on us by our supposed president.

Be sure to vote in November. It's the most important election of our lives.

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