Obama didn't save detroit (unemployment rate, regular, economic, education)
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I posted a news story from 2008 showing that its true, and I critized Bush for doing it.. why do you think I should flip flop into now supporting Obama for taking credit for it?
Come on now, you know there was more to saving the auto industry than just what your linked story tells about. As you said it was written in 2008---before the structured bankruptcy and appointment of the "auto czar" which both happened under Obama's administration.
Come on now, you know there was more to saving the auto industry than just what your linked story tells about. As you said it was written in 2008---before the structured bankruptcy and appointment of the "auto czar" which both happened under Obama's administration.
You dont need to give someone $50B in tax credits and tens of billions in cash in order to do a structured bankruptcy..
The auto industry is not only GM, Ford, etc., it's also the supplier network, the parts makers, that feed the big assembly lines. The auto companies don't make the switched and seats, those are subcontracted.
If the auto companies were allowed to go under, the supply chain would follow. After that, the restaurants and delis that depend upon those jobs, creating a unemployment spiral.
Romney thinks like an accountant and that's why he favored a GM bankruptcy. It's the same accountant thinking that said spending a billion dollars to get one man (bin Laden) wasn't work the cost.
And for political capital this is just what Republicans wanted to happen. Because it didn't, we are now hearing the inevitable tantrums, pouting, and sour grapes - thus the reason for this OP and others like it all across the forum.
Because they have zero solutions for the middle class (except more pre-2008 trickle-down), repubs are hoping they can win by just pointing fingers at Obama while offering up nothing else. They are desperately searching the media for anything they can use and twist to their advantage - even if it requires heavy cut-and-paste. Because of their super-wealthy benefactors, they apparently believe they can buy the election.
Romney/Ryan will tell us their plans after we elect them - what a winning strategy for a "fair" election.
The "auto industry" wasn't saved to begin with. GM was bailed out with taxpayer dollars. And they would have been "saved" by a normal bankruptcy without government intervention. What is their stock trading at anyway? I don't think we'll be seeing that money put up by uncle sam to "save" GM sent back our way anytime soon I don't care who singed off on the nonsense.
You dont need to give someone $50B in tax credits and tens of billions in cash in order to do a structured bankruptcy..
You seem to forget the bank industry back then was so tight from their own crisis that neither the banks, private investors or Bain Capital would or could have given GM a bridge loan or buy up their assets to get through an orderly bankruptcy. The industry would have been lost forever if not for the current administration.
Eh, I live in the Detroit/Dearborn area and it's going to take a lot more than Obama to fix this city. The problems of deep bureaucratic corruption and incredible inefficiency stem back decades
Throwing more money at the city wouldn't have really solved anything, the system needs to first be cleaned out from within
You seem to forget the bank industry back then was so tight from their own crisis that neither the banks, private investors or Bain Capital would or could have given GM a bridge loan or buy up their assets to get through an orderly bankruptcy. The industry would have been lost forever if not for the current administration.
Yea and they are in trouble again, still owe the American Taxpayer millions too! So all it did is prolong the inevitable!
They have mismanaged for years and should close like any other business that can't mange its affairs the Taxpayer should not be bailing them out!
Where is the bail out for the small business owners you know the ones who supply 85% of jobs in this country?
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