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View Diary: Credit, where credit is Due -- Obama rescued the Auto Industry (21 comments)

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  •  The bottom line is he agreed and he helped, but (7+ / 0-)

    if you want to give credit where credit is due you cannot possibly omit MI Gov. Jennifer Granholm.   She was like a bull dog.   She went after Obama and wouldn't let him go until he said yes.  If it wasn't for her and the crashing economy, there is no doubt in my mind that Obama would have let them tank.   He had to be "talked" into it and only agreed after he exacted a pound of groveling flesh.  

    The last thing I want to see happen is for the auto industry to disappear," Obama said. "But I'm also concerned that we don't put $10 billion or $20 billion or $30 billion or whatever billion dollars into an industry, and then, six months to a year later, they come back hat in hand and say, 'Give me more.' "

    How much is $8.5 trillion?

    So far, Washington has pledged $8.5 trillion to the bailout of the financial sector. How often do you, in your daily life, deal with trillions of anything? While you're thinking, for his upcoming book "Bailout Nation," financial blogger Barry Ritholtz compared the costs of eight other noteworthy government programs with the current bailout. James Bianco, president of Arbor Research and Trading, says they cost more than $3 trillion, adjusted for inflation — combined

    Read more: Big 3 help comes reluctantly - The Denver Post
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    And not one banker even fired, let alone prosecuted and jailed.

    What we need is a Democrat in the White House. Warren 2016

    by dkmich on Tue Dec 10, 2013 at 06:12:19 AM PST

    •  Look into yourself and ask yourself why you (1+ / 0-)
      Recommended by:
      Gary Norton

      cannot give the POTUS a bit of credit for having done something right, as he clearly did.

      You cannot POSSIBLY know what he would have done had Jennifer Granholm had not pushed and the economy would have been different. There is really absolutely no way for you to know. Yet, you devise a fantasy scenario where he would have failed to help the auto industry. Are you psychic?

      Is your need driven by wanting to feel that you are on the inside, hip to this President when others or not? What is it?
      He did a good thing, here. He really did.

      It doesn't matter what a bunch of news articles say his motives were. It doesn't even matter what his motives were or what drove his actions. What matters is that he acted and it helped a huge number of people.

      You sort of should be ashamed of yourself for dissing him in a diary where he is getting credit he deserves.  

      "Southern nights have you ever felt a southern night?" Allen Toussaint ~~Remember the Gulf of Mexico~~

      by rubyr on Tue Dec 10, 2013 at 06:56:59 AM PST

      [ Parent ]

      •  Wow, (4+ / 0-)
        Recommended by:
        rubyr, dkmich, Victor Ward, aliasalias

           And all because somebody remembered what the President actually said.

        Obama said. "But I'm also concerned that we don't put $10 billion or $20 billion or $30 billion or whatever billion dollars into an industry, and then, six months to a year later, they come back hat in hand and say, 'Give me more.' "

        "To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." T. Roosevelt

        by Lowgun on Tue Dec 10, 2013 at 07:19:52 AM PST

        [ Parent ]

      •  Questions I honestly cannot answer. (0+ / 0-)

        How many of those auto workers whose jobs were saved would have found work at Tesla instead if President Obama had invested in Tesla instead of "saving" GM? - and Tesla pays better than GM, btw.
        How much of the money GM used to pay off its loan was borrowed from the Fed?
        How many people are going to die because the Chevy Suburban wasn't taken off the market and replaced by Priuses?
        President Obama is very good at taking the easy way. His skillful lack of courage though may be fatal.

        •  OMG - is this snark???? (0+ / 0-)

          Tessla is a start up making a car few can afford and employs 3,000 people.    Just how do they replace, in the same decade, American icon companies that employ millions.  

          The statistic seems to indicate that 10 percent of American jobs – a total of roughly 14 million jobs, if you’re just looking at the Bureau of Labor Statistics non-farm payroll report – could evaporate if the Detroit Three are allowed to fail. But that’s not actually what the statistic refers to.
          This place gets dumber by the day.

          What we need is a Democrat in the White House. Warren 2016

          by dkmich on Tue Dec 10, 2013 at 09:11:08 AM PST

          [ Parent ]

        •  Let me answer (0+ / 0-)

          questions 1: zero. Tesla manufactures a pittance of vehicles compared to Detroit and they are a technology company that happens to make cars.
          question 2: .01% of the funds that banks "borrowed"
          question 3: 7 people will die

          Oh yes, the "easy way" of saving 1.2 million jobs was to move forward on an auto-bailout that had only 10% of the countries approval in 2009 after Bush attempted a $12B bailout that failed. Just like he took the easy way out on healthcare reform, and catching Bin Laden, and winning re-election. Darn that Obama, always taking the easy road.

          •  In defense of a badly written comment: (0+ / 0-)

            1. The 1.2 million jobs saved figure is propaganda. It assumes that industries making spare parts for Chevys cannot make spare parts for Fords. I should have said "alternate fuel vehicles" rather than citing Tesla as an example. Bailing out GM may have been necessary, but it set back a needed transition by years. In the long run it is dubious at best.
            2. Glad to hear it was so little.
            3. 7? 4 million people die each year from respiratory disease, but only 7 are due to the ic engine? Granted I am assuming that investing billions of dollars in electric and hydrogen fuel cell vehicle development will bear fruit, but since the alternative is to die of heat and respiratory disease that's a pretty good bet - one that the President failed to make.
            You want something for President Obama to be proud of? I took so long to respond because I was signing up for Medicaid. The expanded Medicaid eligibility - THAT'S something to be proud of!

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