Turbo Tax Cheat Timothy Geithner said on Wednesday that the Obama administration wasn't getting involved in the management decisions at General Motors (aka: Government Motors, Obama Motors). Tell that to former GM Rick Waggoner.
"I think it's pretty clear that bankruptcy is not an option," disgraced Speaker of the House, Nancy Pelosi said in December of last year. What happened, Nan?
Am I wrong in wondering why the Obama administration (another $4 billion to GM last week, for example) is pumping billions of money we don't have into a company that is almost certainly going to file for chapter 11 bankruptcy protection anyway? I thought the billions were to keep the auto companies from having to file bankruptcy.
What we're left with is the ultimate worst of both worlds scenario. The government dumps down the Detroit rat-hole, only to see the companies fail anyway. Shouldn't they have just allowed them to file for bankruptcy in the first place and saved the taxpayers some money that we don't have?
Here are just a few of 'Hugo' Obama's ill-conceived, unprecedented, and in many ways tyrannical automotive turns:
- Fires GM's Waggoner (unconstitutional use of presidential power)
- Bailouts/Bankruptcy not an option
- Cut Chrysler's advertising budget in half
- Gives ownership position to unions who were not stock holders
- New Mileage Standards/Bankrupt companies making 40 mpg autos. Is he insane?
- Shot gun wedding between Chrysler/Fiat (no constitutional authority to force U. S. companies to merge)
I'm sure that there are more unconstitutional moves to come. Once the government is allowed this kind of power, u-turns are rare.
4 Comments:
Thank you for your comments. I appreciate your input!