Re: The Death Of So Called Liberal Fact Checkers: Video Proof Paul Ryan Was 100% Righ
Laughable. Obama didn't "save GM". He robbed billions from the taxpayers to pay off his UAW Cronies. GM still owes US 41 BILLION.
That would be incorrect (as you seemingly always are). First of all, the money would have been spent either way. Letting GM and Chrysler fail (as Bush noted) would be a huge shock to the economy. At least a million workers would be suddenly unemployed from direct car workers to parts manufacturers to raw material providers. The entire supply chain basically would have collapsed. And Romney is completely full of **** that they could have done a regular reorganization. Banks would not lend to each other for 8 hours to cover overnight reserve requirements. To think they would lend out $50 billion after Ford had already sucked up all of the existing liquidity is
certifiable delusional and even worse coming from a finance guy who KNEW that there wasn't money out in the private sector to finance a reorganization. So that means that now automatic stabilizers kick in with a million more unemployed. Now let's consider all of the people those million now job less people bought from, from grocery stores to home painters. They just lost a million customers. They cut back or go out of business. Don't think this happens? What happens to a city when a major military base closes? Businesses fold up, jobs are lost, economic activity gets seriously curtailed. Same thing here. Losing a major buyer of plastics, electronics, metals and other materials would have caused massive job losses. Direct alone are huge. Indirect are worse. Tax revenue goes down, automatic stabilizers kick in. Either way, we're out huge gobs of money. What Bush and Obama did was buy time, fix the company's major problem and get them to a place where they can make money. Both are profitable now. Losing money on the stock, about $25 billion right now is not bad considering the potential damage otherwise.
The problem with partisan hacks like you is you never bother to do any economic analysis on your views. You just see something to hit Obama on and never ever ever do contextual critical thinking.
And the Union got the finger on this. Total shaft. Instead of having a lifeline to the company coffers, they are now responsible almost solely dependent on the stock they received. Essentially, not touching principle, the Union Trust has to live on dividends to pay out legacy costs. And the legacy costs are still unbelievably large. If GM does poorly in the future and issues no dividends, the Union Trust has to sell principle stock to make do. That further makes it harder to make ends meet down the line. Essentially the Union got the shaft here.
But hacks like you never analyze that.
Barack Obama did not keep his promise. He lied.
Paul Ryan = 100% RIGHT
Have a nice day :2wave:
Despite claims Obama is a Socialist, the fact the plant was set for closed down
before the election is hardly Obama's fault. Obama does not control the auto companies. He cannot force them to open the factory. He cannot force them to make certain cars in that factory. It's hilarious watching Republicans bash Obama on being a Socialist and then attack him on this despite the fact that it proves he's not a Socialist.
Obama made a claim about helping the auto industry. The fact he cannot force the firms to open the plant does not mean he lied.
It's amusing watching rabid Republicans throw anything at the wall hoping something sticks even when it's blatantly hypocritical.
Actual Conservatives look at people like you and weep.
