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Did Obama Bail Out GM?

chaoskitty123 2011/11/08 06:51:00
I don't give a damn, Obama deserves praise even though Bush actually created the bailout
Republicans who opposed this and opposed Bush wanting it deserve our praise more
Lol, it's funny watching the two sides blame one another not knowing any of the facts
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There's a lot of talk now about Obama bailing out GM and deserving credit. Unfortunately for his supporters, this only half the story and at best a half truth. In fact, over the past three years when things went wrong Democrats who support Obama blamed Bush while Republicans cheered and when things seem to now look good for GM, Democrats want to give Obama all the credit cheering for him and are attacking the Republicans expecting Republicans to back down which they aren't doing.

Here's a reality check.

President Bush completed the War in Iraq prior to the end of his second term and completed all agreements for the pullout of US troops from Iraqi cities by the end of 2009 and the completed pullout of Iraq by December 31rst 2011... yet Obama is being given credit by his supporters for both the victory and the pullout revealing they'll claim credit for anything even if Obama had nothing to do with it and credit goes to Bush and the Republicans.

President Bush in October 2008 completed the Emergency Economic Stabilization Act of which $81.35 Billion dollars went to bailout the auto industry. In other words... Obama once again is claiming credit for something Bush actually accomplished and all Obama did was not get in the way. Proof http://projects.propublica.org/bailout/programs/3-automotive-...

This was arranged for in mid December 2008 as a bailout for GM and Chrysler. In fact, GM just sold Ally Financial and one of it's parts suppliers for $1.5 billion which they received $16.29 Billion in bailout money for and have claimed the $1.5 billion in it's profits for this year.

Over $45 billion in existing debt was forgiven, GM paid off it's loan with TARP money, stockholders will never recover what they lost, GM is hiring only a few employees back at below what they earned before (in some cases half)

In effect, Obama is claiming credit for something Bush actually created and Obama inherited... he did not have anything to do with it except to honor Bush's commitments which he inherited.

This is one of those situations where Obama was attacked for actually carrying out the deal by Democrats and Republicans at the beginning because Democrats were claiming the deal was giving fatcats who put GM and Chrysler in this mess billions they would put in their pockets and Republicans were claiming corporate welfare. When things were bad, Republicans blamed Democrats and Obama leading Democrats to defend Obama and his involvement forgetting Bush was actually accountable for this... not Obama.

Then when things improve on the face of things, Democrats start claiming credit and attacking Republicans as if Republicans should now back away... they aren't and that means Republicans are the ones remaining consistent and Democrats are the ones shuckin' and jivin' America on this. Obama is even planning to take credit for this which he better stay far away from.

Why say Obama should stay away from this? First, Bush set this in motion and it's Bush's plan which many will remind Obama of on the campaign trail. Second, the fatcats at GM / Chrysler stole billions through fancy accounting exactly as all their critics claimed they would do in both political parties. Third, none of the debt has actually been paid back as GM took TARP money to pay off their debt and realistically this is no different than borrowing from Peter to pay Paul claiming you don't owe Paul anymore to get everyone off your back... but then not paying Peter.

They are hiring back a few workers which is also being applauded. Too bad they are also selling off parts companies and are hiring people back paying them as little as half their former wages. They are hiring back 80 workers for their assembly line leaving over 1,300 of their line workers still unemployed as the jobs they're rehiring for are around the country as a whole in parts distribution and other areas which are all low wage income work.

So Obama DID NOT bail out GM, GM has not paid back it's loans, GM essentially stole billions of dollars from American taxpayers and their so called recovery is mostly a sham of crafty book work to conceal the massive theft they just committed against the American people.

Democrats and Republicans should stop trying to blame one another and certainly shouldn't claim credit for anything as if they do they are betraying the nation. GM and Chrysler would not be the first American auto companies to have gone under and they wouldn't have gone under in the first place... they would have been sold to new owners who would likely have fired most of the corporate brass responsible for the mess at Chrysler and GM which could have improved the company and legitimately paid back much of it's debts let alone most of their work force.

If anyone has any right to claim "credit", it would be Bush and the Republicans if anyone has a right. However, many Republicans genuinely opposed this bailout and in the end, they proved correct. Had the Democrats not developed this almost messianic complex about Obama, they would have maintained their attacks and today would not be claiming victory setting themselves up for a huge fall if they stick with this because Obama had nothing to do with this except allowing what Bush set in motion to continue and completing it rather than interfering with the process just as in Iraq.

It is very sad to see so many uninformed Americans out there squabbling and fighting over things they apparently do not have the first ounce of knowledge about but it does illustrate how the two party system does nothing but divide us against one another rather than pulling us together. The Republicans in this case have the actual high moral ground as they warned us that Bush's deal would backfire and that GM / Chrysler would rip off American taxpayers and had Obama's supporters remained true to their stand that GM / Chrysler fatcat corporate leaders were ripping us off... the two sides would actually be closer together than apart and that's what places Republican opposition on the higher ground because they remained true to their opposition to the bailouts as GM and Chrysler are really no better off now than before as GM is under several lawsuits already for refusing to do recalls on GM vehicles for bad parts and they're trying to use the bankruptcy deal they got to escape responsibility... the very thing that made Americans stop buying shoddily built GM vehicles in the first place.

As a Centrist, it's easier for me to view this from a more impartial position and the only reason I favor the Republicans is that they remained true to their opposition and Democrats who now try to give Obama credit are the ones who sold out on all their principle beliefs. The fatcats at GM and Chrysler stole tens of billions of dollars from US taxpayers which should have the leftwing Democrats furious and rather than giving Obama credit... they should be trying to rip out his liver and feed it back to him through his rectum for not stopping this program.

You want the truth today... move to the center and abandon the political right and political left as the center is where we come together while supporting one side against the other is all you will ever get from the left and the right.
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Top Opinion

  • safari 2011/11/08 18:23:57
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    safari
    +4
    Thanks for the info. I owned dealerships for over a decade. This put us out of business. It's even more complex than all of this but yes you are right about what happened in 08 but things could have still gone several ways - When obama took the reigns we went straight over the cliff. And lets not even talk about the cash for clunkers bs. Actually some things that started happening to destroy the auto industry happened even before this and were related to - fanny and freddie - of all things. The regulations bankers started applying to car loans changed the industry over night - I think that was around 04 but I'd have to have time to look back and really think it through to say for sure. At any rate a series of things happened that put literally thousands of dealers out of business but the last straws came from the obomb admin. However what you say is true about the reps not wanting the bail out. And btw WHY ISN'T THE OBAMA WHINY OCCUPY MOVEMENT PROTESTING THIS KIND OF CRAP? But noooooo they are being led in all of the wrong directions.

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  • sds25 2012/02/17 02:30:32
    I don't give a damn, Obama deserves praise even though Bush actually created ...
    sds25
    +1
    I have one question for all Republicans, "when in the last thirty years has a Republican president been fiscally responsible?" For all of the emphasis that is put on the debt by the right I would love to have seen some evidence that Republicans have reduced spending for two straight years. The only reduction in the last thirty years has been seen under President Clinton.
  • K-ZOOMI... sds25 2012/02/17 12:09:23
    K-ZOOMI-----0
    +1
    When Congress was completely controlled by Republicans.
  • carlene 2011/11/11 14:56:08
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    carlene
    +1
    Bush punted the ball. He should have let the auto companies file bankruptcy on his watch instead he gave them enough money to survive until the next administration. The Obama led bankruptcy of GM and Chyrsler violated the bankruptcy rules and laws in place if the two companies would have gone through bankruptcy court just like every other company. Both might have a cost structure that would actually allow them to survive in a competitive world market for autos. The bs that Obama saved the country from loosing these two manufacturing companies if he didnt intervene is just that, BS. Many companies survive bankruptcy, many come out stronger, all play by the bankruptcy court rules that we have in place. Except of course Obama chosen companies that get a pass on the rules.
  • TMan 2011/11/09 20:51:22
  • Aksana 2011/11/09 15:42:05
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    Aksana
    +1
    Funny...lolhttp://cazewok1guy...
  • zbacku 2011/11/09 03:20:59
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    zbacku
    +1
    GM should have been able to declare bankruptcy on their own, with NO Government involvement. Both Chrysler and GM put hundreds of PROFITABLE dealerships OUT of business because they were owned by Conservatives or those that would NEVER vote Democrat.
  • K-ZOOMI-----0 2011/11/08 19:13:02
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    K-ZOOMI-----0
    +2
    I wholeheartedly agree with your poll. Democrats and Obama are going to shoot themselves in the foot with this!!!
  • Arel 2011/11/08 19:11:06
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    Arel
    +2
    along with those Democrats that voted against it. There were actually 63 Democrats and 108 Republicans in the House along with 10 Democrats and 15 Republicans in the Senate that voted nay.
  • hippietim 2011/11/08 19:01:06
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    hippietim
    +1
    *is a lolhippie*

    :o) you must be at least this high to ride
  • safari 2011/11/08 18:23:57
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    safari
    +4
    Thanks for the info. I owned dealerships for over a decade. This put us out of business. It's even more complex than all of this but yes you are right about what happened in 08 but things could have still gone several ways - When obama took the reigns we went straight over the cliff. And lets not even talk about the cash for clunkers bs. Actually some things that started happening to destroy the auto industry happened even before this and were related to - fanny and freddie - of all things. The regulations bankers started applying to car loans changed the industry over night - I think that was around 04 but I'd have to have time to look back and really think it through to say for sure. At any rate a series of things happened that put literally thousands of dealers out of business but the last straws came from the obomb admin. However what you say is true about the reps not wanting the bail out. And btw WHY ISN'T THE OBAMA WHINY OCCUPY MOVEMENT PROTESTING THIS KIND OF CRAP? But noooooo they are being led in all of the wrong directions.
  • Angus 2011/11/08 17:49:01
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    Angus
    +2
    GM was just another pay back to Corperate Obama Supporters. I refuse to buy anything that was paid for by Obama's hand outs.
  • Brian 2011/11/08 13:50:50 (edited)
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    Brian
    +2
    The federal government bailed out GM with MY tax dollars, and because of that I will NEVER buy another new GM car.
  • Jimbo 2011/11/08 13:47:06
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    Jimbo
    +1
    For the fools that don't know congress holds the purse strings. TARP bailout originally had no strings attached, the auto bailout did.

  • Philo® ~PWCM~JLA ✩ 2011/11/08 13:11:24
    Lol, it's funny watching the two sides blame one another not knowing any of t...
    Philo® ~PWCM~JLA ✩
    +1
    Socialist-progressives and RINOs can fight over credit/blame for Government Motors all they want.can't hide their desire for more and bigger government control, killing private industry as they go...
  • Artist~PWCM~ 2011/11/08 12:37:28
    Republicans who opposed this and opposed Bush wanting it deserve our praise more
    Artist~PWCM~
    +2
    obama certainly has had his fun but I've always said he has changed very little of Bush's policies. Now the Stimulus under obama was his baby through and through, though I'm sure it was in the works long before obama made said promise. But I'll give him credit for furthering our national debt with that one. Oh, and let's not forget what obamacare is going to do to this country.
  • Embalmer 2011/11/08 10:38:23
    I don't give a damn, Obama deserves praise even though Bush actually created ...
    Embalmer
    +1
    When Bush supporters acknowledge the whole package, meaning his huge contribution to the debt that Republicans place on Obama maybe I'll give some credit towards Bush.

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