Obama Killed the US Auto Industry
Hope AND Change! And Socialism….
The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog found.
A report released Sunday by the Inspector General for the government’s bailout program raised questions about whether the Obama administration’s auto task force considered the job losses from the closings while pressuring the companies to reduce costs.
Treasury didn’t show why the cuts were “either necessary for the sake of the companies’ economic survival or prudent for the sake of the nation’s economic recovery,” said the audit by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the $787 billion stimulus program known as TARP.
“Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses,” investigators said.
Those decisions resulted in “potentially adding tens of thousands of workers to the already lengthy unemployment rolls — all based on a theory and without sufficient consideration of the decisions’ broader economic impact,” the report said.
-Bruce (GayPatriot)
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Wow I didn’t even know they did that, I know congress pressured GM to NOT close factories that were unproductive. I guess the only jobs worth saving are union jobs.
Comment by plutosdad — July 19, 2010 @ 12:53 pm - July 19, 2010
President Obama circumvented bankruptcy to give GM & Chrysler for the UAW–everyone else lost. Yet Obama claims to be touting job creation with his Porkulus? Who else believes Obama anymore? Given his crowds are shrinking, not many more people. They have lost that loving feeling for Obama. When the glow fades, the reality remains Obama is indeed a Socialist. Heck, I would go farther & say he’s a Communist. Barry wants to be the next Fidel Castro.
Comment by Sebastian Shaw — July 19, 2010 @ 1:10 pm - July 19, 2010
I drive by empty properties that were once dealerships all the time.
Not one of them has been sold and converted into any business.
So, all of the jobs lost: salesmen, clerical, front desk folks, repairmen and drivers have not yet been replaced by new ”saved OR created” jobs.
Now Obama might want to be the next Fidel Castro, but Fidel’s replacement, Raul Castro is a little more into people doing some work everyday:
He wants to end the free ride of communism and help more people learn to want to work!
http://www.google.com/hostednews/ap/article/ALeqM5iR1P8M_Iz3bJQfrVSH8Q-FPSiovAD9H17OQO2
Comment by Nan G — July 19, 2010 @ 4:39 pm - July 19, 2010
Don’t forget they tried desperately to kill Toyota (non-union).
Comment by ThatGayConservative — July 19, 2010 @ 6:39 pm - July 19, 2010
I can see the video now: ObaMao Killed the Chrysler Star.
Comment by ThatGayConservative — July 20, 2010 @ 2:38 am - July 20, 2010
I’m really confused here – did obama kill the auto industry? did the unions kill the industry? did the industry kill the industry by producing cars that the majority o americans really don’t want?
Comment by Kevin — July 22, 2010 @ 10:40 pm - July 22, 2010