Wednesday, June 08, 2011

Obama's 'Phony' Accounting on the Auto Industry Bailout

Uh oh.

If Obama has lost the stenographers at the Washington Post...

"We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a matter for the editorial pages and eventually the historians. But we are interested in the facts the president cited to make his case.

What we found is one of the most misleading collections of assertions we have seen in a short presidential speech. Virtually every claim by the president regarding the auto industry needs an asterisk, just like the fine print in that too-good-to-be-true car loan."
Here's brief round-up:
*"Chrysler has repaid every dime..." (wrong. and the bailout enable Obama's UAW cronies to acquire a much bigger piece of Chrysler)
*"All three American automakers are now adding shifts and creating jobs..." (fudge. this is a shrinking industry hemorrhaging full time jobs, simply calling back the recently laid off)
*"GM plans to hire back all of the (laid-off) workers..." (maybe. but this is a shrinking company which has eliminated 68,000 jobs.)
*(With auto companies near collapse), "a lot of folks in Washington thought we should do — nothing." (a flat out lie and quite a straw man)

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