Mittens Is Wrong About The Auto Industry & The GDP

Even right-leaning Ed Wallace thinks Romney's suggestion to allow the auto industry to go bankrupt would have stifled the modest growth we've had. He even calls for more in his June 1st column since much of the country's growth has been in the auto sector.

http://www.star-telegram.com/2012/06...e-bailout.html

by not filing bankruptcy, did I not see that the unions now own 48% of GM?

but how does bo have the power to fire the president of GM, shouldn't that be up to the board of directors?

How can someone who says Washington should have allowed Detroit to go bankrupt now show his face as someone who can save the nation?

He knows he's wrong, but thought he had to oppose President Obama at any cost.

Now he's using weasel words, like Detroit should have been bailed out, but not by the government. It should have been done with private money.

. . . What an imbecile! What private group has that kind of money?

by not filing bankruptcy, did I not see that the unions now own 48% of GM?

but how does bo have the power to fire the president of GM, shouldn't that be up to the board of directors? Originally Posted by cptjohnstone

LMAO! Leaving everything up to Corporate America and their bought-and-paid-for legislators and lobbyists is how we got where we are. Look how hard Wall Street and the banks are fighting to stop the Consumer Protection Agency and how hard they worked to defeat the SECOND nominee to head the agency!

DOH!

It's simple. In a capitalist system, an industry survives by the decisions it makes. In socialism, an industry survives if it can con the government into changing the rules just for them. If the auto industry hadn't been unionized, you can be sure Obama wouldn't have given them a dime, but bankruptcy would have forced the automakers to make tough choices and build a firm business foundation. All Obama did is forestall their eventual collapse.

But he's a socialist. That's what they do.

It's simple. In a capitalist system, an industry survives by the decisions it makes. In socialism, an industry survives if it can con the government into changing the rules just for them. If the auto industry hadn't been unionized, you can be sure Obama wouldn't have given them a dime, but bankruptcy would have forced the automakers to make tough choices and build a firm business foundation. All Obama did is forestall their eventual collapse.

But he's a socialist. That's what they do. Originally Posted by CuteOldGuy

COF, you really have a simple mind. "bankruptcy would have forced the automakers to make tough choices and build a firm business foundation" Oh yes, moron! All that while China, Japan, Korea and Germany called a time-out on competition and American auto workers got time outs from their creditors and mortgage companies and American car buyers just nursed their worn-out cars until GM and the others came out of bankruptcy. You really ARE a simpleton.

Admit it, Stevie. You don't like freedom. You want the government to control the industry. Fine.

Ford managed to get by without a bailout. GM and Chrysler would have kept on building cars. And GM and Chrysler would be better and stronger had they gone through a bankruptcy.

You're the one that doesn't understand, my friend.