The White House had announced the trip to Michigan on Saturday but only released the site of Wednesday's visit today, saying the president will deliver remarks recognizing the growth in the American auto and manufacturing sectors and highlighting "the decision to save the auto industry and the over one million jobs that went with it."
Although efforts to prop up the domestic automakers during the financial crisis five years ago began under then-President George W. Bush, it was Obama's administration which provided the bulk of some $80-billion in bridge financing and investment that are widely credited with helping to save General Motors and Chrysler.
Clearly, Obama and his supporters will miss the humor in this, so, allow me to help. We begin with the fact that he did nothing to "save" Ford, nor did he help Honda "recover," or Toyota, or KIA, or Plymoth, or . . . . . . In fact, Ford refused his help, back in the day. Secondly, Chrysler is now owed by Fiat, having failed under American ownership, and General Motors gave up and sold its stock for a 1.5 billion dollar loss, because it could not make enough money to pay off the original investment loan. Third, Obama violated the primary bond holders' contract with GM and Chrysler, destroying the retirement funds for several police and teacher unions, in order to give the unions a shot at industry ownership. And, finally, the biggest joke of all, is the fact that Obama will be speaking at a Ford plant that closed for the week, due to poor sales volume.
Update: Let's not forget the golf-cart give away program this presidential genius came invented: giving away golf-carts via tax credits, thinking it would help the auto industry. And while we are "not forgetting," let's not forget the Cash for Clunkers idiocy, that went 3 billion dollars over budget and did absolutely nothing for auto industry sales.
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