Mr. ‘I Don’t Want to Run the Auto Industry’ Is At It Again

May 19, 2009 Barack Hussein Obama, Barack Hussein Obama Lies, Democrat Corruption, Democrat Incompetence, Domestic Terrorism, Fiscal Irresponsibility, Libtards on Parade, Lunatic Lefties, News, Obama Fascism, Presidential Distortions, Presidential Politics, Stupidity, The Economy, socialism View Comments

With gas prices souring due to increased crude oil prices, POTUS Obamaramadingdong announced yesterday his plans to raise emissions and fuel efficiency standards which in all likelihood will raise the price of the average new vehicle. Add this to his meddling in the Chrysler bankruptcy and now his putting his 1/50th of a dollar into GM’s impending bankruptcy and his statement is looking kind of false.

Obama has gone on record as saying, “I don’t want to run the auto industry”. Cow chips! His latest plan dispels that idea altogether.

From Reuters:

General Motors Corp’s (GM.N) plan for a bankruptcy filing involves a quick sale of the company’s healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

NOW

Obama has already given controlling interest in Chrysler to the UAW. His next move would be to give the UAW controlling interest in GM’s solvent assets as the plan further is explained.

The government’s plans include giving stakes in the new company to GM’s union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company’s plans.

The UAW announced that it plans to sell off its controlling shares of Chrysler once it emerges from bankruptcy. In other words, gain controlling stake when you were a minority interest before the bankruptcy, emerge with clean control of the company and sell off your interest for a profit. Who benefits? Obama’s political allies in the union. Then it is off to round 2 – GM to do the same.

Remember all this when you are in the market for your next car because you may not be able to afford a used one at this rate.

And one other thought on this…

Where does the Man with the Middle Name Hussein going to get the money to buy the profitable divisions of GM? Short answer – taxpayers. Like that was a stretch. The stretch will be ‘can the taxpayers afford the payments?’ The short answer to that is NO.

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