The world economic system was collapsing in 2008, as the Bush administration waited to expire. They bailed out the mortgage banks, but not the mortgage holders. They were ready to let the auto industry die, as Gov. Romney explicitly argued at the time.
The Obama administration acted quickly to save the banking system. They saved the auto industry. They stimulated the economy, as much as the intransigent Republican leaders would allow. They could have created jobs, which would have done the most to stimulate the economy, but the Republicans chose to cut jobs instead.
Four years later, the economy is steadily recovering. The auto industry is thriving. The banking industry is thriving. Even housing is starting to come back.
Everyone benefits from this recovery.
Thanks to President Obama, GM is alive, and bin Laden is dead.
Subscribe to:
Post Comments (Atom)
7 comments:
Romney spoke of a managed bankruptcy not about letting the industry die, as you misstated.
Our ambassador is dead,GM is in massive debt to taxpayers and the Arab spring is in flames...
Romney talked about a managed bankruptcy with private investors - who did not exist in 2008 and 2009.
Our ambassador was killed, which was a terrible thing. He, and his companions were killed by Al Qaeda, which the president has been waging serious war against since taking office.
GM is profitable and paying off its debt to taxpayers.
The Arab Spring removed three dictators (and counting) and has not replaced them with worse dictators, but instead is nurturing democracy. This is a much better success rate than Pres. Bush's wars for democracy, and with a much, much lower body count.
Everyone is better off?
Where is this recovery? I haven't had a raise in several years, food prices have skyrocketed, fuel and energy prices have skyrocketed, all goods that need to be transported have gone up in price, my health care premiums have gone up 150%.
Romney would not have let the auto industry die. He thought it should go through a managed bankruptcy. Obama just decided to manage the bankruptcy and pick the winners and losers himself. Being from the auto industry, that is the perception, believe me.
I don't feel better, in fact, quite the opposite.
GM third quarter profits fall 12%...
Quarterly profits rise and fall for every business. GM is still alive, still profitable, still American owned and American employing.
GM would still be around today with a managed bankruptcy without putting the taxpayers at risk and screwing the bondholders...
The GM "bailout" was $49.5 BILLION.
Not only are you unable to detail the issues that lead to the company going bankrupt - you can't bring yourself to place the $49.5 billion in the context of the $1,200 billion in deficit spending that occurred in that one year and the next 3 years that followed.
What, other than a talking point" is the reference to the "Detroit Bailout" when it is placed in its proper context?
If you thing that the "Wall Street/Bank implosion" was a big deal - wait until you see the Federal government and its fiat currency crumble as BOTH PARTIES that have hijacked our government continue on their death battle behind the wheel as the car goes off of the cliff.
Post a Comment