obama hopes to ride auto bailout to reelection

You have to be kidding. obama thinks THIS is a reelection item? HAHAHAHA. 

Despite what the CEO of government motors, ed whitacre, said, gm has NOT paid back all of the bailout money. Playing stupid accounting tricks DOES NOT equal PAID IN FULL. Couple that with the fact that the federal government (Us, the taxpayers) still owns a pretty good sized chunk of gm and this is a big mess. GM stock is trading at $24 bucks a share. It would have to be trading at $53 bucks a share for us to break even. Add to that, that obama handed a big chunk of the company over to the unions. 

It would have been much better for gm to have gone through bankruptcy, reworked all of the union contracts and come out the other side with dignity and an ability to make a profit at some point. 

I have said it before, I will NEVER buy another new gm product. The bullshit games have turned me against a company I was once VERY loyal to. I still own seven Chevy products, none of them are newer than 2007.

If obama plans to use this as his reelection strategy, that's great. You democrats better hope he has a backup plan though, because this one sucks ass...

USAToday

Despite the bailout money still owned taxpayers, President Barack Obama is going to try to ride his rescue of General Motors and Chrysler to a reelection victory.

Proof? Look no further than his surprise visit to the Washington Auto Show today where he took a close look at some of Detroit's new models.

The Associated Press says for Obama, the auto bailout is a case study for his efforts to revive the economy and a potential point of contrast with Republican Mitt Romney, who opposed Obama's decision to pour billions of dollars into the auto companies. If Romney wins the GOP nomination, expect to hear a lot about the car industry.

"The American auto industry was on the verge of collapse. And some politicians were willing to let it just die. We said no," Obama told college students last week in Ann Arbor, Mich. "We believe in the workers of this state." That's Obama meeting with students last week in the photo.

The AP goes on to say:

Obama was expected to visit the Washington Auto Show today, giving him another forum to talk about GM and Chrysler, along with the administration's attention to manufacturers and efforts to boost fuel efficiency standards. The White House has taken every opportunity to highlight its efforts to rebuild the auto industry, pointing to GM's reemergence as the world's largest automaker and job growth and profitability in the U.S. auto industry.

The president's campaign views the auto storyline as a potent argument against Romney — who, even though he is the son of a Detroit auto executive, opposed the bailout. As the industry was collapsing in the fall of 2008, the former Massachusetts governor predicted in a New York Times op-ed that if the companies received a federal bailout, "you can kiss the American automotive industry goodbye." Romney said the companies should have undergone a "managed bankruptcy" that would have avoided a government bailout.

"Whether it was by President Bush or by President Obama, it was the wrong way to go," Romney said at a GOP presidential debate in Michigan in November. Romney said the nation has "capital markets and bankruptcy — it works in the U.S. The idea of billions of dollars being wasted initially, then finally they adopted the managed bankruptcy. I was among others that said we ought to do that."

Read the rest at the link above...