Sunday, October 9, 2011

Rahm Emmanual is one slick talker

Meet the Press (David Gregory) had Rahm Emmanual on this morning. Rahm said Obama saved Detroit and now every thing is better in the auto industry.
I don't buy that. Obama didn't "save" anything except the UAW. Ford, the only Detroit company with decent management, didn't accept government bailout money. All Obama did was interfere in the bankruptcy proceeding of GM and Chrysler, giving the companies away to the UAW and Fiat for zilch, and stiffing the bond holders, the banks and the stockholders. And preserving plush union contracts. GM and Chrysler would be in better shape today if they had gone thru regular bankruptcy, which would have junked their ultra plush union contracts and gotten their labor costs down to the Toyota-Honda level.
In short, Obama bailed out two losers. And made the UAW happy.
But, Rahm Emmanual sounded so positive on TV.

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