By Bailing Out GM and Chrysler, Obama Was Betting Against America

In November 2008, before one bailout dollar was handed out to the auto industry, Mitt Romney wrote an op-ed with the headline "Let Detroit Go Bankrupt." In it he argued that the best way to help and save the auto industry would be through a structured bankruptcy with the tools (laws) that the United States already has on its books.The newly elected President Obama did not have confidence in America, in the bankruptcy laws that it offered, so he made a bet: he spent tens of billions of dollars on the auto industry thinking that this will work out better than what America had to offer via a regular bankruptcy. But only many months and tens of billions of dollars later did Obama force Chrysler and then GM into bankruptcy. Obama's bet against America failed. He needed America to save his buddies at GM. To date, Obama's gambit has already cost tax payers $25 billion; many more billions are still outstanding; 61% of Chrysler is in the hands of an Italian firm, and middle class GM...(Read Full Post)