INDUSTRY EXPERT: REMINDS PUBLIC OF UNPOPULAR BAILOUT

- Barack Obama, who recently stopped by the CIA to “thank” the agency for its part in the bin Laden mission by referring to himself 35 times, is firing up his next victory tour: Taking personal credit for the unpopular bailouts of General Motors and Chrysler.

Ironically, Obama’s latest brag-fest may actually end up hurting the two firms, an industry expert told CNSNews.com.

While hailing Chrysler’s repayment of 2009 bailout loans last week, the O-man couldn’t help but take credit for the automaker’s revival. Obama said it was because of his own action that Chrysler was able to rebound from bankruptcy, and ultimately be acquired by the Italian automaker Fiat. (No word yet as to Obama’s executive position at Fiat)

“Supporting the American auto industry required making some tough decisions, but I was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company. I said if Chrysler and all its stakeholders were willing to take the difficult steps necessary to become more competitive, America would stand by them, and I we did.”

The O-man, (or should I say, the I-man?) left a tiny bit of information out of his “I saved the American auto industry” speech: The Treasury Department says it is unlikely that taxpayers will recover their outstanding $1.9 billion “investment” in Chrysler.

According to the expert interviewed by CNS, if the Obama Administration is serious about breaking even on the bailouts of GM and Chrysler, bragging about them for political purposes won’t help. Polling data indicated at the time, (and still does) that the bailouts were unpopular and had a stigmatizing effect on automakers, added the expert.

So here’s the $64,000 ($110 billion) question: With an unemployment rate of 9%, angry labor unions, and the 2012 election right around the corner, is Barack Obama more concerned with personal political gain, or recovering the taxpayers’ money? 

Not to be outdone, Joe Biden claimed Saturday that the Obama Administration saved the American auto industry from “the brink of extinction.”

“Because of what Barack and I we did, the auto industry is rising again,” Biden said.

The White House also announced that Obama will visit a Chrysler plant in Toledo, Ohio, Friday to continue to brag about himself ”discuss the carmaker’s recovery.” Uh huh.

The merits and wisdom of the government’s bailout of GM and Chrysler will be debated for years to come, as they should be. What is clearly not debatable, is this:

The Barack Obama I saved the American auto industry brag-fest victory tour is just beginning. The I-man and his minions (including the sock puppets in the “mainstream” media) will pull out all the stops on this one. Would you really expect anything less?

Categories: Barack Obama, Budget Deficit, Domestic Policy, Politics, The Obama Administration, World Events