President Obama touts the success of the auto bailout (yes, it did work, GM has repaid its loan) and continues after the horrid nest of snakes that comprises the modern day Republican Party for their obstruction. Governor Markell, for his part, keeps it light this week by discussing the Delaware State Fair in Harrington.
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The Weekly Addresses
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Hmmm… I have to read up on the details of the auto bailouts before I conclude that they worked. I admit to not paying attention. How did unions come out on the other side of the bailouts?
The cynic in me says the bailout was a way to break unions and shed pension obligations and have workers thank us for it.
From what I understand, pension obligations and health benefits were not affected, but salaries were cut for younger workers. Indeed, a labor agreement with the UAW in 2007, long before the bailout, created one class of older workers made $28 an hour while another class of younger workers made $14 an hour.
http://en.wikipedia.org/wiki/Effects_of_the_2008-2009_automotive_industry_crisis_on_the_United_States
GM never paid back its loan.
You were duped into the Administration/GM fuzzy math.
GM was “given” 50 Billion dollars, they paid back 6.7 Billion, that’s all.
What the Administration did was call the 6.7 Billion the loan and allowed GM to pay it back from the original 50 Billion they were given.
They did this because GM is still broke and they need another 10 Billion dollars to retool their plants to meet the new fuel economy standards.
http://reason.tv/video/show/how-the-hell-did-gm-pay-back-i
Do you think someone who calls himself John Galt should talk about anybody else being “duped?”