How You Contributed $11.9 Billion To The Presidential Election
“Midwestern auto-industry towns that were hit hard in the recession are becoming an important backdrop for President Barack Obama and other Democrats hoping to use reinvigorated factories to paint a picture of the improving economy ahead of the 2012 elections.”
That’s how the Wall Street Journal starts off an article on how “Democrats hitch a ride on the auto-industry rebound.” As we had noted on Memorial Day, our beloved bail-out is becoming the battle cry of the 2012 presidential campaign. Says the Journal:
“The White House has even taken some credit for recent success at resurgent Ford, the only Detroit auto maker to avoid bankruptcy and a bailout, arguing that a collapse of GM and Chrysler would have crippled Ford as well.”
Meanwhile in the opposition camp …
Republican presidential contender Tim Pawlenty on Wednesday blasted the auto bailout as “sweetheart” deal that favored union workers at the expense of shareholders and creditors. “It was another example of crony capitalism,” the former Minnesota governor said. “If you’re a big business or bailout business and you’ve got buddies in big government, big unions, you get the special deal. But if you run the hardware store, run the butcher shop or run the bicycle-repair shop, then you’re out of luck.”
According to the Wall Street Journal,
“The U.S. Treasury has said it is unlikely to fully recover $1.9 billion still outstanding on the Chrysler rescue. The U.S. would lose around $10 billion if it were to sell its remaining stake in GM today.”
Write it off as campaign donations.
Before you write “this is getting old,” or “move on, nothing to see,” consider this: All presidential hopefuls think the bailout is very pertinent, and we’ll hear of it until November next year. Better get ready. Or earplugs.
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