On Yahoo News, the latest AP puff piece for Obama decries the wonders of the auto bailout for Chrysler (who went bankrupt anyway) and GM (who went bankrupt anyway) as a testament to the successes of the current Administration.
“This industry is growing stronger,” Obama declared. “You are proving the naysayers wrong.”
The AP wrote…
Following the government-led bankruptcies of GM and Chrysler, the companies have shown signs of improvement. Obama said that all three U.S. automakers are “operating at a profit, for the first time in six years.”
But the claim that all three Detroit automakers are making money isn’t quite true. GM and Ford are making money, but Chrysler has yet to post a net profit since leaving bankruptcy protection in June of last year.
Wait while I get up off the floor. Yahoo and AP are admitting that the Chosen One lied?!?!
The article goes on to tout new shifts and jobs at the auto plants and payback of the loans. And, then the kicker…
However, the White House said that proclamation referred only to the $60 billion spent by the Obama administration, not the additional $25 billion funneled to the industry in 2008 under the Bush administration. The most recent government estimate found that taxpayers will lose $24.3 billion on the auto bailout.
Whoops. Another lie. NOT getting paid back and losing $24 Billion on the deal. Thanks for nothing.
Bottom line, the economy of the automobile was lost because of the spike in gas prices, union greed, and company mismanagement. The economy of the automobile is recovering because of lower gas prices, union concessions, and changes in management. There’s also that little thing where about 10 Million vehicles need to be replaced yearly and the normal number of cars sold in the U.S is around 16 Million. The industry had to rebound… …when the demand recurred.
Regardless, thanks to Yahoo and AP for pointing out the lies of the Chosen One. Some of his tarnish is really starting to show.