In response to Burr Deming's Mitt Romney's Managed Bankruptcy
Regardless of the claim that "GM is alive (though it is charity-funded life support)," the difference between Obama's Detroit bankruptcy idea and Romney's Detroit bankruptcy idea is that Obama's paid off the UAW (a Democratic special interest) by flouting hundreds of years of bankruptcy law to put the UAW ahead of other secured creditors. Cronyism over rule of law. Gotta love it. And Democrats are keen on citing fascism as a rightwing phenomenon...the Dems' whole Detroit scheme epitomizes fascism.
- "ned", October 14, 2012
Yep, we need the federal government still picking winners and losers in our free market society. GM was foolish in succumbing to union demands time and time again so that GM was no longer competitive with many of their automobiles. A managed bankruptcy to reorganize and remove that debt is what a regular business would have to do. President Obama though thought is best to ignore the assets that were by LAW owed to the bondholders and instead gave much of that to the unions.
So we ultimately have the federal government taking over a private business, fire its executives, put its own government-picked CEO who had no auto-manufacturing knowledge in charge, tell what the salaries of those executives would be, dictate what cars would be produced (bye bye Pontiac, Hummer, Oldsmobile, and Saturn!), and mandate the shut-down of many dealerships often seemingly based on their political affiliations. Yep, Ned is right. Marxism/Fascism seems to be alive and well in the Democratic Party.
In addition to his generous contributions here, T. Paine writes for his own site where, in a warm atmosphere of congenial conservatism, Hummers hum, Oldsmobiles are forever young, Saturns have a familiar ring, and Pontiacs will always mean excitement.
Please visit Saving Common Sense.
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That is the real reason so many U.S. jobs have moved to China, Mexico, Malaysia, India, etc.
Union members want high wages, but are not willing to buy the more expensive products made by other high-wage-earning union members.
Question: A UAW worker goes to Wal-Mart to buy a toaster. He sees a toaster made in China for $10 and another made in the USA by union workers for $30. Which one does he buy?
Answer: He buys the cheaper one. And, bam, he just sent another job to China.
Union workers want to get union wages but they don't want to pay for union wages for others.
If Americans refused today to buy anything made in China, U.S. manufacturing in China would end within two weeks.
The real power to control this lies in the hands of the American people.
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