Obama Driving General Motors Into Bankruptcy
Obama’s only been the defacto CEO of GM for a matter of weeks now, after having canned the previous CEO, but I think it’s more than fair to blame him for GM’s failure. After all, it was Obama and his fellow liberals (and some Republicans too, shame on them) who set out to save General Motors from failure because the company was “too big to fail” (read: “too important a host for union parasites to allow to fail”) and now it’s Obama and those same liberals who are going to be “assisting” General Motors as it declares bankruptcy.
DETROIT — The Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by a June 1 deadline, despite G.M.’s public contention that it could still reorganize outside court, people with knowledge of the plans said during the weekend.
Members of President Obama’s automotive task force spent last week in meetings and on conference calls with G.M. officials and its advisers in Detroit and Washington. Those talks are expected to continue this week.
The goal is to prepare for a fast “surgical” bankruptcy, the people who had been briefed on the plans said. G.M., which has been granted $13.4 billion in federal aid, insists that a quick restructuring is necessary so its image and sales are not damaged permanently.
This seems like an “Emperor Has No Clothes” moment. Months ago anyone suggesting that General Motors declare bankruptcy was accused of wanting economic chaos and not caring about the American worker. Now, months and billions in bailouts later, bankruptcy is the brilliant strategy from the Obama administration.
What I’m wondering is: Why did the government need to get involved at all? Why does General Motors need the government’s help to declare bankruptcy and restructure? Thousands of companies do that every single year. What’s so special about GM?
With that question, I think we’re back to the labor unions again. This isn’t really about saving General Motors. This has been about first trying to prop General Motors up so that the UAW could continue sucking the life blood out of it, and then (when that failed) entering into an extra-special sort of government-guided bankruptcy that will allow GM to restructure everything but its labor contracts with the unions.
Who are, in turn, some of the principle benefactors of the liberals currently running things in DC.
And suddenly, it all makes sense doesn’t it? The government is trying to run the economy. Not for our good, but for the benefit of the political class and their allies.
