Not bad for an incompetent

The Obama’s administration’s leading plan to fix General Motors Corp. and Chrysler LLC would use bankruptcy filings to purge the ailing companies of their biggest problems, including bondholder debt and retiree health-care costs, according to people familiar with the matter.
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A key ingredient is getting the UAW to agree to an entirely new labor contract, including major reductions in health-care benefits, according to several people involved in the matter. “That’s the No.1 wildcard here,” one of these people said Monday.

You can see where this is heading. They’ll get the current and former UAW members to agree to ‘draconian’ health care costs, and then enlist ‘help’ from these same folks to push a government takeover of the healthcare system to replace the lost benefits with ‘free’ universal heath care.

How else would you explain Obama’s sudden flip-flop from saying we can’t afford to let them go bankrupt to pushing for bankruptcy?

Just like AIG, Obama and his acolytes dumped billions down this hole months ago knowing full well what the result would be. Why not let them go bankrupt at that point- it would have been the sensible thing to do. Instead we have a government managed bankruptcy- which now means labor practices will remain largely unchanged and ridiculous government fiats will be included. Ultimately, that means more of our tax money is wasted.

You are watching history, as the US capitalist system vanishes right before your eyes. Sadly, we have some cheering as the chief ideologue pursues his Marxist dream.

By the way, I was no fan of Wagoneer. But his, and the Directors greatest failure was merely an inability to extract meaningful labor concessions that would permit long term viability. That failure was largely driven by the fact unions knew Obama would cut them the best deal- a fact proven by these latest events.

So to me, these CAFE standards that are being forced on Detroit are not about emissions or better MPG. If it was about better MPG, we would be using the TDI technology (or similar), and we would be pushing manual transmissions.

We are not hearing, no doubt, from his Press secretary who will tell us all that this is NOT a move to take over any companies…. and he will actually expect everyone to believe it.

This whole move by Obama and his administration is to save the UAW…. that’s it. Restructuring by GM and Chrysler would have been done by now, if they were allowed to go forward and file bankruptcy. … all without billions of dollars of taxpayers money and more to come. Bankruptcy would have been quicker, less expensive and would have rid the carmakers of union contracts which would give them a real chance at succeeding.

His administration is transparent all right. We see through it.