The only winner of the GM bailout was Obama 2012

AT: Back in 2012, the Obama re-election team reminded us that they got Osama bin Laden and saved GM.  It probably gave Obama Ohio at less than 200,000 votes out of 5-plus million cast.  It did not hurt in Michigan.  It certainly energized the unions to cast ballots for the man who “saved” their jobs.

Yes, they got Osama bin Laden.  But they didn’t really save GM or do the workers any favors on a long-term basis.

Looking back, the GM bailout was a partisan Band-Aid.  I like what Kevin D. Williamson wrote about this:

What did U.S. taxpayers get for their $11.2 billion bailout of GM?  About ten years of business-as-usual, and one very expensive lesson.

Bailouts don’t work…

GM’s sedan business is weak because GM’s sedans are weak: Virtually all of the best-selling sedans in the United States are made by Toyota, Honda, and Nissan  more here

7 Comments on The only winner of the GM bailout was Obama 2012

  1. And that was exactly the idea. It’s like fixing up your house with shoddy craftsmanship before you put it on the market because it only has to hold out until you sell it. After that? Oh, well. It’s someone else’s mess.

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  2. Same thing in Canada. The bail-out of GM and Chrysler back in December 2008 was at the behest of the Liberal and NDP parties against the minority Conservative government. The government said the bail-out would buy 10 years of time. Now, there is much wailing and gnashing of teeth as of last Monday with GM announcing the closing of the Oshawa plant for good. The 10 years are up.

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  3. A lot of people invested in subsidiary companies like Delphi lost big, too.
    Little was heard from MSM about that, though.

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  4. @CC: Yup. Union employees (i.e. Democrat voters) had their pensions protected. Non-union employees (Republican voters) got screwed. In a legal bankruptcy, All would have been treated equally.

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