After a delusional proclamation — General Motors “has come roaring back” — Obama said: “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.” We have been warned.
Obama’s supposed rescue of “the auto industry” — note the definite article,
“the” — is a pedal on the political organ he pumps energetically in Ohio,
Wisconsin, Michigan and elsewhere. Concerning which:
He intervened to succor one of two of the U.S. auto industries. One, located
in the South and elsewhere, does not have a long history of subservience to the
United Auto Workers and for that reason has not needed Obama’s ministrations. He
showered public money on two of three parts of the mostly Northern auto
industry, the one long entangled with the UAW. He socialized the losses of GM
and Chrysler. Ford was not a mendicant because it was not mismanaged.
Today, “I am GM, hear me roar” is again losing market share, and
its stock, of which taxpayers own 26 percent, was trading Thursday morning at
$21, below the $33 price our investor in chief paid for it and below the $53
price it would have to reach to enable taxpayers to recover the entire $49.5
billion bailout. Roaring GM’s growth is in China.