Giving Facts a Chance
It’s harder to stay within the word limit when dealing with facts, but I’ll try to do that in this partial rebuttal to the Oct. 24 letter from Karl Killingstad, which was utterly devoid of facts.
In trying to prove that President Obama “has demonstrated loyalty for world socialism” (cringe), he says that the federal government purchased Chrysler and General Motors. The fact is that Obama braved the political storm to avert certain disaster for Detroit and the American economy. Had the administration allowed the auto giants to go under, it would have triggered a collapse of parts suppliers and dealerships nationwide, creating collateral damage that probably would have caused Ford to go bankrupt. Additionally, more than a million jobs would have been lost.
Rather than bail out the industry with condition-free cash as Bush had done, he used the government’s leverage to set them on a more competitive course. We bought a 61 percent stake in GM, ousted its CEO, forced both bondholders and the UAW to make concessions and steered the company through bankruptcy in a short time. The government invested $8 billion in Chrysler to enable its sale to Fiat.
Rather than criticizing these actions, we ought to be celebrating the fact that GM is profitable and preparing to go public in an IPO that could allow the government to recoup its $60 billion investment. Ford is beating out Japanese rivals on the quality front, and Chrysler is turning the corner.
I could go on to counter the ridiculous assertions on college loans and all the other statements on protecting union membership to glean votes for Democrats, but as I said, it takes words to lay out the facts. Would that many of the whiners who write in would give it a try.
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