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We Almost Lost Detroit (How the auto bailout became one of Obama’s best talking points)

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 08:28 PM
Original message
We Almost Lost Detroit (How the auto bailout became one of Obama’s best talking points)

http://www.tnr.com/article/politics/76693/detroit-auto-...

E.J. Dionne Jr. August 2, 2010

Washington—Who could have imagined that the bailout of the auto industry, one of the single most unpopular moves by the Obama administration, would become one of its best talking points?

But don't for an instant imagine that the comeback of the nation's rescued car companies, particularly General Motors, will change the way we debate government's role in the economy. When it comes to almost anything the government does, ideology trumps facts, slogans trump reality, and loaded words ("socialism") trump data.

Let there be no mistake: rescuing GM and Chrysler took political courage, and I want to put in a good word not only for President Obama but also for George W. Bush.

True, Bush's electoral career was over in December 2008, when he extended $17.4 billion of TARP money to keep the companies alive long enough to give Obama a chance to act. Still, it took guts for Bush to decide not to "leave the next president to confront the demise of a major American industry in his first days of office."

Yet it was Obama who put in the bulk of the cash—in all, Bush's input had grown to $25 billion before he left office while Obama put up an additional $60 billion—and created the tough restructuring plan.

Both presidents faced broad public resistance. A CNN Poll in December 2008 found that 61 percent of Americans opposed the bailout; only 36 percent supported it. When Obama acted two months later, a Gallup Poll found 72 percent opposing the additional money for the auto companies and only 25 percent in favor.

FULL story at link.

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BeatleBoot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 08:40 PM
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1. I would call that courage on President Obama's part
and intelligence.

Doing what is not popular is called leadership.




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JuniperLea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 08:40 PM
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2. You know, Bush fucked us up so badly...
We would have been uber screwed had Obama done nothing at all.

I'm sorry, I can't bring myself to giving Bush any credit for this at all... I'm sure he didn't understand it at all, and that it was others who pushed him to do it.

Still, I'm glad the light is finally getting bright on this subject, and I hope people "get it" now.

K&R... and I cannot believe there were unrecs! Jeebus!
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 08:45 PM
Response to Reply #2
3. It's stunning isn't it
We apparently have to give credit to Bush for withdrawing from Iraq. Now we have to give Bush credit for TARP and saving the auto industry.

By 2012, people will be wanting to vote for him for President again.

:banghead:
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JuniperLea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 09:20 PM
Response to Reply #3
4. I am literally stunned!
Edited on Mon Aug-02-10 09:21 PM by JuniperLea
I can't close my mouth... amazing...

Edited to say I can't stop shaking my head either...
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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 09:23 PM
Response to Reply #3
5. So should we just pretend Bush didn't do those things?
I'm not sure I understand this line of reasoning.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 09:52 PM
Response to Reply #5
6. He Didn't
He fucked up Iraq beyond all belief and was forced to make changes.

He fucked up the economy beyond all belief and was forced to make changes. John McCain had to rush back to Washington and then there was a meeting where Obama took charge, remember?

When you force a bank robber to make restitution, does he get credit for salvaging the security of the bank?

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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-02-10 10:05 PM
Response to Reply #6
7. I'll certainly admit the robber made restitution if he did
He fucked up Iraq beyond all belief and was forced to make changes.

We agree. Except then you say he didn't "actually" make the changes, I suppose because his heart wasn't pure?
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Scurrilous Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-03-10 01:57 AM
Response to Original message
8. K & R
:thumbsup:
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