a predictable disaster!

Jonathan Cohn (The New Republic): The federal government’s rescue of Chrysler and General Motors was highly unpopular at the time … most experts on the right and quite a few on the left predicted it would end badly. As the argument went, the companies were in a hopeless situation …. if the government got involved, surely it’d mess things up.

But the news out of Detroit has been good for a while. And it just got even better. From the New York Times:

General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said Thursday that it earned $4.7 billion in 2010, the most in more than a decade ….. It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a streak of losses totaling about $90 billion …. In addition, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most in the company’s history ….

….the usual caveats apply: The two companies could still stumble …. Still, it looks increasingly like the rescue of the auto industry was an overall success, saving hundreds of thousands (if not millions) of jobs and bolstering the country’s manufacturing base for years (if not decades) to come. Maybe it’s time to start giving President Obama some credit for it – and recognizing that, when properly managed, the federal government can do a lot of good.

Full article here

Steve Benen (Washington Monthly): Nearly two years ago, NBC News established a tough benchmark: “As the GM bailout goes, so goes the Obama presidency.” I don’t imagine White House officials mind that standard at all.

What I find amazing about this … is that Republicans still consider this a failure – it was, for example, a common area of complaint at CPAC a few weeks ago. As far as the right is concerned, the Obama administration’s rescue of the American automotive industry wasn’t just wrong, it was one of the president’s most dreadful mistakes. Confront conservatives with reports like the latest from GM, and the response tends to be that the success of the policy doesn’t change anything.

The thesis about the right valuing ideology over practical results needs no better example ….Conservative activists got this wrong, and so did their Republican friends in Congress, many of whom literally predicted “disaster.”

These same folks are now insisting the economy will improve just as soon as the House GOP plan – take money out of the economy, lay off hundreds of thousands of American workers – is approved. Given their track record, perhaps now’s a good time to question their credibility.

Full article here


Here are two more experts forecasting failure:

(The first guy in the video is Peter Morici whose latest media contribution is an article entitled ‘In Wisconsin, the governor is right, Obama is wrong’ – and Morici sure knows about getting it wrong. The second guy, Carl Horowitz, is from the National Legal and Policy Center which, like lots of conservative groups, is funded by billionaire right-winger Richard Mellon Scaife – see here)

Meanwhile, let’s look back:

Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?” [6/1/09]

Sen. Jim DeMint (R-SC): “Now the government has forced taxpayers to buy these failing companies without any plausible plan for profitability. Does anyone think the same government that plans to double the national debt in five years will turn GM around in the same time?” [6/2/09]

Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.” [7/22/09]

As soon as I find a video showing all these fools admitting they got it hopelessly wrong and apologizing to the President, I’ll post it – promise. 😉

9 Responses to “a predictable disaster!”

  1. 1 Fred
    February 25, 2011 at 1:00 pm

    thanks for this Chip 😀

    would be best to ask those who wrote those articles to confront those stupid Senators and tell them once and for once they are WRONG 😡

  2. 2 sherijr
    February 25, 2011 at 1:07 pm

    Some of us have been giving credit where it was due all along… some of us aren’t making $$$ off of writing scathing crap about POTUS everyday.. or saying ignorant bs on teevee about POTUS as a way to be famous.. and oh yeah- make $$$.

    The one thing that ticks me off no end is the Media in this country- fools every last one of them, and as soon as Americans figure out they’re being played 90% of the time by these fools- we may finally get to a point of forcing our media to actually become Journalists and reporters instead of pretty pundits.

    okay rant off..

    Happy friday Chipsticks and all.. 🙂

    • 3 Sue in Minnesota
      February 25, 2011 at 4:22 pm

      I agree….the MSM is a true source of anguish for me. I think it’s influence on the health of our Democracy can not be
      overstated. Our political reporting in particular is manipulated, drama soaked, overly opinionated and partisan.

      The corporate media has every opportunity because of their size, reach and riches to course correct and truly produce news products that have integrity, yet they stubbornly make market share their highest priority. Profit is their true master, not unfortunately, journalistic integrity. I think they are headed for a cliff….if they go over the edge, I will be neither surprised nor saddened.

      It feels like an abusive relationship to me, I am dependent and its toxic.

      • 4 sherijr
        February 25, 2011 at 4:37 pm

        Absolutely agree with you Sue.. spot on. I gave up all teevee two years ago with the elections, I just couldn’t stomach the lies anymore… and frankly I am far more aware and enlightened by getting my news online from selective factual sites than ever before in my life. And I’m not angry all the time, lol! Plus no cable- less bills.. see, all pluses!.

  3. 5 Sonjia Duncan
    February 25, 2011 at 1:10 pm

    Good News should be bursting out all over the airwaves. Could anyone tell me what station I can go to and hear some good news. As the VPB would say this is a BFD.

  4. 6 Sonjia Duncan
    February 25, 2011 at 1:57 pm

    I found this resource on OFA during this week. Newspapers email addresses just look up your state, city or country.

  5. 8 barb
    February 25, 2011 at 8:17 pm

    I can’t understand how people can be so greedy that distorting the truth is their first priority even if it hurts our country. Who raised these fools. I hope the media looses viewers and the sooner the better. I guess not everyone has a computer.

    I have two very good friends I’ve know all my life who live out of town who refuse to get a commputer. I tell them we could be in contact every day and all the benefits but they are stubborn. I am stubborn also because I never use snail mail. It’s 😦

  6. 9 Fred
    February 26, 2011 at 3:59 am

    Republicans are absolutely right when they say and believe to their core that Gov’t IS the problem. The part they will never be able to accept is that it is only when it’s a Republican Gov’t!

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