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To: Steve Lokness who wrote (34130)	11/11/2012 10:28:19 AM
From: Paul Smith	4 Recommendations Read Replies (2) \| Respond to of 85487

rehashing over the auto bankruptcy When those on the Left make inaccurate statements about what Obama did in the past, it is good to correct the misunderstanding or misrepresentation of history. In the echo chamber, Leftists can lie to each other about a past that never happened but not here.

To: Steve Lokness who wrote (34130)	11/12/2012 1:55:24 AM
From: i-node	3 Recommendations Read Replies (1) \| Respond to of 85487

>> . I mean my gawd, what does rehashing over the auto bankruptcy have to do with anything of relevance going forward? The mishandling of the bankruptcy by Obama is an item of continuing significance. By allowing it to come out of Chapter 11 without killing the union contracts, this is assured. Had a different approach been taken, the union contracts would have been undone, which would give the company a fighting chance at survival. Furthermore, by hold a gun to the heads of lenders, they guaranteed that the ONLY ready source of capital for the company next time around will be the federal government. You'd have to be an idiot to lend money to GM only to have the rug jerked out from you again if the collapse comes while another leftwinger is at the helm (the rationale would be "it worked last time, let's just do the same thing). And finally, the federal government is stuck owning equity capital in a major US corporation -- a position it should never have gotten itself into. What Romney suggested in his op-ed was the correct approach -- guarantee the debt. Investors would have lined up to advance money to GM, as it would be tantamount to US Government securities bearing corporate coupon rates. The entire thing was incompetently handled in an effort to insure the unions got their payoffs. And those payoffs were crucial in Obama's reelection effort, as it turned out.