Obama: Bailout any industry like we did the auto industry | Eastern NC Now

    Publisher's Note: This article originally appeared in the Beaufort Observer.

Obama has done it yet again. Put his foot in his mouth that is.

    This time it is that he is proposing that the taxpayers bailout any industry the way it did the auto industry.

    Yet just this week we learned from emails that got put out during the debate about the auto industry bailouts that the Obama Administration played favorites with who got the benefits and who got the shaft. Obviously the investors in GM and Chrysler's bonds got the shaft. And many workers who were not union workers lost their pension, deliberately as a result of decisions made by Tim Geithner and the Treasury Department.

    But most of all the taxpayers got the shaft. Obama claims otherwise but the value of GM's stock owned by the taxpayers has continued to fall as GM profits have declined and there is not end in sight to the depressed stock values.

    Now Team Obama has already begun to try to walk back Obama's bragging about the success of the auto industry bailout. He was talking off teleprompter. The Politico is reporting that they are already saying he was misinterpreted, that what he was "really" saying was that he has confidence in American manufacturing, or some such.

    This is getting old.

    Listen for yourself: