Terrific! Rick Wagoner out; Labor Secretary Hilda Solis to help direct GM’s “recovery”
Posted by danishova on March 30, 2009
Behold the Orwellian closing paragraph of a characteristically deceptive work of propaganda and political opportunism from our Teleprompter President:
DIRECTOR OF RECOVERY
I am designating a new Director of Recovery for Auto Communities and Workers to cut through red tape and ensure that the full resources of our federal government are leveraged to assist the workers, communities, and regions that rely on our auto industry.
Edward Montgomery, a former Deputy Labour Secretary, has agreed to serve in this role. Together with Labour Secretary Solis and my Auto Task Force, Ed will help provide support to auto workers and their families, and open up opportunity in manufacturing communities. Michigan, Ohio, Indiana, and every other state that relies on the auto industry will have a strong advocate in Ed.
Yep, there’s nothing like the Bureaucrat-in-Chief from Central Planning bragging about how he plans to cut through the red tape, as he plans to create miles and miles of it with the assistance of Labor Union activists and a warranty program supported by… the 100% red tape-free TARP program:
The plan calls for the creation of cash accounts that would equal 125% of the projected costs of paying claims related to warranties on each new vehicle sold by General Motors (GM) and Chrysler while they are in the midst of a government- led restructuring.
The U.S. Treasury will contribute 110% of the cash required for the accounts while the automakers contribute the remaining 15%. A special purpose company holding the funds would be run separately from the automakers, allowing it "to continue paying warranty claims even if the auto manufacturer goes into bankruptcy or goes out of business."…
—Treasury will support the program through its Troubled Asset Relief Program, a $700 billion dollar financial industry rescue effort that is estimated to hold $ 135 billion in remaining funds.
Details of how they plan to “open up opportunity in manufacturing communities” are no doubt pending, although we do know that he will “work with Congress to identify parts of the Recovery Act that could be trimmed to fund such a program, and make it retroactive starting today.” Gee, there was absolutely no way that Congress could have “trimmed” the “emergency” Porkulus Bill earlier, but a new crisis presents a new opportunity. Of course my definition of “trim” and Barack’s definition are quite different; in Obama’s lexicon “trim” means “transfer”, while my dictionary defines it as “cut”.
I’ll get with the program eventually. All I need is a few decades at Camp Obama and gallons of Obama’s Kool Aid.