Economics Politics

Reminder – the Auto Bailout is Still a Bust

Somehow the Left has managed to manufacture a success where only failure resides when it comes to the auto bailout from early in the first Obama term. If you think back to the run up to the 2012 election, one of the false narratives President Obama and Vice President Joe Biden liked to lie about was the “success” of the auto bailout. They attacked Mitt Romney for his Wall Street Journal Op-ed where he correctly argued that Detroit should have gone through bankruptcy instead of being bailed out. Biden’s famous retort to Romney’s article was, “bin Laden is dead and General Motors is alive!” Oh, if it were just that simple, Mr. Vice President.

See, Joe Biden got it wrong. Which probably doesn’t surprise many of you.

How do we know that he was wrong and Romney was right? Well, other than the ongoing bankruptcy of Detroit, we have the open and honest report from a man who was right in the middle of the whole thing. Barney Frank. Now, normally I wouldn’t trust a word out of the man from Massachusetts mouth, but his honesty on the subject only hurts his team… and the research backs up his point.

Barney Frank, former Congressman (D-Massachusetts): “First of all, many of the banks didn’t want this money. It’s not that we did it for them. But secondly, the federal government made money on the advances to the banks. What cost us money was the automobile industry bailout. But we made money on the banks.” (Emphasis mine)

autobailoutDid we hear about this from our ever vigilante media? No. They covered for the President like they always do — they led the American people to believe that the auto bailout was a resounding success. The reality is that the bailout was a crutch for GM, allowing them to continue to conduct their business in a way that will eventually bring them to the brink of ruin again.

What I wouldn’t give for a fair and balanced media that called out government waste from both sides of the aisle.

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Onan Coca

Onan is the Editor-in-Chief at Liberty Alliance media group. He's also the managing editor at Eaglerising.com, Constitution.com and the managing partner at iPatriot.com. You can read more of his writing at Eagle Rising.
Onan is a graduate of Liberty University (2003) and earned his M.Ed. at Western Governors University in 2012. Onan lives in Atlanta with his wife and their three wonderful children.

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