demonizing the rich

[low_delta]

When the US gov't bailed out GM and Chrysler, it also had to bail out its biggest supplier, Delphi. Delphi, its stock worth pennies, was owned by a hedge fund. The owners told the Treasury and GM to hand over $350 million immediately, “because if you don’t, we’ll shut you down.” This is extortion. Anybody want to talk about union thugs?

Romney has slammed the bailout as a payoff to the auto workers union, but once things got running again, the owners closed 25 of the 29 US plants. Delphi now had only 5000 US workers (none of them union), and over 100,000 overseas. In addition, the company was incorporated overseas and doesn't pay any taxes.

And then they terminated health insurance for nonunion pensioners. And then they terminated pension payments altogether. So the government had to take over the payments. But the government has limits on how much it can pay. So someone took out ads that blamed Obama for taking away their pensions.

And people think we demonize the rich. We don't. We demonize the demons. I'm not trying to make these people out to be monsters for making 400 times their original investments, they're monsters for extorting it from the taxpayers. And then firing tens of thousands of US workers. And blaming this on Obama. And calling it a union payoff, when no unions benefited, an it wasn't the unions that demanded the payout. And spending large sums on their profits on Romney's campaign.

Romney? He made millions directly from the Delphi bailout, as he invested money in the hedge fund that owned it.

It's a little more convoluted than this, but that's the basics.
http://www.thenation.com/article/170644/mitt-romneys-bailout-bonanza#

Comments

[mummm.livejournal.com]

It's sickening. *Oh please win Obama!!!*

[sirreal13.livejournal.com]

Well said!!!

[pondhopper.livejournal.com]

When I read that article it took me a while to understand but now that I do I can see how he's able to fool a lot of people who don't stop to really understand the convoluted mess. They're blaming Obama instead.

It make me feel sick.

[lonewolf2.livejournal.com]

For me, as a non-US citizen, the key message coming out of this article is a total lack of integrity on a scale exceeding ENRON.

How can the American Nation be so blind?

[low-delta.livejournal.com]

Only half the nation is so blind - whichever half that this kind of thing benefits. And even if part of that half doesn't like it, they don't say anything, because if the other side wins, it's even worse. And even if it's not worse, they have to have a sizable voice in their side. I could go on. But this is all assuming they can even see it in the first place. And I'm even considering willful blindness.

But the other problem is that most people have no idea this kind of thing is going on. It's hidden. First, someone has to do a lot of research to find this kind of thing. The mainstream media won't touch it. It's too convoluted, for one thing. They can't get it across in a three minute news story. Or even ten minutes. Even when people like Donna and me try to spread this story, it doesn't go far. And it only has a little influence on the average person, who doesn't take the time to understand it.

Now let's talk about this particular article and subject. I can look at it from a conservative perspective, and start shooting holes in parts of it, as far as saying that it's not so bad. One premise is that Romney is blasting Obama's auto industry bailout as a handout to the unions, even though Delphi fired all the union workers. Well, the heroic businessmen foiled Obama'a plan by firing all the unions! But regardless of the bailout, the owners sent tens of thousands of jobs overseas. The bailout would have failed if we'd continued paying union wages. A conservative could argue back and forth with me for quite a while. I still feel very strongly that there's some nasty stuff going on, but that position can be argued.

[rivendweller.livejournal.com]

Very good summary, Kevin.