Ok, so one of the central themes/talking points was that Obama saved the auto industry. False. Obama circumvented the rule of law, and took the law into his own hands to save a large segment of his voting class, the UAW.
http://www.boortz.com/weblogs/nealz-nuz ... y-bolshoi/
This puts it pretty well.
First of all, just assuming for a moment that GM would have gone under. That is not even a very accurate conclusion from the situation at hand, but just for a moment assume that was the result of their troubles. This WOULD NOT have been a death sentence for the auto industry. In fact, it may have been just what the industry needed to get an underproducing, failing competitor out of the marketplace, making room for more efficient, and more market sensitive competitors. Thats one thing that is so marvelous about capitalism, markets are not beholden or dependant on one central entity. The industry may have lulled a bit as the competition worked overtime to fill the void left by GM, employees of GM would have been out of a job, but many would have been absorbed by the demand vacuum of the other players on the board.
Ok, so more realistically, GM would have sought protection under normal Chapter 11 Bankruptcy law, and would have survived the ordeal. This would have given them the ability to renegotiate labor contracts though, and we can't have that. Maybe $70 an hour compensation level are a big part of the problem, but no we can't do anything about that. So we'll just throw the law books down on the bottom shelf and ignore them. We'll do anything and everything to be sure our unions are appeased.
No Obama did not save the auto industry, in fact history may well show that he set it back even further by undue government manipulation. I do not mark this in any way as a win for Mr. POTUS.