OBAMA DOESN'T KNOW WHAT BANKRUPTCY IS

ROMNEY WANTED THEM TO GO THROUGH AND ORDERLY BANKRUPTCY AND THAT IF THEY DID THAT THEN THEY COULD GET GOVERNMENT GUARANTEES TO STAY OPEN UNTIL THEIR REORGANIZATION WAS COMPLETE.

BUT THAT WOULD HAVE MEANT THAT SHAREHOLDERS AND BONDHOLDERS AND DEALERSHIPS AND DELPHI AND THE UAW WOULD HAVE ALL HAD TO TAKE A HAIRCUT.

EXCERPT:

A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk. 

In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.

INSTEAD, USING A TAXPAYER "INVESTMENT" APPROACH, OBAMA JUMPED IN

• AND SCREWED THE SHAREHOLDERS 

• AND SCREWED THE BONDHOLDERS 

• AND SCREWED THE DEALERSHIPS 

• AND SCREWED DELPHI 

• AND HELPED THE UAW.

• AND HE FORGAVE GM THEIR BACK TAXES.

• AND THEY STILL OWE US $30 BILLION.

• AND THEY MAKE 70% OF THEIR CARS OVERSEAS.

ROMNEY'S PROPOSAL WOULD HAVE BEEN BETTER FOR THE TAXPAYERS AND FOR SHAREHOLDERS AND BONDHOLDERS AND DEALERSHIPS AND DELPHI.

NOT SO MUCH THE UAW.

AND BY THE WAY: THE UAW IS A BIG SUPPORTER OF OBAMA'S MACHINE.

AND THAT IS WHAT THE BAILOUT OF GM WAS REALLY ALL ABOUT. 

• IT WAS AS GOOD A DEAL FOR THE TAXPAYER AS SOLYNDRA WAS - AND THE REST OF THE GREEN ECONOMY INVESTMENTS WERE.

• IOW: IT WAS CROOKED FROM THE START.

OBAMA  - AND MADDOW - DON'T KNOW THAT "BANKRUPTCY" DOES NOT AUTOMATICALLY MEAN SHUTTING DOWN AND GOING OUT OF BUSINESS - THAT'S CHAPTER 7 LIQUIDATION; SOMETIMES IT MEANS REORGANIZING - AS IN CHAPTER 11.

IT'S OBVIOUS TO ANYONE WITH EVEN A LITTLE BIT OF BUSINESS EXPERIENCE THAT ROMNEY'S OP-ED WAS ABOUT CHAPTER 11, NOT 7 - AND THAT HE DID SEE A CONSTRUCTIVE ROLE FOR THE FEDERAL GOVERNMENT -

ONE THAT WOULD HAVE BEEN CONSISTENT WITH LONGSTANDING BANKRUPTCY LAW AND THE NEEDS OF THE TAXPAYERS.

OBAMA AND MADDOW EITHER DON'T KNOW THE DISTINCTION BETWEEN CHAPTER 7 AND 11, OR THEY THINK THEY CAN HOODWINK THE PUBLIC.

BOTTOM-LINE: OBAMA IS THE MOST CORRUPT AND DECEITFUL PERSON EVER TO HOLD HIGH OFFICE IN THE USA.

NOTE:

OBAMA LIED ABOUT THIS TO MITT'S FACE AND ON TV IN FRONT OF 60 MILLION PEOPLE.

THIS PROVES WHAT A TOTAL LOWLIFE PIECE OF IMMORAL CRAP HE IS.