“All auto manufacturing in the US combined employs only 700,000 people. Saving GM and Chrysler saved 1 million out of 700,000? Must be another lesson in what Obama called ‘Clinton arithmetic.’ … Nor would GM have ceased to exist (Biden: ‘If the president didnÂ’t act immediately, there wouldnÂ’t be an industry left to save’). Had it gone through an ordinary bankruptcy; it simply would have restructured and shed more of the union obligations that are a hazard to its long-term health. And far from thriving, GM (‘on top of the world’ — Biden) is about to fall into third place and its stock has been about as attractive as GrouponÂ’s. Taxpayers got the sticker shock of $25 billion. And for that they didnÂ’t even send you a Malibu. … So why did the crowd cheer? The answer was written on a bus parked outside the arena.
