{"id":30865,"date":"2008-11-11T01:01:01","date_gmt":"2011-05-19T03:10:03","guid":{"rendered":""},"modified":"2011-05-19T03:10:03","modified_gmt":"2011-05-19T03:10:03","slug":"the_obama_recession_capitalism_to_be_removed_from_auto_industry","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/11\/the_obama_recession_capitalism_to_be_removed_from_auto_industry\/","title":{"rendered":"The Obama Recession: Capitalism to be Removed from Auto Industry"},"content":{"rendered":"
\n

RUSH: ‘Auto Makers Force Bailout Issue — The auto-industry crisis is forcing a broader debate over how far the government should go to prop up ailing industries, as the Bush administration resists Democrats\u2019 request to use part of the $700 billion financial-rescue fund to aid Detroit\u2019s three struggling car makers. House Speaker Nancy Pelosi of California and Senate Majority Leader Harry Reid of Nevada, in a letter Saturday, formally requested that Treasury Secretary Henry Paulson consider giving ‘temporary assistance to the auto industry\u2019 using money originally appropriated to shore up the banking system. The Democratic lawmakers said federal aid should come,\u2019 get this, ‘with ‘strong conditions,\u2019 such as requirements that car makers build more fuel-efficient vehicles, and equity stakes for the government so taxpayers could profit if the companies recover.\u2019 <\/p>\n

(snorts) Do I need to translate this? Reid and Pelosi are saying to the Big Three, ‘You let us have financial stake in the companies. You let us design the cars. You have gotta make more fuel-efficient cars!\u2019 This is what, in part — it\u2019s not the sole reason but this is what in part — has led the Big Three to the problems that they have. Do you know that their businesses around the world are thriving, General Motors and Ford? I\u2019m not sure about Chrysler. I think it\u2019s true for them, too. In China… The favorite car in China is a Buick. In Europe, they make all kinds of General Motors and Ford cars, and people buy \u2019em left and right. One of the reasons is that there aren\u2019t as many restrictions on mileage and CAFE standards and all this other gobbledygook that people who have no idea about building cars and designing them have forced on the domestic production of US automobiles. <\/p>\n

It seems like such a long time ago, but remember when the phrase was, ‘As goes GM, so goes the country\u2019? Whatever happened to that? What happened to that is that there\u2019s no more capitalism in the auto industry. Now it\u2019s, ‘As goes the US government, so goes GM,\u2019 and Ford, Chrysler and so forth. These auto manufacturers and CEOs are in dire straits, and here come Pelosi and Obama pressuring Bush. ‘All right, we want stakes. We want ownership! And you better get in gear. You better get in gear making cars we say you ought to make.\u2019 How many of you want to buy a Nancy Pelosi-designed car? How many of you would hire Harry Reid to design a car you wanted to build? Get serious out here, ladies and gentlemen. But here is the thing, besides all that, that is the most offensive. <\/p>\n

Reid and Pelosi said they want ‘equity stakes for the government so taxpayers could profit if the companies recover.\u2019 Now, that just insults my intelligence. When they talk about money coming into the government from a situation like this, all of a sudden it\u2019s ours. In the normal ebb and flow of Washington day, no money is ours. It\u2019s all Washington\u2019s, and as I said yesterday, they then start calculating what the government ‘cost\u2019 of every rule in the tax code is. ‘What\u2019s the cost to us, the government, for the mortgage interest deduction? What\u2019s the cost to us of having 401(k)s? What\u2019s the cost to us of allowing people to have their health care benefits not called income and therefore not taxable?\u2019 Government looks at every dollar in this country as its own, and they look at the cost to the government of what your income is, what your taxes are, and so forth and so on. <\/p>\n

But now, now all of a sudden if they invest in General Motors and Ford — and if General Motors and Ford show a profit, and are able to pay back some of the loan — why, you and I, folks, we\u2019re going to benefit. Which is a crock! Taxpayers would profit? Let me ask you a question. Let\u2019s say they bail out General Motors and Ford. General Motors and Ford, like Chrysler of Lee Iacocca fame, happen to turn it around and repay the loans all back to the federal government. And then let\u2019s assume that the federal government does relinquish its stake in the auto companies (don\u2019t count on that, but let\u2019s just hypothetically say they do) and all of this profit starts coming back. A great investment the government made in the Big Three!<\/p>\n

Is your paycheck going to get any bigger? No! You\u2019re not going to see a dime of it. ‘But, Rush! But, Rush! The Treasury would swell; income would roll in.\u2019 Right, and what\u2019s going to happen to that money? We\u2019re going to be so far in debt, it\u2019s just going to be debt service. There\u2019s not going to be any profit, folks. The government doesn\u2019t know how to create profit. The government only knows debt. The government only knows limitless spending and debt. They do not know profit. All they know is how to tax profit. All they know is how to punish profit. All they know is how to set up obstacles in the way of profit. This notion that we, the taxpayers, might profit if the government bails out the Big Three and that somehow we\u2019re supposed to go along with this on that basis, insults my intelligence. <\/p>\n

But, hell, it\u2019s over anyway, because the Big Three auto CEOs are on their hands and knees, and they\u2019re saying, ‘Not only will we build more fuel efficient cars — not only will we do that — we will agree to limit CEO pay.\u2019 The CEOs of the Big Three have agreed. They\u2019ve really, literally bent over, grabbed the ankles, and said, ‘Okay, you give us the bailout and we\u2019ll go along limiting executive pay in the auto industry.\u2019 That\u2019s how desperate they are to get the goods. I remember when the focus in this country used to be on the private sector. In the good old days, what was good for GM was good for America. Now we\u2019re told, ‘What\u2019s good according to the Treasury Secretary is good for America.\u2019 The singular focus on Washington is the problem. <\/p>\n

Do you know the market is down 267? The Obama recession continues, and why is this happening? ‘Cause there\u2019s no stability! The markets are frozen waiting for Paulson to say something. The Treasury Secretary has all the power here. The markets are frozen because they really don\u2019t know how fast Obama is gonna embark on his own destruction of the US economy, via his tax increases. There is so much government interference, there is so much government control, there is no incentive to plan for next week if you\u2019re one of these businesses — unless you\u2019re desperately trying to stay alive by asking the government for a bailout, then you\u2019re trying to get it next week. But there is no incentive to plan for much, the next five years out. We have a situation where the federal government is Daddy and all these corporate entities are now Junior, and Daddy is trying to figure out what Junior\u2019s allowance is going to be, or if he is going to be given enough of an allowance to go buy the car. <\/p>\n

Meanwhile, Junior has no clue what\u2019s coming his way, so he can\u2019t go buy the car. He can\u2019t go borrow it, can\u2019t rent it, can\u2019t do whatever. So Junior is sitting around waiting for Daddy to make up his mind, and Dad is sitting there getting drunk every night with all the money he\u2019s got, trying to figure out where it\u2019s going to go. And you got Obama calling him every night saying, ‘This is where I want the money to go. This is where I want you to send it, and I want you to do it before I\u2019m inaugurated.\u2019 So think of yourselves as Junior; think of the government as Daddy; and you\u2019re sitting around and you\u2019re begging for an allowance. Your allowance could be to pay your mortgage or to give you a house or to fill your gas tank. We have Veterans Day. Maybe we can find a day to salute those in the private sector who used to be leaders in America\u2019s pursuit of happiness. I\u2019m serious. We need to seriously consider establishing Capitalism Day so that we never forget what it was.<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: ‘Auto Makers Force Bailout Issue — The auto-industry crisis is forcing a broader debate over how far the government should go to prop up ailing industries, as the Bush administration resists Democrats\u2019 request to use part of the $700 billion financial-rescue fund to aid Detroit\u2019s three struggling car makers. House Speaker Nancy Pelosi of […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-30865","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Obama Recession: Capitalism to be Removed from Auto Industry - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2008\/11\/11\/the_obama_recession_capitalism_to_be_removed_from_auto_industry\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Obama Recession: Capitalism to be Removed from Auto Industry - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: ‘Auto Makers Force Bailout Issue — The auto-industry crisis is forcing a broader debate over how far the government should go to prop up ailing industries, as the Bush administration resists Democrats\u2019 request to use part of the $700 billion financial-rescue fund to aid Detroit\u2019s three struggling car makers. 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