Bailouts

Sometimes you read the most interesting things in those supposedly boring trade publications.

One such item of interest comes from an article in Manufacturing News (HT to an emailer) written by Richard A. McCormack which is primarily about the Mainland China's designs on the worldwide auto parts industry, including the U.S. Some of the larger American unions are demanding that the administration and Congress take action on what they see as unfair trade practices. One sentence is indicative of a more pervasive problem, and it directly contradicts what the establishment press has been telling Americans for months. It's of particular concern to all Americans because the U.S. government still owns over 25% of General Motors, and reads as follows: "China has told GM that it will not be able to sell its Volt electric vehicle in China unless GM transfers technology to China and produces the vehicle there."

In a panel discussion on Wednesday's NBC Today, committed liberal and advertising executive Donny Deutsch denounced critics of Chrysler's Super Bowl ad: "Republicans should be quiet because by saying this is a Barack ad, you're saying this is America the beautiful, America is on its way back....They're looking like fools."

Moments later, Deutsch admitted the ad touted an Obama accomplishment: "And by the way, Barack did make the move to save the auto industry. Like him or not, that's a fact." Earlier in the discussion, attorney Star Jones expressed the same sentiment: "The truth hurts. I mean, if, in fact, the country is coming back and it benefits this administration, then they reap that benefit."

Despite Clint Eastwood's pronouncement Monday that he is "certainly not politically affiliated with Mr. Obama," the President's fans in the media are doing a victory lap over Super Bowl Sunday's Chrysler commercial featuring the Oscar-winning actor and filmmaker.

So excited by this ad was MSNBC's Ed Schultz Monday that he disgustingly asked his audience, "Will voters hold Republicans accountable for trying to kill the American auto industry?" (video follows with commentary):

On Tuesday, Ken Thomas of the Associated Press covered President Barack Obama's appearance at the Washington Auto Show and allowed Obama's criticism of Mitt Romney as being among those "willing to let this industry die" to stand, ignoring known history in the process.

Obama's statement marks him as a true ingrate, because for better or worse (my opinion: worse; your mileage, so to speak, may vary) Mitt Romney, after warning of the dangers of bailing out General Motors and Chrysler, shifted gears four months later and vigorously defended the President when the administration orchestrated a boardroom coup at GM which included the forced resignation of CEO Rick Wagoner. This was the point at which it became clear that Obama wanted the government to control what happened at GM until it either recovered or was forced into what most were already seeing as an inevitable bankruptcy filing. In a CNN interview the day the news broke, Romney complimented Obama for demonstrating "backbone." What follows are five paragraphs from Thomas's piece, a screen shot of the article CNN posted that day, and a transcript of the relevant portion of Romney's March 31, 2009 interview:

In today's "How Can Someone So Dumb Have His Own Nationally Televised Show" segment, HBO's Bill Maher said Friday the federal debt has only increased by $1.5 trillion since Barack Obama took office (video follows with transcribed highlights and commentary):

On Friday, the White House engaged in its customary document dump, mostly secure in the knowledge that a lazy establishment press would, as usual, pay it little heed and then declare it to be old news by Monday morning.

Ed Morrissey at Hot Air identified the significance of documents relating to now-bankupt Solyndra, the California-based solar panel manufacturer which borrowed $535 million through the Department of Energy. Read the whole thing, of course, but for brevity's sake I'll present the accurate timeline Ed presented:

As NewsBusters reported Sunday, Newsweek's most recent cover astonishingly asked, "Why Are Obama's Critics So Dumb?"

This critic of the President analyzed the contents of so-called conservative Andrew Sullivan's piece and has come to the conclusion that it is he and the unashamedly liberal magazine he writes for that are lacking in intellectual capacity and/or integrity.

All one needs is read the following from Sullivan's third paragraph to understand the absurdity on display:

UPDATE: James Pethokoukis at the American Enterprise Institute's blog has more, including the possibility that the original story misidentified "Bain Consulting," as well as a theory as to the story's original source.

It looks like someone ran with something they thought was too good to check.

A retraction described as a "Correction" currently on CNBC's web site tells readers: "A previous story incorrectly reported that Mitt Romney's former firm, Bain & Co., was part of a team of consulting companies that advised President Barack Obama on a decision to shutter car dealerships during the auto bailout. Bain & Co. said it has no connection to the "Bain Consulting" firm referenced in government documents." Several bloggers excerpted the original report, including Ed Morrissey at Hot Air. Some of what he captured follows:

George Will on Sunday marvelously told liberal economist Robert Reich something that many conservatives have been dying to say for years.

During a fascinating Right vs. Left debate on ABC's This Week, after Reich predictably pined for higher income tax rates to solve all that ails us, Will struck back with the line of the weekend, "You are a pyromaniac in a field of strawmen" (video follows with transcript and commentary):

There was an astonishingly revealing moment on Sunday's 60 Minutes when President Obama said, "Some of the most damaging behavior on Wall Street, in some cases, some of the least ethical behavior on Wall Street, wasn't illegal."

For what should be obvious reasons, CBS's Steve Kroft didn't bother asking his guest who created, voted for or signed the pieces of legislation that allowed this "damaging behavior on Wall Street" to be legal (video follows with transcript and commentary):

In an interview with former Vice President Dan Quayle on Thursday's NBC Today, co-host Matt Lauer pushed Quayle to admit that Mitt Romney was wrong to oppose Obama's auto bailout: "[He] said, 'You know what? Let Chrysler fail.'...There would have been thousands of jobs lost. Did he get it wrong? Did President Obama get it right by bailing out the auto industry?"
 
Quayle endorsed Romney on Tuesday, prompting Lauer to ask: "You've seen the polls, he's always between 20 and 25%. Conservatives have tried to find anybody to pass him....why is he the Rodney Dangerfield of the race, Mitt Romney, why doesn't he get any respect?" The headline on screen throughout the segment read: "Decision 2012; Dan Quayle on Volatile GOP Race."

Not that it took keen insight to catch it, but yours truly was one of a very few people who pointed out that General/Government Motors unduly dressed up its financial statements in advance of its late-2010 initial public offering by foisting an unreasonable level of vehicle inventory on dealers. The effect of this was to enable the company, which in accordance with general industry practice recognizes sales when it ships vehicles to dealers, to book an estimated $900 million in sent-ahead pre-tax profit largely not supported by dealer sales.

Contrary to the drawdown or at least level-off I expected after the IPO, GM, with of course virtually no establishment media coverage, has continued to push vehicles out to its dealers to what would appear to be potentially dangerous levels, as seen in the following graphic (HT to Zero Hedge for original):

For conservatives, one of the bright spots of the Occupy Wall Street protests was when millionaire investor Peter Schiff went down to Zuccotti Park with video camera and a sign reading "I Am The 1% - Let's Talk."

On Tuesday, I had the pleasure of speaking with Schiff by telephone in a sweeping interview about his experience at OWS, how the financial media are doing, and ending with his rather frightening view of the economy and the future of our nation (video follows with transcript):

Anyone who made the easy prediction that the Associated Press would fail to bring up Fannie Mae or Freddie Mac in its fawning tribute to Barney Frank after his retirement announcement yesterday was correct. Anyone making the easy prediction that the AP would lionize him as a "gay pioneer" was also spot-on.

Also predictably, the wire service's Bob Salsberg and David Espo failed to mention that Frank advocated abolishing Fan and Fred as a dishonest survival tactic during his final reelection campaign in 2010, and of course did nothing visible to make that happen this year. What's really odious in this regard is that the AP pair gave him credit (pun intended) for how he "worked to expand affordable housing," when the Community Reinvestment Act-driven subprime crisis Fan and Fred engendered has sent the housing market levels not seen since World War II. What follows are excerpts from the AP. After that I have a few contrary and clear-headed paragraphs from an Investor's Business Daily editorial, and a little reminder of a 1999 "Present" vote which should have generated controversy, but didn't:

MSNBC's Chris Matthews on Monday perfectly demonstrated that he is willing to contentiously debate issues with conservative guests without regard for the truth.

In the middle of a Hardball segment about the Democrat proposal to extend the payroll tax holiday, Matthews ignorantly accused the far more knowledgeable Ron Christie of "complicating" the discussion leading his guest to marvelously respond, "Of course, the facts get in the way of a good narrative" (video follows with transcript and commentary):

You knew this was coming.

Nobel laureate Paul Krugman - might he finally be realizing that our budget deficits can't possibly be solved by just eliminating the Bush tax cuts? - is now calling for marginal rates even higher than when Bill Clinton was in office:

The European Union might completely fall apart any day now as the countries in that region implode under their massive debt.

Despite this, CNN's Fareed Zakaria offered another America-hating love letter to the struggling continent Sunday actually claiming, "The American dream seems to be thriving in Europe not at home" (video follows with transcript and commentary):

As he accumulates his "Occupy Rap Sheet" over at BigJournalism.com, John Nolte has made some excellent points about the nature of the press's coverage which should not be missed. His incident count is up to 151. It will certainly grow based on more recent events which haven't yet made it to his compilation (this is just a sample): A $10 million arson arrest in Fort Collins, Colorado (really; HT The Other McCain); pushing a 78 year-old woman down a flight of stairs (she required a hospital visit); and a lack of basic safety so pervasive at Zuccotti park, the headquarters of the "movement, that "protesters put up (a) women-only tent to prevent sexual assaults."

Nolte's count is clearly an understatement of all that is actually happening. He also notes that the nature of the press's coverage serves to understate the disorder- and violence-based inclinations of the Occupiers (internal link is in original; bolds are mine):

On Wednesday's Early Show, CBS's Erica Hill downplayed the instances of violence and bigotry found at Occupy Wall Street protests as simply "the actions of a few," after GOP presidential candidate Newt Gingrich denounced the "frightening level of anti-Semitism in some of these gatherings." Hill questioned Gingrich over his supposedly "pretty outspoken words" about the left-leaning movement [audio clip available here; video available below the jump].

The anchor raised the demonstrations towards the end of her interview of the former House speaker, after Gingrich claimed that "people are pretty sick of the lack of civility...they watch Washington, they watch gridlock, [and] they watch a president who's more comfortable on [Jay] Leno than he is in trying to govern the country." Hill replied that "people, too, are fed up, as we know- we see a lot of this with the Occupy Wall Street protests. The latest CBS News/New York Times poll finds that 46% of Americans say that their views reflect a sentiment that most Americans share."

The New York Times today has a piece entitled:

Auto Bailout Done, Obama Looks for Payback 

Two problems - with just the headline.  Which the Times either ignorantly doesn’t know - or knows and willfully ignores. The auto bailout isn’t “done.”  

Tomorrow, the House Oversight and Government Reform Committee is meeting to consider a major postal reform plan. Postal unions across that nation have launched a national ad campaign against the reforms, and now the Oversight Committee has struck back with a video demonstrating that USPS requires reform if taxpayers are to avoid footing the bill for an eventual bailout.

Check out the video after the break, and let us know your thoughts in the comments.

Former House Speaker Newt Gingrich during Tuesday's Republican presidential debate once again went after one of his favorite targets - the media.

In response to a question about the Occupy Wall Street protests, Gingrich said, "Everybody in the media who wants to go after the business community ought to start by going after the politicians who have been at the heart of the sickness which is weakening this country (video follows with transcript and commentary, file photo):

Extremists in Guy Fawkes masks, Code Pinkers and "professional anarchists," have camped out in New York City to protest Wall Street, greed and the capitalist system. Through social media the first protest in New York's financial district has sparked copycat protests in more than a hundred cities. In a video posted on The Blaze, organizer Nelini Stamp made it clear that what she wants is "to change the capitalist system that we have today because it's not working for any of us." Moments later she said the conversation needed to begin about how "to reform and bring, you know, sort of revolutionary change to the States." She also labeled the OWS events part of a "new age radical movement."

Yet you're unlikely to hear about that from the liberal national news media, who have ignored the radical leftist underpinnings of the movement in nearly 9 out of 10 stories thus far.

Yesterday, in a different post about long-term unemployment, I wrote: "Of all the reality-denying aspects of Obama administration press coverage, the usually implicit but occasionally explicit assertion that he and his people are just helpless bystanders in an economic calamiity is easily among the most annoying."

Bloomberg's Mike Dorning triggered the annoyance meter today with an "analysis" contending that President Obama's move from being a "conciliator" (quoting an alleged "expert") to supporting "populist causes" and sympathizing with the anti-capitalist Occupy Wall Street assemblage "may provide some inoculation" against the continuing bad economy -- as if Obama, Nancy Pelosi, Harry Reid, and the their party bear no conceivable responsibility for current economic conditions. Here are the first seven paragraphs of Dorning's dreck (bolds and numbered tags are mine):

Chicago Mayor and former Obama chief of staff Rahm Emanuel went after GOP presidential contender Mitt Romney yesterday over the 2008-2009 state of the auto industry. Emanuel, as paraphrased by the Associated Press, believes that "had Republican candidate Mitt Romney been president the nation would no longer have an auto industry" -- though last time I checked, Ford Motor Company, which did not accept federal government bailout money, is still headquartered in Dearborn, Michigan, which is still in the USA.

In his coverage of Emanuel's comments, the Detroit News's Dave Shepardson -- who infamously and falsely claimed in February 2010 that Toyota executives "bragged" and "boasted" about saving money on safety recalls when Japanese culture deeply frowns on the practice to the point of shunning people who engage in it -- headlined Emanuel's "no industry" howler, and committed several factual errors. In addition, he missed a quite relevant and critical March 2009 episode of support from Romney -- for better or worse (readers can decide) -- when President Obama engineered the ouster of General Motors' CEO. Here are excerpts from Shepardson's shilling: