Shooting fish in a barrel
Finding media bias that favors President Obama is so old hat and so easy as to almost make the entire exercise pointless. Man remains the only creature capable of deceiving himself and media man is not only capable of deceiving himself, but others. Something about how misery loves company, I suppose.
None-the-less, here are a couple of observations just so I stay in practice.
On one hand you have Paul Gregory at Forbes who lays out a brilliant case against Obama-speak (“I saved GM from bankruptcy”) and Clinton-speak (‘He saved the entire U.S. auto industry’) while also making the point our imperial president chose to patronize his political allies, practice crony capitalism, and ignore the law and past practice with the Administration’s political solution to GM and Chrysler’s non-competitiveness. The efficacy of the political solution at GM, at least, is crumbling, while Chrysler—at least Fiat now owns most of it—had no where to go but up (although their 2011 sales were below their 2008 mark).
And as far as the crumbling goes, even GM is chaffing at the Administration’s foolishness. In fact, GM now wants to take repurchase stock from the taxpayer funded rescue. The problem is the government won’t let them do it:
At GM’s Friday [14 September 2012] share price of $24.14, the U.S. would lose about $15 billion on the GM bailout if it sold its entire stake. While GM stock would need to reach $53 a share for the U.S. to break even, Treasury officials would consider selling at a price in the $30s, people familiar with the government’s thinking have said.
There is also a political calculus. A deal at this time could be fraught for the Obama administration, which has maintained that the bailout saved hundreds of thousands of jobs at a critical time for the U.S. economy and was a win-win for business and taxpayers alike. Huge losses on taxpayer investment in the auto maker’s stock could tarnish the administration’s overall record in recovering crisis-era bailout money.
On the other hand you have a pro-Obama/anti-Romney article steeped in regurgitative media bias, A Desperate, Deceptive Gambit for Romney in Ohio, which appears in the New Republic (I’m shocked, shocked!).
It’s fair to say that they [‘thousands and thousands’ of Ohioans] owe their jobs to President Obama, who in 2009 rescued Chrysler and General Motors from likely liquidation.
Liquidation, as the author fails to notice, is the normal process of an asset being sold to settle an obligation. He additionally fails to understand the sold assets are then used by another entity.
The NR author is so in the tank for Obama (if you couldn’t tell from the headline), he later feels compelled to add in some faux-objectiveness:
Did Romney intend to mislead Ohio voters [regarding Chrysler building a Jeep plant in China, the “desperate, deceptive gambit”]? I was prepared to give him the benefit of the doubt. Presidential campaigns are chaotic, particularly in their final weeks.
Of course he isn’t prepared to give Mitt Romney the benefit of the doubt; it’s just a set-up and giving Romney such benefit would confuse his readers, his instincts, and his storyline.
Instead, the definitive New Republic assertion is Mitt Romney is desperate and deceptive while Dear Reader saved jobs. Lots and lots of jobs. Hundreds of thousands of jobs:
…as Chrysler and GM were on the brink of true collapse, the Obama Administration stepped in with federal loans and a managed bankruptcy. Almost immediately, the automobile manufacturing sector started growing again. Since July, 2009, the workforce has risen by about 150,000 jobs and that’s purely in vehicle manufacturing. If you include parts and other related jobs, it’s 250,000.
A managed bankruptcy is a nice way of saying a politically managed bankruptcy. Then the author uses a graph featuring a super-shallow “V” of automotive jobs as evidence of the Obama automotive “recovery.” But moreover, as Mr. Gregory points out, the entire effort is but another example of Clinton-speak:
Bill Clinton’s Charlotte boast of “250,000 more people working in the auto industry” refers to new automotive jobs at Honda, Toyota, Volkswagen, Mitsubishi, Ford, and assorted trailer, camper, and jeep operations in America – not at the “new” GM.
And meanwhile back in Ohio (emphasis in the Gregory original)?
In March of 2008, GM employed 12,300 Ohioans. Today, GM employs 9,533, for a loss of 2,767 jobs — equal the average GM job loss in U.S. operations. A structured bankruptcy would have yielded a similar jobs result, but a competitive GM. There would be about 10,000 GM jobs in Ohio today with or without Obama “Saving GM.”
While it’s useful to re-confirm that the left lives in denial land, things that can’t continue forever—like a Soviet-style command-directed economy—won’t.