I'm going out on a limb here and guessing you missed most of this if you only watch the mainstream media:
Washington rushes to nationalize the auto industry with $80 billion of your money.
President Barack Obama wants the UAW vote, so to make sure the union's costly pension funds are preserved (and thus their votes), his auto team of self-admitted "know nothings about the auto industry" cherry picked which obligations the new Government Motors would assume and which they would not.
Thus, the 20,000 non-union pensioners at Delphi get the shaft by Treasury Secretary Tim Geithner, losing all their health and life insurance benefits. Of course, the UAW pensions are saved using GM and TARP money.
While Obama lambastes GOP rival Mitt Romney for outsourcing, Government Motors now is planning to invest $1 billion over the next five years - not in America, but in Russia. That's on top of $7 billion total in China, close to $1 billion in Mexico, and $600 million for a shirt sponsorship deal with Manchester United, the British soccer club.
GM outsources almost two thirds of its jobs overseas.
Less than one in five GM vehicles are manufactured in the United States
Almost two thirds of GM's jobs are in other countries.
GM is now in cahoots with the titans of the Chinese Communist Party.
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $80 billion auto bailout.
So as you can see, the auto bailout was really a UAW bailout, saving those very high-paying jobs with your money.
Actually, this is not the "rest" of the story ... it just goes on and on, ad nauseam.
As was commented in a previous letter to the editor, it makes one think twice about buying another UAW-built car.
Only in a fantasyland where America has 57 states, "jobs" is a three-letter word and bailouts are "achievements" does Obama's rescue math add up.
Another act of socialism at its finest and, to paraphrase Margaret Thatcher, Britain's first female prime minister, "The trouble with socialism is that eventually you run out of other people's money."
Jerry Guth, Fremont
