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Pres. Obama supports bailouts except when he doesn’t

By | January 26th, 2012

President Barack Obama delivered his third (and hopefully, last) State of the Union address this week. Although he failed to mention that it’s been 1,000 days since the U.S. Senate passed his last budget, he managed to make two seemingly conflicting statements in the same speech. First, he praised his management of one of the big auto industry bailout (though he didn’t use that term)…

“On the day I took office, our auto industry was on the verge of collapse. Some even said we should let it die. With a million jobs at stake, I refused to let that happen. In exchange for help, we demanded responsibility. We got workers and automakers to settle their differences. We got the industry to retool and restructure. Today, General Motors is back on top as the world’s number one automaker. Chrysler has grown faster in the U.S. than any major car company. Ford is investing billions in U.S. plants and factories. And together, the entire industry added nearly 160,000 jobs.”

Note that “Ford, which didn’t accept TARP funds, has seen its sales increase 11 percent — without Obama’s help to ‘retool and restructure,’” according to PolitiFact.

And Obama’s great bailout brought us the Chevy Volt, fantastic.

Later in the speech, Obama then said we all need to “play by the rules,” which means “no bailouts”…

“Let’s never forget: Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same. It’s time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody.”

Can you say cognitive dissonance?

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