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We're all familiar with the clip of Mitt Romney that was played during the 2012 Presidential campaign:
This is how it was brought up in one of the debates between Romney and Obama:
By now, you're also aware of the fact that General Motors is no longer Government Motors, since the Treasury Department sold the last of its shares yesterday:
On the surface, a $10 billion loss to the taxpayers may seem like a bad deal, until you consider that the fact that the government's bailout of the auto industry saved 1.5 million jobs, and preserved $105.3 billion in personal and social insurance tax collections.
If you think that Rick Wagoner became suicidal after he was fired by the President of the United States, think again. After he left General Motors, he retired with an exit package valued at $10,000,000, which includes $1.65 million in benefits his first 5 years of retirement, a $74,000 pension for the rest of his life, and a life insurance policy worth $2.6 million, which can be cashed out at any time:
In addition to the auto industry, the financial industry also received help from the government. In total, the Treasury Department has received $433 billion from the Troubled Assets Relief Program, a profit of $11 billion on its $422 billion investment:
Five years after the banking crisis, federal regulators are FINALLY about to pass reforms that will limit some of the practices that caused the problem in the first place.
Detroit, of course, HAS gone bankrupt, but not before the city agreed to spend $444 million on a new Red Wings hockey stadium:
The owner of the Detroit Red Wings, as well as the Detroit Tigers, is pizza king Mike Ilitch (he founded Little Caesars in 1959) is worth an estimated $2.7 billion. Logically, you'd think that he'd be able be build his own darn stadium, but that was a decision made by someone other than me.
If you listen to the conservative mainstream publications, you'll know that Detroit's problems were caused by all those darned union pensions. The only problem is, that simply isn't true.
The REAL reason for Detroit's bankruptcy is the banking industry.
Starting in 2005, Detroit was more or less forced into risky financial investments known as derivatives in order to solve a funding crisis they had at that time. Detroit is not alone in becoming a victim of derivatives, since bankruptcies have also been forced on Jefferson County, Alabama, and San Bernadino, California, and hundreds of other local governments have also faced budgetary distress.
Simply dropping a bomb on Detroit isn't going to solve the city's problems, even though the Hiroshima/Detroit comparison shots show that Hiroshima is clearly in better shape than Detroit:
Detroit's problems will eventually get solved somehow, and conservative talk show hosts like Glenn Beck will continue to blame "progressives" , but at least now you have the facts.