Video: Pay off or payoff? Obama speaks to the UAW about bailouts

While speaking to chanting members of the United Auto Workers at a Washington conference today, President Obama said, "I know our bet was a good one because I have seen it pay off first hand." Or was that payoff?



The federal bailouts of GM and Chrysler were a wet kiss from Obama to the UAW. The Chrysler bailout was an egregious example of crony capitalism--Obama upended a century of bankruptcy law to put his union pals at the front of the line during the proceedings--ahead of preferred creditors.

Fiat later purchased Chrysler. As for the $1.3 billion from that bailout that is still owed to the federal government--taxpayers may end up "eating" it.

Labor unions plan to spend $400 million to get president Obama reelected this fall.

As for that lemon from Government Motors, the Chevy Volt with the exploding battery, Obama says he plans to buy one when he is out of office. (Hopefully a year from now.) But when his daughters reach driving age, will he let them drive it?

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