One would think that Dear Leader would have his staff consider the optics a bit more before they decided upon a campaign stop at a Ford auto assembly plant in Wayne, MI today – http://www.bloomberg.com/news/2015-01-07/obama-previews-state-of-the-union-at-idle-ford-plant-in-michigan.html
After all, wasn’t Ford the only automaker to not take Obama’s gift of taxpayer dollars to bail out their years of mis-management and mal-investment? I mean, why not a Chrysler plant? Oh, that’s right, Chrysler is now a foreign owned company since Fiat took advantage of Obama’s good graces and swooped in to buy up the failing automaker. Sorry, no big success story there for America’s resurgence.
So perhaps Ford was a better choice since they’re still American owned. Oops. He must have forgot that Ford actually did take a bailout despite the mis-information spread by the media.
Obama used a Ford assembly line as the backdrop for his message that the U.S. economy has improved under his watch in part because of the auto industry rescue. Ford, based in nearby Dearborn, was the only one of the three largest U.S. automakers that didn’t get a government bailout in 2009.
But Ford Motor Corporation is actually comprised of several different branches including Ford Motor Credit which actually did take a bailout – https://spellchek.wordpress.com/2014/01/17/biden-thanks-ford-for-saving-our-ass-yet-he-and-the-media-continue-with-the-lie-that-ford-didnt-get-a-bailout/.
President Obama may be a bit perturbed that his criminal legal team wasn’t able to change existing bankruptcy law as they did with GM and Chrysler and force Ford’s automaking division into compliance. Regardless, he is right there front and center today to remind us he saved the entire industry which Ford benefited from anyway.
Ford took full advantage of a low cost $5.9 billion lifeline loan which was only possible due to the bailout package on the table for their competitors.
On top of the Ford Motor Credit bailout and the DOE $5.9 billion re-tooling loan, Ford also received a $7 billion loan through the Commercial Paper Funding Facility (CPFF). Yes, that is a part of TARP so yes, that is bailout money.
Perhaps the least well-known of all is the credit swaps Ford exercised through a program the Fed set up that was run through the European Central Bank. $8 trillion of the $10 trillion authorized was utilized by the ECB and Ford was a player. Again, more bailout money that never had to be accounted for in the U.S. media.
Look, the spinsters can try to do some wordsmithing and make it appear as if Ford just sat by and never took part in the bailout games, but it doesn’t pass the smell test. The numbers back it up. Ford took a bailout, period.