Open Forum: GE, Federal-Mogul . . .
Posted: November 1, 2012
I’m glad Warren Golightly mentioned Federal-Mogul in his letter (Open Forum, Oct. 27). Seems that he blames Mitt Romney for this business moving out of town. He might want to look at his candidate for the real answer.
When President Obama went outside the federal courts to “save GM” he also damaged the auto industry in general. The Chevy Volt costs $89,000 each to make, but Chrysler got our help and is now making money for Fiat. He gave money to a battery company that is now bankrupt.
He and our Treasury secretary chose to give Solyndra $540 million at the same time they refused permission for the Pension Benefit Guarantee Corporation (a federal department) to back 20,000 pensions for the employees of Delphi. That’s 20,000 people Obama cut out of their pensions, leaving them little or nothing. He did this to reward the unions for their help getting him elected; most of Delphi’s workers were non-union. Many of the investment groups that stood in line to legally receive some sort of payback also covered pensions, and they were cut out.
Why did GE move out of the county? They moved because this plant made incandescent light bulbs that were banned by the federal government.
Why would American Woodmark close a plant? Try asking Barney Frank, Democrat. He’s the one that let the mortgage crisis go until it almost bankrupted this country. His actions helped cripple the construction industry, putting people out of work, companies out of business, and saddling our government with huge welfare bills. Who as a big fan of subprime loans made his friends millions using them when he was community organizing? Yes, your buddy Barry.
The attack on Mitt Romney is a bit off-base, so we’ll run some numbers for you. A company called Vestar Capital, the former First Boston Corporation Management Buyout Group, employs one of the president’s reelection committee co-chairs, Frederico Pena. Mr. Pena is a senior adviser, which means that he can advise the president on which industries it would be most profitable to destroy. That also means he can advise where to send the jobs and what countries would benefit most.
That is important because the president thinks we, as a country, are way too rich. While he might try to make political hay by charging Romney as an outsourcer (Obama’s campaign buses are foreign-made), he will be using those jobs to gain favor with other countries. He’s trying to level the monetary playing field by making us weaker and them stronger so that we can be one happy U.N. family.
Vestar has $7 billion in assets from doing the same work as Bain. Bain, whose CEO is one of Obama’s major campaign contribution bundlers, has $6 billion in assets. This CEO is also a billionaire. So, let’s look at the map here. Just who is more closely linked to the “evil” capital industry and outsourcing? Romney or Obama?
I would say from the inaccuracy of Mr. Golightly’s information that it would be best not to rely on the DNC coloring book for your facts. I know this takes the tingle out of Chris Matthews’ leg, but doing some real, unbiased research might be useful. If you Google, you’ll find that Mitt Romney did say that the government should back the auto companies’ debts.
Yes, we should vote. Now we see that it’s not Mitt Romney who is, as the writer said, “harvesting companies” by taking them to bankruptcy, liquidating them, putting workers out of work, and causing them to lose their pensions. Now we know it’s the president and his friends. Do some research because one vote will put this country back on the path to its former prosperity. The other vote will give you four more years of expanding nothing.
Jim Novotny is a resident of Winchester.