In President Obama’s own White House weekly video address on October 13, 2012 he said the following:
“We refused to let Detroit go bankrupt.”
The problem with President Obama’s statement is that it is NOT TRUE. He oversaw Chrysler and GM into bankruptcy. Chrysler filed chapter 11 bankruptcy on April 30, 2009 and GM filed chapter 11 bankruptcy on June 1, 2009. President Obama’s “Auto Team” handled (but, caused great damage) these bankruptcies. Click here for that story.
Go to (0:54 or 54 seconds) in the video below to see President Obama contradict himself by saying, “We refused to let Detroit go bankrupt.”
For those of you unfamiliar with auto industry jargon, the name “Detroit” refers to the three Detroit, Michigan (or nearby suburbs) based automakers; Chrysler, Ford and General Motors (GM.) In this case, the President is only referring to Chrysler and General Motors. At times in this video he uses the phrase, “The Auto Industry” too broadly. Going beyond the size and scope of Chrysler and GM.
There are other inaccuracies and omissions in this video that need clarification like; the size and scope of the auto industry, correct interpretation of current auto sales, claims of saving one million jobs, the impact of higher fuel standards and dealership terminations. But, those clarifications are for another time.
An error like this from President Obama on White House video is striking. Because it is on a produced and scripted White House video, it shows me that the President doesn’t have the critical business knowledge needed for the job.
Peter L. Hodges Sr.