Forget that jerk Joe Biden saying we shouldn’t travel while there’s flu in the air: a remark everyone had to clarify with “What the Vice President meant to say….”
How about the president saying last night his stimulus saved or created 150,000 jobs already? He knows what “net” means, one would think, and he knew last night he was already scheduled to announce the end of Chrysler as we know it on Thurday.
Added May 9:
Obama Team Might Have “Miscalculated” On Jobs, Stimulus
Yet last night President Obama said his “stimulus” or as he calls it, “the Recovery Act” “has already saved or created over 150,000 jobs.”
“That dog won’t hunt,” said Neil Cavuto of Fox Business.
Just in today’s and yesterday’s news, GM is telling news outlets that 1,000 dealerships will have to close, defence equipment firm BAE Systems said Thursday that it will cut around 500 jobs and close three sites, and Swiss bank UBS said on Thursday it had eliminated 2,000 U.S. jobs as part of its latest mammoth round of job cuts announced earlier in April.
The Labor Department said today 631,000 Americans filed applications for jobless benefits in the week that ended April 25, and the total number of people on jobless rolls rose by 133,000 the prior week to 6.27 million, the 13th straight time the figure has set a record.
, chair of President Barack Obama’ , predicted another in the second quarter albeit at a slower pace and delivered a downbeat assessment about unemployment. “The recovery will almost surely take a long time,” she said.
And how about Chrysler? CNN says:
The company’s liabilities and an unspecified number of Chrysler’s 3,300 dealerships which now sell the Chrysler, Dodge and Jeep brands will be left behind in the bankruptcy court.
Remember Nancy Pelosi: “The auto industry is too big to fail”?
Pelosi, a California Democrat, didn’t cite GM by name in her statement endorsing a bailout last November, but she said an automaker collapse would have a “devastating impact on our economy.”
From Bloomberg last November 12:
“Trying to reorganize the auto industry in bankruptcy would be as close to reorganizing the whole U.S. economy as you could get,” said Alan Gover, a bankruptcy lawyer with White & Case LLP in New York. “The vast supply chain involves thousands of businesses, millions of existing jobs and just as many retirees, as well as whole communities and states.”
Passage of an industry bailout plan may keep GM from running out of operating cash by year’s end, which it says may happen without U.S. help. Detroit-based GM is the second-biggest provider of private health-care benefits and was the third- biggest advertiser in this year’s first half.
“It’s truly one of those companies that’s too big to fail, and everybody understands that,” said Nariman Behravesh, chief economist at IHS Global Insight Inc. in Lexington, Massachusetts. “If it does collapse, it could make the recession deeper and longer.”
Former Continental Airline CEO: Biden Over Reacting, Over Hyping Flu
President Says Stimulus “Saved or Created over 150,000 jobs;” But GM, Chrysler, UBS and BAE Job Losses in Two Days Seem Greater Than That
Obama Must Be Lonely At The Top
Get ready for Obama’s coming hyperinflation