Obama (yesterday) - "But I also recognized the importance of a viable auto industry to the well-being of families and communities across our industrial Midwest and across the United States. In the midst of a deep recession and financial crisis, the collapse of these companies would have been devastating for countless Americans, and done enormous damage to our economy -- beyond the auto industry."Looters (Atlas Shrugged) - "The country's economy would not be able to stand a major dislocation at the present moment. There are thousands of Bolye's workers, suppliers and customers. What would happen to them if Associated Steel went bankrupt?"Obama - "So let me explain as clearly as possible why we are making this investment. We inherited a financial crisis unlike any that we've seen in our time. This crisis crippled private capital markets and forced us to take steps in our financial system -- and with our auto companies -- that we would not have otherwise even considered. These steps have put our government in the unwelcome position of owning large stakes in private companies for the simple and compelling reason that their survival and the success of our overall economy depend on it.
Understand we're making these investments not because I want to spend the American people's tax dollars, but because I want to protect them. Instead of taking so much stock in GM, we could have simply offered the company more loans. But for years, GM has been buried under an unsustainable mountain of debt. And piling an irresponsibly large debt on top of the new GM would mean simply repeating the mistakes of the past. So we are acting as reluctant shareholders -- because that is the only way to help GM succeed."Looters - "Mr. Boyle is an extremely able man. It's just that he's suffered some unfortunate reverse, quite beyond his control. He had invested large sums in a public-spirited copper crash of theirs has dealt him a severe financial blow. So it's only a matter of giving him a chance to recover, a helping hand to bridge the gap, a bit of temporary assistance, nothing more. All we have to do is just equalize the sacrifice—then everybody will recover and prosper."
Obama - "What I have no interest in doing is running GM"
"Oh No!" gasped Mouch."We wouldn't think of it!" cried Holloway."We stand for free enterprise!" cried Dr. Ferris