I don’t normally write about economic issues, but what is going on with Chrysler really startled me. Since I have worked around and on Capitol Hill for decades, it takes a lot to startle me.
I love Italy. It is a great nation and one of the wealthiest capitalist nations in the world. I know that some Republicans talk about “socialist Europe,” but that is just no longer true. In reality most European nations are robust capitalist societies just like Italy. The nation of Italy has a strong manufacturing base that includes famous auto makers such as Alfa Romeo, Ferrari, Maserati and Lamborghini. Unlike the United States Italy has not driven most of its manufacturing jobs to China; they are mostly still in Italy.
Why then, is the Obama Administration using the tax dollars of Americans to take over Chrysler, an American car company, and give control of it to the Italian company Fiat for not a single dollar in return? Fiat gets a percentage of Chrysler in return for “technology,” but does not put in one dime of capital. All the money to save Chrysler and merge it with Fiat comes from taxpayers like you and me.
Most Americans were willing to "save" American jobs with tax dollars, but to give the assets of Chrysler to a European company goes one step too far. Meanwhile, the Obama Administration has asked for nothing from the wealthy hedge fund that owned Chrysler when it went into bankruptcy. If all this weren’t enough, the Obama Administration turned its back on the auto workers union and approved moving the plant that makes Chrysler motors to Mexico! What circus was hired to run this show for the Obama Administration?