Under pointed but polite questioning from members of the Financial Crisis Inquiry Commission, Mr. Bernanke, the chairman of the Federal Reserve, signaled that the central bank was eager to embrace the strengthened role that it had been granted by the Dodd-Frank financial regulatory law that President Obama signed in July.

Mussolini Would be Proud: Obama Ballyhoos the Auto Industry Bailout

By Jonathan Bean on Aug 1, 2010 (6 hours ago) in Bailouts, Business, Economics, Fascism, corporatism, mercantilism, socialism

See Obama go to Detroit.

See Obama put the cost of bailing out GM/Chrysler at $60 billion (underestimate)

See Obama claim the “auto industry” created 55,000 jobs after losing 335,000.

Poor Obama. He does not see (say)

*Ford grew the most and received no bailout (some of those 55,000 jobs are Ford’s).

*$1.1 million per job: the cost of every job created (even by Obama’s math).

Give me $1.1 million and I will create TWO jobs!

At the press conference, Mr. Obama took the artificial recovery of Old Detroit as another opportunity to say “we” (government and workers) must “roll up our sleeves and create clean energy jobs.”

This guy is like Al Gore on Red Bull.

His focus on Green jobs — windmills and solar panels — borders on the obsessive. Throughout the whole address he spoke of

1. Green Jobs

2. The Invincibility of the American Worker (paraphrase of speech):

“AMERICAN workers can do ANYTHING!” (applause).

“AMERICAN workers can be the best at everything with ‘targeted investment.’” (Pinch the fingers and point at audience).

“AMERICAN workers deserve all the credit for turning around GM and Chrysler (taxpayers, what taxpayers?)

“American workers can do the same EVERYWHERE.”

(Obama waxes nostalgic about World War II production lines).

“I will put the first AMERICAN worker on the moon!”

(OK, I made that one up, but you get where he is going).

No mention of risk-taking

No mention of private investment

No mention of entrepreneurs

No mention of markets.

Oddly enough, President Obama discussed those things while visiting . . . Africa.

Government and nationalism and workers. Sounds like national socialism to me, although Robert Higgs prefers “participatory fascism.” Fascism is a loaded term. National socialism is simple and accurate on both counts–the state takeover of various sectors is national and is socialism by (or near) the classic definition.

The policy is not working (at this phase of the Reagan recovery, GDP was growing near 10% and the Great American Job Machine was back at work. Does any one feel that 2010 is “Morning in America?”)

Obama’s strategy has been tried before — in Mussolini’s Italy.

It worked so well that Chrysler, that lovable ward of the State, is now creating 200 Fiat dealerships. Furthermore, in an apt twist of fate, Chrysler is using the design of Alfa Romeo, the company bailed out by Mussolini in the 1930s.

I cannot wait: Who can forget that great car built on a Fiat model . . . the Yugo? How I miss that car. This is a Yugo moment in the Obama presidency.

“God bless America!” On that, Mr. President, I agree with you.

God bless all Americans (not just UAW workers).

ShareThis