President Barack Hussein Obama said of the automobile industry bailout in Cannon Falls, MN, in August, 2011, "If we're going to help you, then you've got to change your ways." Is that chutzpah and hubris, or what? Obama continued, "You can't just make money on SUVs and trucks. There is a place for SUVs and trucks, but as gas prices keep on going up, you have got to understand the market." He said that while answering the first question he received.
And this from a US president who hands his own $7,500 electric-car subsidy (he proposed increasing it to $10,000) to America's upper class and wastes national resources to buy expensive electric cars for his government minions. Obama was the one who bailed out General Motors (GM) to the tune of $49.5 billion. And it was GM that gave us the Chevy Volt that sold wildly (1,626 vehicles in January and February, 2012, 2,289 in March, 2012), and that Obama so highly praised.
Now Obama is trying to regulate the oil market. On April 17, 2012, Obama called on Congress to pass a series of measures that would help limit what he called speculation that, he says, is driving up the price of oil and gasoline.
Obama said, "We can't afford a situation where some speculators reap millions while millions of American families get the short end of the stick. We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage and driving prices higher only to flip the oil for a quick profit."
Obama continued, "None of these will bring gas prices down overnight. But they will prevent market manipulation, and help protect consumers." He also said, "It wouldn't be fair. That's part of what's going on in a lot of these markets."
The White House offered no evidence that market manipulation is taking place, but Obama still wants to spend an additional $52 million to watch speculators.
"Washington should not be in the business of picking winners and losers," said Rep. Paul Ryan (R-WI) in his response to President Obama's State of the Union speech. But by manipulating markets that is exactly what they are doing.
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