GM Blows Penske-Saturn Deal

RUSH: Columbia, South Carolina. Mark, welcome, sir. Great to have you on the EIB Network. Hello.

CALLER: Hey, Rush. It is such an honor to talk to you.

RUSH: Thank you, sir.

CALLER: Mega dittos, and I’d like to also say mega dittos to Susan. Her call motivated me and a lot of people and I just want to tell her just job well done. But anyway the reason I’m calling is I haven’t seen any press about this and I started thinking about it, and I believe that the failed Saturn-Penske deal is actually the first visible link to Obama’s failed policies. And the reason I say that is, Renault Samsung Motors, their board of directors, were actually the ones rejected the guaranteed cost of the vehicles to be produced for Penske to make Saturn vehicles, because GM rejected after 2010, they rejected the vehicles to be made by General Motors. And they said, ‘We’re not going to produce them anymore,’ so then they had to find somebody else to continue Saturn to keep going. Well, the board of directors rejected it on one basic thing, Roger Penske said, ‘Look, I need US currency, I need the cost of the vehicles to be based on current US currency rates,’ which is a smart business decision. The board of directors rejected that and they said we can do the deal but we will not base it on current rates. And Penske said, ‘I’m not going to put up my money,’ you know, I’m paraphrasing or taking liberties.

RUSH: Yeah, Penske backed out of the deal, ‘I don’t want Saturn under these circumstances.’

CALLER: Exactly.

RUSH: And so Saturn is gone. The whole Saturn brand is gone, the General Motors Saturn brand is gone.

CALLER: Thousands of jobs, thousands of jobs are gone!

RUSH: And by the way, Roger Penske, if anybody could have saved it he could have.

CALLER: That’s right. And it’s his irresponsible spending and printing of money that’s devaluing the US dollar. Even the Europeans and the Americans and the business community, the experts, the economists, everyone, I’m tired of my intelligence being insulted to say why does every expert say this is the way it is, you print so much money, the US dollar is going to go down, you only have to raise taxes to pay for this money, and you’re going to send us back into another recession. In 2011 and 2012, we are going to be facing another historical thing. Why does Obama think that his policies are any different than old theories and economic law?

RUSH: He doesn’t, he doesn’t, he doesn’t think they’re any different. My friends, I am thrust into the uncomfortable position once again by virtue of this phone call from Mark in Columbia, South Carolina, to tell you nobody — Obama is a moron, he’s an imbecile in terms of running over to Copenhagen without having this thing in the bag, this is something presidents just don’t do, but I’m telling you, there isn’t anybody with a half a brain of economic literacy who would be doing anything Obama is doing right now policy-wise in the middle of a recession, nobody would dare say that what they are doing is designed to create jobs. This is being on purpose. The president of the United States has a chip on his shoulder about this country. It’s unjust, it’s immoral, you can hear it, he says so, the country’s only good and decent now since he’s been elected. This is about the redistribution of wealth in this country, returning the nation’s wealth to its, quote, unquote, rightful owners. The poor, minorities, and his favored union buddies. This is about destroying the private sector and replacing it with a bigger and bigger government sector. All this is being done on purpose, folks.