All you need to know about the dynamics behind the Chrysler-Fiat “Alliance” being pushed by the White House — and temporarily stayed by the U.S. Supreme Court on June 8 — is the following quote from a story on Bloomberg.com the same day: “Chrysler said the sale, which would transfer its Jeep, Chrysler and Dodge brands, would help save 38,500 jobs, plus those of workers at its suppliers.” Put simply, the White House is driving the bankruptcy deal in order to be able to claim it “saved jobs.”
By some estimates, the U.S. has lost 6 million jobs during the current economic recession began in December 2007. Now, President Obama is planning to tap into the $787-billion stimulus package to create what his administration believes will be 600,000 new jobs.
The Federal Reserve caused the current economic crisis by suppressing interest rates and creating the housing bubble, Texas Congressman Ron Paul, Euro Pacific Capital president Peter Schiff, and others have charged. And now there’s finally been enough political push-back for the damage the Federal Reserve has wreaked that the Fed will be hiring a lobbyist.