In a speech to Chrysler’s auto workers in Toledo, Ohio today, President Obama said:
I placed my bet on you. I put my faith in the American worker.
Correction: He placed our bet on them.
If he placed his bet, he would have raised capital from private sources, contributed his own funds and purchased Chrysler to gain ownership control and turn it around.
If he would have done that, he would have been a business hero and legend. Instead, he overstepped his Constitutional authority and used his position to place bets and to pick winners and losers with our money.
People make much different choices when they’re betting with other peoples money.