You remember Lee Iaccoca, of Chrysler bailout fame?
He’s stumping for Devos now, and it ain’t pretty.
At first, I couldn’t figure this out. Iacocca supported Kerry in 2004. And he’s a self made man. Why would he be supporting a whiny little weasel like DeVos?
And then it hit me … Iacocca and DeVos have a few things in common:
Iacocca asked the government for a $1.2 billion bailout. DeVos asked the government for a $300 million tax gift.
Iacocca’s turnaround of Chrysler was an illusion. The Chrysler Corporation Loan Guarantee Act of 1979 allowed Chrysler to pay off more than $600 million in debts at 30 cents on the dollar. Another $700 million in debts were converted to stocks that shareholders weren’t allowed to redeem for several years. Amway Dick’s business success is an illusion. Amway sales have declined, and Dick has turned to tax shelters, job cuts, corporate privatization, and alleged fraud in order to look good.
Iacocca’s scheme cost the public a pretty penny. Although Congress guaranteed rather than provided the loans, the government lost revenue in the form of the interest that Chrysler would’ve paid had it not had the government’s backing. Furthermore, subsidized loans push up the interest rates for unsubsidized loans.
Dick’s scheme cost the public a pretty penny in tax revenue and in trade deficits. He helped create this revenue loss by funding legislators who kill jobs and create trade deficits.
Legally, Chrysler avoided bankruptcy. In reality, Chrysler went through a bankruptcy. Legally, Amway is not a pyramid scheme. In reality, Amway is a pyramid scheme.
Makes perfect sense that DeVos would reach out to Iacocca. Both have built their careers on sleight of hand.
Visit the Granholm Truth Squad.