Obama virtually nationalized the auto industry. It was collapsing, so it had to be kind of built up by the taxpayers. So he took over most of the auto industry. There were a few possibilities. One possibility, of course, was the one that was followed. Bail out the owners, bail out the banks, give it back to the same people, or other people with different faces but essentially the same roles in society, and have it continue to produce what it had always been producing — automobiles. There was another possibility.
Give it to the work force. Subsidize them to develop and have it produce what we need. What do we need? I can give you a personal example.
My wife and I came to New York by train from Boston. The train took only an hour and a half longer than when I took it in 1950 for the first time. Either it was standing still or it was going slower than the trucks on the Connecticut Turnpike.
There isn’t a country in the world where this happens. And that’s just a symbol of the country. This is the richest country in the world that has incomparable advantages and it’s just falling apart.