Barack Obama is a poster child for bad behavior. Unfortunately that bad behavior is spreading.
The French politician who said Indian steel company ArcelorMittal should leave the country has told CNBC that his government is only acting like U.S. President Barack Obama.
Industry Minister Arnaud Montebourg, a member of the governing Socialist party, caused controversy last week when he said that the Indian company, which employs close to 20,000 people in France, should leave after it said it would have to close down a factory.
The French government announced on Thursday that it could nationalize the factory in question, with backing from an unnamed businessman.
The news raised the specter of the nationalizations of the early 1980s, which were instigated by Hollande’s predecessor Francois Mitterrand.
Montebourg told CNBC after a meeting with trade unions in Paris: “Barack Obama's nationalized. The Germans are nationalizing. All countries are nationalizing. I've also noticed the British nationalized 6 banks.”
Montebourg is believed to be referring to the takeover of struggling automakers by the U.S. government earlier in the financial crisis.
Lakshmi Mittal, the tycoon who leads ArcelorMittal, met with Montebourg’s boss, Socialist President Francois Hollande earlier in the week, but the men appeared to have failed to resolve the issue.
Montebourg brushed off comparisons with that era. He said: “It's a very good sign to send out (to investors). Nationalizing is a very modern step to take. Especially when you not only nationalize losses but profits as well, when you make public/private partnerships. This is our strategy.
“The strategy we're putting forward is extremely modern and adapted to the current times of crisis. It's a way of making the economy work in the interests of industry, more than just helping the financial sector,” he added.
Bad behavior is contagious. And that is certainly happening here.
Do you want to destroy an economy; you can do in one easy step. Just start nationalizing businesses. Capital will dry up in a hurry. After all, who wants to invest in a business only to see a government take it away or be put in the position of being forced to yield to outrageous government demands or see your business taken from you?
Obama did this with General Motors. The precedent is set.
This is why you do not reward bad behavior. This is why we will see the Great Obama Depression get worse in the next four years. All because we have rewarded bad behavior.
Terry - Thanks for your considered reply, your time and your service. My question wasn't intended to be framed as looking for a method to deal with these people in a "politically correct" way. It was an incredulous rhetorical question. (Hard sometimes to determine tone.) Believe that in the past, West's revelations would have created a firestorm - but not against him. Also agree with Lizzie.
Thanks Lizzie, Cynthia. My apologies for taking so long to reply & missing the rhetorical. Now that I've brought the Eagle's Eyrie Blog on line I'm a bit short on time to visit TPN every night. I do keep copies of all my posts as I've found it best to write them in MS Word first & then cut and paste ('cause I'm a horrabble "speller", LoL). If you ever happen by Home of the Eagle web site you'll probably see some familiar topics.