President Obama’s remarks Monday on the recovery of the auto industry:
When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse. Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them. In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their jobs.
As President, I refused to let that happen. I refused to walk away from American workers and an iconic American industry. But in exchange for rescuing and retooling GM and Chrysler with taxpayer dollars, we demanded responsibility and results. In 2011, we marked the end of an important chapter as Chrysler repaid every dime and more of what it owed the American taxpayers from the investment we made under my Administration’s watch. Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors. GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.
Less than five years later, each of the Big Three automakers is now strong enough to stand on its own. They’re profitable for the first time in nearly a decade. The industry has added more than 372,000 new jobs – its strongest growth since the 1990s. Thanks to the workers on our assembly lines, some of the most high-tech, fuel-efficient cars in the world are once again designed, engineered, and built right here in America – and the rest of the world is buying more of them than ever before.
When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong. Today, that bet has paid off. The American auto industry is back.
For our autoworkers and the communities that depend on them, the road we’ve taken these past five years has been a long and difficult one. But it’s one we’ve traveled together. And as long as there’s more work to do to restore opportunity and broad-based growth for all Americans, that’s what we’ll keep doing to reach the brighter days ahead.
Maybe it’s time for a reminder that BUSH was also part of the GM bailout. What short memories you liberal bashers have.
http://www.bloomberg.com/news/2013-12-09/gm-bailout-ends-as-u-s-sells-last-of-government-motors-.html
This “man” you Iowans helped put in office(twice) is the ruination of this country along with liberal politicians! Next election is your chance to complete the ruination when you vote for “Hellary and the same politicians, and you will! Lots of sheep raised in Iowa these days.
It is just amazing that we have had not had more reaction to the fact that we have just lost 10.5 billion dollars because the president used our money to bail out his union friends. That is BILLION with a “B”. folks. And then they want to cut people’s benefits because there is not enough momey.
Playing devil’s advocate here for a second. Stealth bombers cost appx. 1 billion dollars apiece. Was it worth ten bombers to save one of the biggest industries and largest contributors to our national economy? If not (and there is a valid argument there), what would that money have better been spent on?
@Matt-Well lets see here, how about fixing roads and bridges, how about extended unemployment, how about subsidizing food stamps, how about repaying social security for all the money they have “borrowed”, how about not cutting our vets benefits and pay. The list just goes on and on and on doesn’t it. Lots of things the money should have gone to other than saving the unions.
You could all quit buying GM crap and buy a ford who took no money from you and I!!
Another Presidential tall tale – yes he bailed out big auto, big union pensions and stuck it to over 20,000 non-union workers.
From the MLive.com – Michigan site “The U.S. Treasury Department on Monday announced the sale of all remaining shares of General Motors Co., leaving the taxpayers to foot the bill for about $10.5 billion of the government’s $49.5 billion that was given to the Detroit-based automaker as part of the 2008-2009 auto bailout.”
This conflicts with the article posted above.
Are you saying that conflicting reports suprise you? If they open their mouths or write or type something you can garantee it is a lie.
No, conflicting reports do not surprise me. What is particularly galling is that the MSM does not even challenge Obama’s assertions concerning the bailout. They are supplicants at best, facilitating a liar at the worst.