Posts Tagged ‘bailout

09
Dec
13

Government Motors? Oh Really?

Statement by the President

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.

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NYT: U.S. Sells Remaining Stake in General Motors

The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.

The government has thus exited one of the most controversial investments made during the midst of the financial crisis, when it stepped in to rescue the Detroit automakers – a decision that as many as three in four Americans opposed at the time.

Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.

All in all, taxpayers have ended up in the black on the crisis-related bailouts, Treasury said: It has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.

More here

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01
Nov
12

Rise and Shine

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EDT

9:20: The President departs the White House

10:35: Arrives Green Bay, Wisconsin

10:40: Delivers remarks at Austin Straubel International Airport, Green Bay

11:45: Departs Green Bay

PDT

1:15: Arrives Las Vegas

2:10: Delivers remarks at Cheyenne Sports Complex, Las Vegas

3:25: Departs Las Vegas

MDT

5:55: Arrives Denver, Colorado

7:0: Delivers remarks at Coors Events Center, Denver

8:45: Departs Denver

EDT

1:05: Arrives Columbus, Ohio where he will stay overnight

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Steve Benen: If the White House hopes to see initial unemployment claims drop just before the election, officials got their wish. The new figures from the Department of Labor – the last report before Election Day – show a move in the right direction:

Applications for U.S. unemployment benefits fell by 9,000 to a seasonally adjusted 363,000 in the week of Oct. 21-27, keeping them in a range that indicates little change in U.S. hiring patterns over the past few months. Economists surveyed by MarketWatch expected claims to fall to 365,000. Initial claims from two weeks ago were revised up to 372,000 from an original reading of 369,000, based on more complete data collected at the state level, according to the U.S. Labor Department.

More here

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Cagle

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Toledo Blade: In the fi­nal few days of the pres­i­den­tial con­test, Mitt Rom­ney ev­i­dently rec­og­nizes that his op­po­si­tion to the fed­eral res­cue of Gen­eral Mo­tors and Chrysler is costing him voter sup­port he needs in Ohio and Mich­i­gan. So the Re­pub­li­can nom­i­nee is con­duct­ing an ex­er­cise in de­cep­tion about auto-in­dus­try is­sues that is re­mark­able even by the stan­dards of his cam­paign.

…. Mr. Rom­ney’s own words make clear he is no friend of the auto in­dus­try, on which Ohio re­lies for one of ev­ery eight jobs. Vot­ers in Ohio and Mich­i­gan — and the na­tion — need to re­mem­ber that.

Full editorial here

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Cagle

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NYT Editorial: When General Motors tells a presidential campaign that it is engaging in “cynical campaign politics at its worst,” that’s a pretty good signal that the campaign has crossed a red line and ought to pull back. Not Mitt Romney’s campaign. Having broadcast an outrageously deceitful ad attacking the auto bailout, the campaign ignored the howls from carmakers and came back with more.

Mr. Romney apparently plans to end his race as he began it: playing lowest-common-denominator politics, saying anything necessary to achieve power and blithely deceiving voters desperate for clarity and truth.

….. Mr. Romney is providing a grim preview of what kind of president he would be.

Full editorial here

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Cagle

Cagle

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Greg Sargent: The chatter continues this morning about GOP Governor Chris Christie’s astonishingly effusive praise of Obama’s handling of Hurricane Sandy. After they toured the damage yesterday, Christie thanked Obama for their “great working relationship” and claimed Obama “sprung into action immediately.” The day before, Christie praised Obama’s storm response as “outstanding,” adding: “He deserves my praise, and he will get it regardless of what the calendar says.”

What’s striking about this is how directly it undermines one of the central arguments Mitt Romney is making against Obama, with only five days left until Election Day … Romney has been closing out the campaign with a series of ads claiming that he will work with Democrats to get things done in Washington and arguing that Obama utterly failed to persuade Republicans to work with him….

Now Americans are being treated to images of a Republican Governor extensively praising Obama for working with him cooperatively and displaying leadership and a propensity for quick action at a time of crisis.

More here

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President Obama and Gov Christie talk with local residents at the Brigantine Beach Community Center in Brigantine, N.J., Oct. 31

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Okay, this one’s a bit unfortunate…..

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Morning everyone ;-)




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