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 ;-)

02
Oct
12

This, That (and the Other)

OFA

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Today:

2:0: Michelle Obama speaks to grassroots supporters in Cincinnati

9:25: Michelle Obama delivers remarks at a campaign event in Seattle

CBS have the first speech in their schedule, not sure whether the second one will be shown

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Detroit News: General Motors said its September sales rose 1.5 percent to 210,245 vehicles, marking its best September since 2008.

Chrysler Group LLC beat analyst expectations as its September sales rose 12 percent, while Ford Motor Co. sales remained flat in September compared to the same month a year ago.

GM said passenger car sales jumped 29 percent from the same month a year ago, while sales of mini, small and compacts shot up a combined 97 percent.

….. Chrysler reported its best September sales total in five years. The Auburn Hills automaker sold 142,041 vehicles last month; September also marked the 30th consecutive month that Chrysler has experienced year-over-year sales gains.

More here

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CNNMoney: American Express will refund $85 million for what government officials called deceptive practices involving about 250,000 customers.

The Consumer Financial Protection Bureau said Monday that American Express (AXP, Fortune 500) subsidiaries illegally charged late fees, deceived customers by promising non-existent money rewards, and discriminated against new applicants over the age of 35.

“Laws were violated at all stages of the game,” said CFPB director Richard Cordray in a statement …. In addition to refunding customers, American Express will pay a $27.5 million penalty…

More here

Thanks amk

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Quinnipiac: An 18 point lead among women puts President Barack Obama ahead of Gov. Mitt Romney 49 – 45 percent among likely voters nationwide, and voters expect 54 – 28 percent that the president will win the debates, according to a Quinnipiac University national poll released today.

…. “It is very difficult to win an election when you are getting shellacked among women,” said Peter A. Brown, assistant director of Quinnipiac.

More here

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10
Sep
12

This and That – And More On The Enthusiasm Gap

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Michael Cohen (The Guardian): Two conventions, two Americas. Seldom has the divide been greater – Witnessing both conferences is to see anger from the Republicans and abiding hope from the Democrats

…. the philosophical and tonal divide between them has never felt broader. Quite simply, Democrats and Republicans operate in two completely distinct realms, one that is defined by an attachment to reality and one that is increasingly detached from it.

…. Republicans reside in a fantasy world where government plays no role but that of malevolence, where the free market is the salvation to all that ails this nation and where the country is locked in a Manichaean struggle between the forces of freedom and a failed, socialist interloper named Barack Obama.

…. For four decades, Republicans have relied on an undercurrent of white resentment toward social and economic change to maintain their pre-eminence in national politics. But with an African-American president and the country moving closer to “minority-majority” status, that dominance is slipping away and it feeds the sense of anger and desperation they tried to keep hidden in Tampa, but that all too often crept to the surface….

…. the contrast between the hues in Charlotte and Tampa was remarkable. The Democratic party is a party that looks like the palette of the American experience, not just in skin colour, but in class level. The Republican party (the one in the Tampa convention hall) is one that looks like Sunday brunch at a country club.

Full article here

Thanks Ladyhawke and amk

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President Obama’s introduction at The Florida Institute of Technology in Melbourne, Florida, Sept 9

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Genius:

@RafalcaRomney

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AP: Ford is adding 1,200 workers to a suburban Detroit factory to build the Fusion, a sign of confidence that the revamped sedan will be a big seller.

Ford Americas President Mark Fields told workers at the Flat Rock plant Monday that the Fusion’s market segment is growing two times faster than the rest of the U.S. auto industry. The new Fusion goes on sale this fall.

…. Ford will hire the 1,200 new workers starting next spring. It will also invest $555 million in new equipment at the plant.

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NYT

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President Obama demonstrates size of bounce received by Romney after Republican convention:

Florida, Sept. 9

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R.E.M.‘s “Losing My Religion” was used in the Fox News coverage of the Democratic National Convention last night. R.E.M. today, through its music publisher, Warner-Tamerlane Music, demanded that Fox News cease and desist from continuing its unlicensed and unauthorized use of the song. Michael Stipe said, “We have little or no respect for their puff adder brand of reportage. Our music does not belong there.”

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McClatchy

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Steve Kornacki (Salon): Barack Obama is winning …and he has been pretty much all year

The final evidence isn’t in yet, but there are strong indicators that Barack Obama received a real boost from the Democratic convention – bigger than the paltry bump Mitt Romney got out of his party’s gathering and potentially big enough to push Obama’s national lead to heights not seen since Romney emerged from the GOP primaries back in the spring.

Gallup’s daily trendline, which remained flat during and immediately after the Republican convention, has spiked in Obama’s favor over the last few days; as of Sunday afternoon, his lead was five points. He’s also pulled a few points ahead in Rasmussen’s daily poll, which has tended to be more Romney-friendly than other surveys, grabbed a four-point lead in a Reuters/Ipsos poll, and seen his job approval rating crack the 50 percent mark. A PPP poll released Sunday night also showed Obama hitting 50 percent in Ohio…..

The movement in Obama’s direction reinforces a point that many neutral campaign observers have been reluctant to make for months now: The presidential race is not, and has not been, a virtual tie – Obama is, and has been, winning.

More here

Thanks BWD

03
Sep
12

This and That

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The Oval: President Obama celebrated working people on this Labor Day, but also blitzed Mitt Romney’s economic plan with football metaphors.

“There’s a flag on the play,” Obama told crowd of auto workers in Toledo, Ohio, at one point.

Riffing on Romney’s weekend claim that the economy needs “a new coach” in the White House, Obama said that “the problem is that everybody’s already seen his economic playbook … we know what’s in it.”

The “first down” is tax cuts for the wealthy that will lead to tax hikes for the middle class, Obama said. “Second down” is an audible” ending financial and environmental regulations. Romney’s “third down” is a “Hail Mary” of cuts that would “end Medicare as we know it.”

Obama’s suggestion for the fourth down of the Romney plan: “Punt it away! … It won’t work! It won’t win the game!

“You don’t need that coach,” he said of Romney. “That’s a losing season!”

More here

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Scott High School in Toledo, September 3

Click here to see the rest of the post

14
May
12

NY bound

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President Obama and Freedom to Marry founder and president Evan Wolfson will both receive the Medal Of Distinction at Barnard College Monday:

“I am deeply moved to join with President Obama to celebrate the next generation of leaders coming up among Barnard women, and to share the Barnard Medal of Distinction with him,” said Wolfson. “And I will thank the President for doing what we elect presidents to do – showing moral leadership in standing up for freedom, fairness, and families – and for speaking in such personal terms about the journey he and so many Americans have made to understand who gay families are and why marriage matters. In explaining his change of heart, the President spoke in heartfelt words that rang true, because he described the very same journey that so many Americans – a majority now – have made.”

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Nick Anderson

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1:10: PBO delivers the commencement address at Barnard College

3:00: Tapes an appearance on “The View” at ABC Studios (The full interview will be embargoed until airing on Tuesday morning)

5:05: Delivers remarks at a campaign event at the Rubin Museum of Art (Pooled Press)

6:50: Delivers remarks at a campaign event at a Private Residence (Print Pool for Remarks Only)

8:30: Departs New York

9:40: Arrives at the White House

11
May
12

Rise and Shine

President Obama waves from his motorcade on Laurel Canyon Boulevard in Studio City, May 10

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Daily News: …. Tama Winograd, a member of Studio City/NoHo/Valley Village for Obama, had entered a drawing by the campaign in hopes of winning entry to the fundraiser.

She didn’t win, so instead she held a ValleyForObama.com sign along Obama’s motorcade route on Laurel Canyon Boulevard.

“I would’ve fainted seeing George Clooney and the president at the same time,” said Winograd, a Valley Village resident. “I would’ve been a puddle of goo.” :lol:

More here

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Text of the President’s remarks at the George Clooney fundraiser here

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People wait for President Barack Obama’s motorcade in Los Angeles, May 10. Obama was attending a fundraiser at actor George Clooney’s home

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Cagle

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Thanks Squarepeg

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OFA

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Greg Sargent: The Romney campaign and some on the right are having a grand old time blasting Obama for supposedly saying late yesterday that he ”forgot” about the recession. Romney spokesperson Andrea Saul claims Obama has “now admitted that he’s forgotten about the recession.”

This is an absurd distortion. But it’s worth dwelling on, because it says an enormous amount about what this presidential camapign is all about.

Here’s Obama’s actual quote: “It was a house of cards, and it collapsed in the most destructive worst crisis that we’ve seen since the great depression. And sometimes people forget the magnitude of it , you know? And you saw some of that I think in the video that was shown. Sometimes I forget. In the last six months of 2008, while we were campaigning, nearly three million of our neighbors lost their jobs. Eight hundred thousand lost their jobs in the month that I took office. And it was tough. But the American people proved they were tougher.”

…. What Obama actually said, of course, is that sometimes he forgets about the magnitude of the crisis that hit before he took office and continued into the early months of his term. The irony here is really rich: It’s actually the Romney campaign that is heavily invested in getting voters to forget the magnitude of the crisis Obama inherited.

More here

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CNN link

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Glenn Kessler (The Fact Checker): Mitt Romney’s claim of credit for the auto industry turnaround…. What should we do when a politician keeps repeating a Pinocchio-laden claim — or even makes its worse?

….. Given the likelihood that discredited claims will be repeated — often — in this election cycle, we are going launch a new category called “repeat offender.” We still have to create a graphic, but in the meantime we are going to increase Romney’s Pinocchio rating for his auto bailout claims from Two to Three Pinocchios.

Romney has been consistent on his position that a managed bankruptcy was the best course of action. But he keeps digging a bigger hole for himself when he claims that the path he recommended — which included no public assistance — would have been successful from the start. Both Presidents Bush and Obama rejected that advice, and there is little evidence the industry would have survived without the breathing room provided by public funds.

More here

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Smart ;-)

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1:15: President Obama departs Los Angeles, California en route Reno, Nevada.

2:30: Arrives in Reno.

2:50: Meets with a local family.

3:10: Delivers remarks pushing Congress to act on the ‘To Do List’.

3:50: Departs Reno, NV en route Joint Base Andrews.

8:25: Arrives at the White House.

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Michelle Obama will deliver the commencement address to graduates of Virginia Tech today – CNN have it listed for 12:0 ET

CNN live streaming

Virginia Tech

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Hey, I remembered, it’s Friday :cool:

Morning everyone ;-)




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