Posts Tagged ‘car

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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05
Aug
13

Random Irish Car Sticker

Snapped in a random Irish town this evening. Honest!

Okay, back in a bit with a newsie round-up.

03
Jun
13

This and That

Text of the President’s remarks here

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mentalhealth.gov

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Supporters engulf Democratic presidential hopeful Sen. Barack Obama (D-IL) during a rally at the Xcel Energy Center June 3, 2008 in St. Paul, Minnesota. Obama clinched the Democratic presidential nomination following primaries in South Dakota and Montana

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Michael Cohen (The Guardian): What makes the Republican position on Medicaid expansion truly sick – In their ideological vendetta against Obamacare, red states seem more willing to let low-income people die than get healthcare

If you want to get a sense of the enfeebled and wanton state of the modern Republican party, there really is no better place to start than on the issue of Medicaid, the federal program that provides healthcare coverage for the poor.

In a desperate effort to undermine the law they hate, Obamacare, Republican governors and state legislatures in half the states have either rejected or intend to reject a key part of the president’s signature domestic initiative – namely, billions in federal dollars to extend Medicaid coverage to their poorest citizens. While Republicans argue they are acting out of high-minded fiscal rectitude, the reality speaks to something else altogether – petulance and hyper-partisanship.

…. Republicans are searching for ways to rehabilitate their image. It ain’t gonna be easy so long as they operate as though saving money – and keeping their ideological purity intact – is more important than reducing suffering and saving lives.

Full post here

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Jonathan Cohn (New Republic): If you want to know why we can’t have an honest debate about Obamacare, all you have to do is pay attention to some recent news from California – and the way a highly distorted version of it, by one irresponsible writer, has rippled through the conservative press.

More here

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