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Obama Says ‘Tough Decisions’ on Automaker Aid Now Paying Off

Bloomberg -- President Barack Obama said the “tough decisions” he made to give almost $60 billion in aid to the U.S. auto industry saved a million jobs and led to the strongest period of growth for automakers in a decade.

In his weekly address on the radio and the Internet, Obama said the help given to General Motors Co. and Chrysler Group LLC have led to a “hopeful story” of economic recovery following the nation’s worst economic crisis since the Great Depression.

“There’s no doubt that we have a long way to go and a lot of work to do before folks here and across the country can feel whole again,” he said in the address, recorded at a GM plant in Hamtramck, Michigan, yesterday. “But what’s important is that we’re finally beginning to see some of the tough decisions we made pay off.”

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Submitted Aug 01, 2010 By: ziyulu

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Spazz Champion Author Virginia Beach Posts:8,486 Points:1,844,170 Joined:Aug 2005	Message Posted: Oct 3, 2010 8:05:59 AM Ignore Spazz Report Abuse Ford still doing better without my taxpayer money
Bonanza Champion Author Boston Posts:9,288 Points:2,084,980 Joined:Jun 2004	Message Posted: Aug 4, 2010 6:12:27 AM Ignore Bonanza Report Abuse It may have saved some jobs, but there's more autoworkers out of work right now than ever before.
geminijax Champion Author Jacksonville Posts:14,362 Points:2,271,310 Joined:Aug 2005	Message Posted: Aug 3, 2010 1:01:44 AM Ignore geminijax Report Abuse WonderfulMI: "I know that the small vocal anti-Obama crowd would have preferred that Obama had done something else." Yes! The thousands of investors (stockholders & bondholders, direct & indirect) would have preferred not getting the short end of the stick, so that the UAW could benefit at their expense. "They would have preferred that Obama stop the Bush-bailouts, that the automakers go out of business, that millions more lose their jobs and homes, and that everything go to "heck in a hand-basket"." You really don't understand business, do you? The D3, esp. GM, had been making poor decision for many years. They have shipped thousands of jobs overseas. They built cars that didn't sell well. Remember the Chrysler Pacifica, the Chevy SSR, to name a couple? GM lagged badly when it came to hybrids because Bob Lutz, the head design honcho, didn't think it was a good idea, even when consumers were standing in line for months to buy hybrids (made by their competitors). That's brilliant, isn't it? Then they built hybrids which were a sad joke. "I prefer business and jobs to succeed, even if it doesn't make Obama look bad." So do we! However, OUR money was used by Comrade Obama to bail out the UAW, which has been his big supporter throughout his political career. The D3 proved they could NOT compete in the free market, nor did they have the leadership to succeed. Ford changed by bringing in Alan Mullaly, who has worked wonders. For the first time in decades, GM has a CEO that hasn't "risen through the ranks". That's GM code for referring to someone who was continually brainwashed in the "GM way" before they became CEO! Take a good hard look at the CEOs GM has had for the last 20 years. Now, with the upcoming "new" GM IPO, the UAW will rake in billions. That's the real deal brokered by Comrade Obama.
dacofa Champion Author Nevada Posts:3,211 Points:693,485 Joined:Jan 2010	Message Posted: Aug 2, 2010 12:10:51 PM Ignore dacofa Report Abuse Like how to screw over Toyota sells, Oh a big Recall, or taxpayers money for R&D for a POS Volt car. Then lie to the public about the good times are a comin.
remay Champion Author Houston Posts:4,696 Points:1,654,720 Joined:May 2006	Message Posted: Aug 2, 2010 10:48:58 AM Ignore remay Report Abuse "About $67 billion in loans and equity investments are still outstanding, according to administration figures." I don't consider that as "paying off".
Gary65 Champion Author Toronto Posts:1,501 Points:511,655 Joined:Jan 2009	Message Posted: Aug 2, 2010 12:39:53 AM Ignore Gary65 Report Abuse Consider the source of this claim.
BlueVanGroup Champion Author Colorado Posts:4,781 Points:1,069,325 Joined:May 2008	Message Posted: Aug 1, 2010 11:04:14 PM Ignore BlueVanGroup Report Abuse Jeff4U, you're not supposed to examine the results, just praise them for their "good intentions" (as in paving stones to ...).
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Aug 1, 2010 5:31:03 PM Ignore Jeff4U Report Abuse "we’re finally beginning to see" WHAT I SEE: 1. Unemployment: the same 2. Rising cost of living at the same pay levels 3. Help for average citizens: non-existent 4. Business growth in limbo: uncertainty on regulations, taxes, banks unwilling to make loans, agendas like cap & trade, and upcoming health care costs. 5. Out of control government spending and deficit 6. A power hungry egotistical administration that ignores public opinion and blames Bush for all problems. 7. Freedom, rights, and The Constitution in jeopardy. So I ask: Exactly in what way has your life improved by "change"? [Edited by: Jeff4U at 8/1/2010 5:31:44 PM EST]
gs7101 Champion Author San Antonio Posts:3,203 Points:245,355 Joined:Jun 2009	Message Posted: Aug 1, 2010 4:25:26 PM Ignore gs7101 Report Abuse I'm sure the people who had their jobs saved are extremely happy with the tough decision.
gs7101 Champion Author San Antonio Posts:3,203 Points:245,355 Joined:Jun 2009	Message Posted: Aug 1, 2010 4:24:58 PM Ignore gs7101 Report Abuse I sure the people who had their jobs saved are extremely happy with the tough decision.
justjNM Sophomore Author Albuquerque Posts:237 Points:339,245 Joined:Jun 2010	Message Posted: Aug 1, 2010 3:31:32 PM Ignore justjNM Report Abuse I still favor competition within a free market economy. Where does the bailout money come from if capitalism fails?
SBlouch Champion Author San Antonio Posts:6,891 Points:1,471,855 Joined:Apr 2007	Message Posted: Aug 1, 2010 3:21:12 PM Ignore SBlouch Report Abuse What else do you think Obama would say? Do you think he would tell us if it didn't help as he used money we the TAXPAYER didn't want him to use.
Dennis783 Champion Author Wisconsin Posts:11,269 Points:2,246,985 Joined:Sep 2005	Message Posted: Aug 1, 2010 1:36:29 PM Ignore Dennis783 Report Abuse Of course Obama would make us want to think that. He's just justifying his poor decision.
Shane1936 Sophomore Author Atlanta Posts:219 Points:266,755 Joined:Mar 2005	Message Posted: Aug 1, 2010 10:34:34 AM Ignore Shane1936 Report Abuse 76chevy, Your "handle" and comments about Ford indicate a very strong bias in favor of GM. Especially since Ford did not take bailout money and GM got the "lion's share". Are you signing up for one of the "affordable" $41k Volts? That one is going to need all the support it can get!!
RabunDog Champion Author Georgia Posts:2,029 Points:818,640 Joined:May 2009	Message Posted: Aug 1, 2010 10:29:33 AM Ignore RabunDog Report Abuse I suppose anyone could run a company poorly and get bailed out by the govt/taxpayers and do OK for awhile - but unless they change their business model - they will continue to do poorly - except FORD
Shane1936 Sophomore Author Atlanta Posts:219 Points:266,755 Joined:Mar 2005	Message Posted: Aug 1, 2010 10:25:52 AM Ignore Shane1936 Report Abuse doc327hank, Many thanks for your response to Gnusman53. As for his remark "the best in 50 years", if you do the math, fifty-one years ago Eisenhower was president and I agree he was a better president than the present one! :-)
jjjleblanc Champion Author Rochester Posts:4,344 Points:1,099,500 Joined:Jun 2008	Message Posted: Aug 1, 2010 10:19:58 AM Ignore jjjleblanc Report Abuse The economy might have done better if they gave it back to the people they got it from in the first place and let the automakers make the tough decisions. Giving away other people's money is not a tough decision.
netman044 Champion Author Texas Posts:5,291 Points:893,660 Joined:Sep 2005	Message Posted: Aug 1, 2010 10:18:21 AM Ignore netman044 Report Abuse This is more feel good pr by an administration that is afraid of loosing control of congress in the upcoming elections
4warned Champion Author Michigan Posts:5,512 Points:1,739,140 Joined:Nov 2006	Message Posted: Aug 1, 2010 10:09:04 AM Ignore 4warned Report Abuse I have a friend that just bought a new Chevy two months ago. He has had it in and out of the service department 10 different times for different problems. Has G.M. really learned? You know the old saying only the strong survive. Think "Ford", no hand out taken and still surviving. They have also IMPROVED there product. I have never own a FORD but my next car most likely will be FORD.
Cuzilla Champion Author Indianapolis Posts:10,638 Points:1,967,610 Joined:Sep 2005	Message Posted: Aug 1, 2010 10:07:16 AM Ignore Cuzilla Report Abuse A direct intervention to bail out the UAW at the expense of all us out here that did not make fat paychecks by extorting GM. I'll never buy another car made by the UAW....EVER!
TWS658 Champion Author Portland Posts:3,056 Points:656,475 Joined:Sep 2005	Message Posted: Aug 1, 2010 10:01:48 AM Ignore TWS658 Report Abuse It is not the responsibility of our Government to bail out any business no matter how big or small it is.
Tonester1 Champion Author New Jersey Posts:10,369 Points:1,859,835 Joined:Oct 2006	Message Posted: Aug 1, 2010 9:53:33 AM Ignore Tonester1 Report Abuse Shouldn't the tax payers in some way benefit for bailing them out?
101Speedster Champion Author Ventura Posts:25,587 Points:2,326,965 Joined:May 2005	Message Posted: Aug 1, 2010 9:52:31 AM Ignore 101Speedster Report Abuse Lower taxes and stop the handouts if you want the recession to end!
bikechuck Champion Author Indianapolis Posts:4,632 Points:1,596,180 Joined:Apr 2006	Message Posted: Aug 1, 2010 9:50:49 AM Ignore bikechuck Report Abuse A huge price to pay for the government take over of GM and other auto industries and now we shall see if the cars will sell. 'Saving jobs' comes at a high expense and at the detriment of other private sector jobs. Creating government jobs puts a drain on the economy and the private sector cannot afford it. Obama will solve that with enough bail-outs and rebates costing the taxpayers and their children and grandchildren deficits for many many years or possibly an economic collapse. Obama has surrounded himself with socialist (progressive) and some communist indoctrinated czars and advisors. Is this the way to go? Our U.S. Republic founders did not think so.
Kato51 Champion Author Atlanta Posts:5,332 Points:1,771,450 Joined:Jul 2005	Message Posted: Aug 1, 2010 9:50:48 AM Ignore Kato51 Report Abuse I wonder how things will look when the handout money runs out. Boma hasn't shown me anything yet with the auto industry.
WonderfulMI Champion Author Michigan Posts:9,024 Points:1,320,880 Joined:Jun 2008	Message Posted: Aug 1, 2010 9:50:38 AM Ignore WonderfulMI Report Abuse I know that the small vocal anti-Obama crowd would have preferred that Obama had done something else. They would have preferred that Obama stop the Bush-bailouts, that the automakers go out of business, that millions more lose their jobs and homes, and that everything go to "heck in a hand-basket". I prefer business and jobs to succeed, even if it doesn't make Obama look bad.
Hi1 Champion Author Ontario Posts:2,642 Points:1,292,335 Joined:Jun 2007	Message Posted: Aug 1, 2010 9:45:54 AM Ignore Hi1 Report Abuse WE HAD NO CHOICE WE HAD TO HELP THESE COMPANY OUT.
seeyardee Champion Author Sacramento Posts:6,853 Points:1,342,325 Joined:Apr 2008	Message Posted: Aug 1, 2010 9:44:53 AM Ignore seeyardee Report Abuse It was a lot of money, but it just MIGHT be actually paying off. Time will tell.
nozzle46 Champion Author Little Rock Posts:4,867 Points:1,095,850 Joined:Jul 2006	Message Posted: Aug 1, 2010 9:44:46 AM Ignore nozzle46 Report Abuse A million jobs. How much did each of those cost?
rocket_ron Champion Author Grand Rapids Posts:3,919 Points:1,528,920 Joined:Jul 2006	Message Posted: Aug 1, 2010 9:43:58 AM Ignore rocket_ron Report Abuse It was a good investment in real American jobs.
grandmacbc Champion Author Buffalo Posts:4,264 Points:999,155 Joined:Oct 2008	Message Posted: Aug 1, 2010 9:42:29 AM Ignore grandmacbc Report Abuse Sure were tough decisions. The locals were the ones to be hurt not the top management. How many dealerships were forced to close and how many were put out of work of the little guys? The prices of the vehicles the automakers are putting out are not affordable for the little guys so I guess we'll just have to keep looking for the 'clunkers'.
Zuman Champion Author New York Posts:3,888 Points:1,442,730 Joined:May 2005	Message Posted: Aug 1, 2010 9:38:12 AM Ignore Zuman Report Abuse OK how many people are going to be able to afford the chevy volt and buy it ? [Edited by: Zuman at 8/1/2010 9:38:34 AM EST]
Ply440GTX Veteran Author Kansas Posts:411 Points:266,110 Joined:Feb 2009	Message Posted: Aug 1, 2010 9:37:46 AM Ignore Ply440GTX Report Abuse Ford was just lucky, this time. The 'perfect storm' just side-swiped 'em.
twiper1 Champion Author San Diego Posts:5,477 Points:1,139,535 Joined:Oct 2008	Message Posted: Aug 1, 2010 9:33:39 AM Ignore twiper1 Report Abuse Obama will tell you anything to make himeself look good
DeepInOhio Champion Author Ohio Posts:2,024 Points:656,560 Joined:May 2008	Message Posted: Aug 1, 2010 9:32:48 AM Ignore DeepInOhio Report Abuse How long can the sheople who voted in Obama continue to believe that the governmental take over of the auto industry is "paying off" without creating new job?
DerTaubman Champion Author Detroit Posts:4,934 Points:1,063,460 Joined:Jun 2007	Message Posted: Aug 1, 2010 9:32:40 AM Ignore DerTaubman Report Abuse Chrysler is adding 900 jobs to the Sterling HTS. MI. stamping plant. It's suppliers are expected to add another 500.
hooter All-Star Author California Posts:791 Points:2,213,000 Joined:Jan 2003	Message Posted: Aug 1, 2010 9:31:59 AM Ignore hooter Report Abuse What a bunch of baloney. These stimulus programs are lotsa fun til it comes time to pay the bill.
rippinusoff Champion Author Lexington Posts:5,054 Points:1,022,000 Joined:May 2007	Message Posted: Aug 1, 2010 9:31:25 AM Ignore rippinusoff Report Abuse putting the horse before the cart...
gronin Champion Author Illinois Posts:2,001 Points:683,145 Joined:Mar 2009	Message Posted: Aug 1, 2010 9:29:51 AM Ignore gronin Report Abuse How long is it going to continue without new jobs?
garman87 Champion Author Austin Posts:2,357 Points:1,942,175 Joined:Aug 2005	Message Posted: Aug 1, 2010 9:29:46 AM Ignore garman87 Report Abuse Only time will tell.
Spazz Champion Author Virginia Beach Posts:8,486 Points:1,844,170 Joined:Aug 2005	Message Posted: Aug 1, 2010 9:28:51 AM Ignore Spazz Report Abuse Ford showing better profits then the others with no bailout money (i.e. your money).
albert2008 Champion Author Winnipeg Posts:5,005 Points:1,019,210 Joined:Sep 2008	Message Posted: Aug 1, 2010 9:28:49 AM Ignore albert2008 Report Abuse it was a big gamble
9C1 Champion Author Chicago Posts:20,403 Points:3,788,910 Joined:Jul 2001	Message Posted: Aug 1, 2010 9:28:43 AM Ignore 9C1 Report Abuse There is Bloomberg stirring up the right-wing crazies again.
76chevy Champion Author Toledo Posts:1,652 Points:353,355 Joined:Jun 2010	Message Posted: Aug 1, 2010 9:28:31 AM Ignore 76chevy Report Abuse "MRED3" ....Union workers don't make off that well, new hires make far less. I used to do service calls on basicaly anything electrical/electronic. For years outsouceing has been increasing and automation. One day the "big three" will only assemble using mainly foreign parts. What's the difference between buying foreign brand or foreign parts? Meanwhile the CEO of Ford before they flew to Washington in corporate jets looking for a hand out was paid enough to payrole a plant of 250 working employees, plus Ford flys him, corporate jet, from Detroit to Washington state on top of his compensation! We can't afford to compete with China, thanks to Clinton, and support CEOs and politicians!
1fulltank Champion Author Buffalo Posts:5,582 Points:1,087,320 Joined:Nov 2008	Message Posted: Aug 1, 2010 9:24:47 AM Ignore 1fulltank Report Abuse Sure, the "strongest" period of growth in a decade is tempered by the STRONGEST period of decline EVER, with all Big Three automakers (and others) facing bankruptcy. Put all the facts together and you will see elections coming up somewhere.
GGAlbo Champion Author Detroit Posts:1,641 Points:1,462,480 Joined:Sep 2006	Message Posted: Aug 1, 2010 9:23:52 AM Ignore GGAlbo Report Abuse The decisions on Automaker was a no brainier, but the decisions on the banks was the biggest mistake in banking history!!!!!
jhnh Champion Author Michigan Posts:1,413 Points:1,221,000 Joined:Nov 2005	Message Posted: Aug 1, 2010 9:17:36 AM Ignore jhnh Report Abuse it is nice that GM and Chrysler still exist, and are starting to be profitable again
karcabot2 Sophomore Author Little Rock Posts:178 Points:535,910 Joined:Jan 2009	Message Posted: Aug 1, 2010 9:17:07 AM Ignore karcabot2 Report Abuse I'm retired salaried delphi, how come I lost my pension and the UAW still has there's? Is that a union pay off or what??
Rt118E Champion Author Pennsylvania Posts:6,709 Points:905,660 Joined:Jun 2009	Message Posted: Aug 1, 2010 9:16:29 AM Ignore Rt118E Report Abuse Only History can tell what was best to do.
Dipstick1 Champion Author Amarillo Posts:6,621 Points:1,760,010 Joined:Jan 2006	Message Posted: Aug 1, 2010 9:16:01 AM Ignore Dipstick1 Report Abuse Yes, they are paying off in the form of 13 trillion of debt.