Obama: Let's repeat auto industry success

Obama: Let's repeat auto industry success

PUEBLO, Colo. – President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.

I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.

www.politico.com...

Right just don't pay any attention to those GM plants in Canada and Mexico and other parts of the globe Obama believes in the American worker.

He wants to do to American manufacturing what he did for the Auto Industry.

Treasury: U.S. to lose $25 billion on auto bailout From The Detroit News: www.detroitnews.com...

Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast. From The Detroit News: www.detroitnews.com...

www.detroitnews.com...

If you think America can afford to lose billions more on the already 5 trillion spent for his "success" then by all means vote for another 4 more of abmissal "solutions".

Really let's repeat the auto industry "success"!!

That's right. Real journalism at it's finest!! Damn, too bad it don't pay

We got the fricken VOLT!!!. Every family bought one

Anybody know Anybody buying new cars lately? I don't...

Originally posted by neo96

Really let's repeat the auto industry "success"!!

The other Option was to let the Car Companies Fail.

Ya, that would have been good for the US.

Do you ever read the dribble you write?

Originally posted by Tw0Sides

Originally posted by neo96

Really let's repeat the auto industry "success"!!

The other Option was to let the Car Companies Fail.

Ya, that would have been good for the US.

Do you ever read the dribble you write?

Yeah do people read?

Cause GM is still failing after billions blown.

“Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called 'pioneers of outsourcing,'” Obama said. “I don’t want to be a pioneer of outsourcing. I want to insource.”

Can you find fault with this statement?


From your other source:
Treasury: U.S. to lose $25 billion on auto bailout

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.

That's IF the government were to sell off these shares. Because the shares are down, the payback from share sales are lower. That figure (25 billion) is not set in stone. If the shares go up, then the bailout would pay for itself. I don't see the government looking to sell these shares yet. So it's a hypothetical number.

As the article states:

The steep decline in GM's stock price has indefinitely delayed the Treasury's sale of its remaining 26 percent stake in GM. No sale will take place before the November election.

Even the figure (25 billion) is up in the air, some of the other agencies give the figure as much lower (13 billion). So it's up in the air.


Also from the same source:

Treasury spokesman Matt Anderson said the costs were still far less than some predicted.

"The auto industry rescue helped save more than one million jobs throughout our nation's industrial heartland and is expected to cost far less than many had feared during the height of the crisis," Anderson said.

That was the point of the US auto-bailout - to SAVE THOSE JOBS.


BTW, you do know that GW Bush gave the US auto industry a 25 billion bailout in December 2009, right?

In its latest monthly report to Congress, the U.S. Treasury Department said it expected to lose $25.05 billion on the bailout, up from a previous estimated loss of $21.7 billion. The latest report estimates losses as of May 31. The previous report's estimate was from Feb. 29.

The government still owns about 500 million shares of GM, which would have to more than double in price to $53 each for the government to get its remaining $27 billion back.

Falling GM stock raises government loss on bailout


When has this administration done anything right ?

Right, so the American ‘gas guzzler’ is going to try and compete AGAIN with the likes of Japan & Korea (cheap and efficient) & Europe (sporty and classy) or will it be your new ‘environmentally friendly’ type Cadillac?

I don’t believe I have ever seen an’ American car’ in Australia on the road in all my 45 years, except perhaps an old Trans-Am or 2 but they are very few and far between.

Soooo, OK, good luck with that!

Q. Besides car manufacturing, does America actually have anything else they could sell as an export item besides weapons and war?

Mickierocksman

Heres a great piece......

In 2009 the Obama Administration awarded General Motors (GM) with a $50 billion bailout. It was argued by both the Bush and Obama Administrations that GM, with 202,000 employees in 157 counties, was “too big to fail.” Not only did the bailout generate what we economists call “moral hazard,” (investors taking on too much risk due to federal government backing), it also cost taxpayer billions. Emerging from bankruptcy in November 2010, GM stock was initially sold to investors (Initial Public Offer) at a price of $35. Last Friday the stock closed at a price of $22.36. Thus at this point in time, the U.S. taxpayer has sustained a loss of $18 billion. During this period that GM stock dropped by 36 percent, the overall stock market expanded by 18 percent. So not only is the federal government investing public money in private businesses, it is doing it poorly. GM shares have fallen to less than half the $53 price that the government needs to break even. Much of GM’s difficulties can be traced to federal meddling and requiring GM to produce vehicles that Americans have shunned. For example since it went on sale, the GM hybrid, the Volt, at a sales price of $41,000 and a U.S. federal tax credit of $7,500, has cost U.S. citizens $250,000 for each unit sold according to the Mackinac Center for Public Policy. Thankfully GM suspended production of the Volt in March 2012. For the sake of GM and the U.S. taxpayer, the U.S. Treasury should sell its stake in GM and “get out of the way.”

Bailout of GM Costly for Taxpayer: “Too Big to Fail” Is Failure

reply to post by neo96


Don't forget the 20,000 NON-union jobs lost when GM was bought out by the government.!

So a success for Obama = 25 billion loss + 20,000 jobs lost.

Yeah, go vote for him!

Originally posted by sonnny1


When has this administration done anything right ?

First off , and MOST important.

It kept (Bomb Iran) McCain and Sarah Palin outta the White House.

SARAH PALIN, are you for Real!!!!!!!!!!!!!!!!!!!!!!!!!!!!

reply to post by Tw0Sides


Really, thats a non issue. I didn't vote for them. I sure as hell didn't drink the kool-aid, Obama was pushing.
The Government shouldn't be bailing out ANY business.

Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power. ~Benito Mussolini


It is what these bailouts were, right?

reply to post by Blackmarketeer


Really Bush bailed out GM?

The why is Obama taking credit then?

Hmmm.

thereply to post by Tw0Sides


GM makes killer trucks. Besides that they make government vehicles. I live in California, no one, and I mean no one buys a domestic automobile. They. just. don't.

There is nothing wrong with failing. Businesses do it all the time. They should have let the banks go down as well. Nothing wrong with starting over fresh.

Yes, I know we would have lost the manufacturing jobs. But we are losing them anyway. GM is building a huge plant in China.

We have been taking a screwing since Reagan/Bush. It has been gradual, I really don't think the country saw it coming. At least, I didn't.

They privatize profits, and socialize the losses.

Man, what a deal! Too bad I am not connected and get in on that deal

Originally posted by Mickierocksman
Right, so the American ‘gas guzzler’ is going to try and compete AGAIN with the likes of Japan & Korea (cheap and efficient) & Europe (sporty and classy) or will it be your new ‘environmentally friendly’ type Cadillac?

I don’t believe I have ever seen an’ American car’ in Australia on the road in all my 45 years, except perhaps an old Trans-Am or 2 but they are very few and far between.

Soooo, OK, good luck with that!

Q. Besides car manufacturing, does America actually have anything else they could sell as an export item besides weapons and war?

Mickierocksman

Yes actually we do and your country received quite a lot of it, its fuel and gas.

Fuel and gas was the United States largest export in 2011. And don't tell me that gas came from Iraq, we don't get or need their oil, it came from right here in the Balken oil fields of North Dakota, Montana, and Wyoming.

USA Today

Originally posted by Nucleardiver

Originally posted by Mickierocksman
Right, so the American ‘gas guzzler’ is going to try and compete AGAIN with the likes of Japan & Korea (cheap and efficient) & Europe (sporty and classy) or will it be your new ‘environmentally friendly’ type Cadillac?

I don’t believe I have ever seen an’ American car’ in Australia on the road in all my 45 years, except perhaps an old Trans-Am or 2 but they are very few and far between.

Soooo, OK, good luck with that!

Q. Besides car manufacturing, does America actually have anything else they could sell as an export item besides weapons and war?

Mickierocksman

Yes actually we do and your country received quite a lot of it, its fuel and gas.

Fuel and gas was the United States largest export in 2011. And don't tell me that gas came from Iraq, we don't get or need their oil, it came from right here in the Balken oil fields of North Dakota, Montana, and Wyoming.

USA Today

Nearly every country exports oil and gas, we do as well and sell it to the asian market.

As one of the largest producers of 'energy' (coal and natural gas) I was not aware that your oil fields were still producing, good to know.....

I suppose my question could have been directed at exported 'manufactured product' rather than natural resourses.

Mickierocksman