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Obama Touts GM Turnaround As Recession 'Success Story'

4 years ago
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Breaking sharply from his defensive crouch following this month's electoral "shellacking," President Obama took a moment to celebrate some hard-won success on Thursday. The president championed his administration's decision to rescue the troubled U.S. auto industry last spring, pointing to General Motors' initial public offering (IPO) of its stock -- one of the largest IPOs in American history. "Today, one of the toughest tales of the recession took another big step towards becoming a success story," said the president.

As a result of the IPO, American taxpayers are expected to recoup their sizable investment in the car giant -- a prospect many critics had thought initially impossible. "There were plenty of doubters and naysayers who said it couldn't be done, who were prepared to throw in the towel and read the American auto industry last rites," said the president. "But we are finally beginning to see some of these tough decisions that we made in the midst of crisis pay off."

With the sale of the GM stock, Obama noted that "American taxpayers are now positioned to recover more than my administration invested in GM." Driving home the point, he added, "And that's a very good thing." He went on to say that since the federal government's intervention, the auto industry has created more than 75,000 new jobs, and that for the first time in six years, all three major American car manufacturers -- Ford, GM and Chrysler -- are all operating at a profit. "In fact," he said, "last week, GM announced its best quarter in over 11 years."

For the last few months, the president has maintained a positive outlook on America's future and reiterated his belief that the country will emerge whole from the economic crisis. On Thursday, he was at last able to point to some concrete evidence as proof of his thesis. "I'm absolutely confident that we're going to keep on making progress," Obama announced. "I believe we're going to get through this tougher and stronger than we were before."

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114 Comments

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ajschrod

It's too bad Obama feels the need to say: "I told you so" to everyone that knocked his auto bailout plan. We are supposed to be intelligent citizens able to discuss things in a rational and calm way, but the flood of crude, obscene and completely negative rhetoric that came after enactment showed how low-class ordinary Americans are capable of becomming! OF COURSE they will never apologise to the Pres. OR supporting Democrats, BUT THEY SHOULD!!!

November 20 2010 at 4:56 PM Report abuse +5 rate up rate down Reply
catalogsplus

Hmmm... no mention that China now owns millions of shares. Like pretty much everything else of value in the US.

November 19 2010 at 3:14 PM Report abuse -5 rate up rate down Reply
Bonbon

the last election just proved that no one is buying it anymore, left wing cannot run the country, just doesn't work.

November 19 2010 at 1:50 PM Report abuse -5 rate up rate down Reply
Bonbon

I am getting a new car next year and I will never buy one car from anyone who took taxpayers money!

November 19 2010 at 1:22 PM Report abuse -4 rate up rate down Reply
1 reply to Bonbon's comment
sharon

The car company's are paying their loans off. Have you got a credit card? Are you going to buy an American car?

November 21 2010 at 1:31 AM Report abuse +3 rate up rate down Reply
barney2022

It artificial Mr. President... I'm clearly starting to see a shift where Big Business align themselves with the Democratic party. Thats really what Obama wants, he wants all large businesses to be controlled by government. And since he passed so many laws to help big business in his first two years, they are with him. I dont care what the Democrats say, there is a shift going on and they dont want the people to pick up on it.

November 19 2010 at 12:19 PM Report abuse -2 rate up rate down Reply
1 reply to barney2022's comment
sharon

Well all repub say that business controlls goverment. As a Democ I am so proud That he is turning things around. But you nay sayers will never give him credit. Obama should jump up and down and say I told you so.

November 21 2010 at 1:36 AM Report abuse -1 rate up rate down Reply
Bill

Let the Obama bashing begin! The GM bailout (which was really just a government underwitten bankruptcy) was a success, as was TARP. They both did exactly what they were intended to do, and in the end, at very little or no cost to the taxpayers. I wonder, as this fact becomes more and more clear, what are you windbags going to use as an excuse to bash the president for not sitting in the corner and shutting up like a good little negro?

November 19 2010 at 8:17 AM Report abuse -2 rate up rate down Reply
4 replies to Bill's comment
geraldlsolis

A totally "rigged" success story by the Government, scripted and rehearsed. GM got $50 BILLION of freebie money to play with, $10 BILLION to GMAC at zero interest to lend to their car buyers (at 8%), NO FEDERAL INCOME TAXES for the next ten years (remember this when you file your tax return next year), ALL of their $45 BILLION in Debt erased, hurting bondholders, stockholders, suppliers, dealers, and customers. So, the FED got a stack of newly printed Stock Certificates yesterday. Big Whoop. They can't sell them on the open market. Everyone says they "saved" a MILLION jobs. Really? GM only has 100,000 employees in the United States. We saved a lot of jobs in CHINA, INDIA, BRAZIL, and EUROPE. Where are the other 900,000 jobs this saved? When the FED gets around $70 BILLION back in CASH or GOLD, you can celebrate this "success". But, don't count on it soon, if ever.

November 19 2010 at 8:07 AM Report abuse -3 rate up rate down Reply
1 reply to geraldlsolis's comment
barney2022

exactly, he'll bail out big business but wont do anything to help the mortgage crisis. Im telling you, this man is aligned with big business including, GM, GE, Abbott Labs... the list goes on.

November 19 2010 at 12:22 PM Report abuse -3 rate up rate down Reply
robert

lets see thay closed 14 plants total in the US and built 4 in China and 2 in Brazil and the president considers this a Success? and the heck of it the government made then close down thier best 2 plants and keep open their worst 2. WOW politicians have nothing to brag about with this one!!!!!

November 19 2010 at 8:06 AM Report abuse rate up rate down Reply
kkebshop

Turnaround? Negative. GM is allowed to survive, while taxpayers get screwed. Even our Federal government is reporting that when all is said and done, the taxpayers will still likely lose about 20% of the money they "loaned" to GM. All of the money has NOT, I repeat, has NOT been paid back. (On top of this, the company just received a tax break that happens to be the same amount as the dividend payments it makes to the government/taxpayers. Hmmmmmm.) This is a robbery disguised as a success story. Better yet, it's like having your rapist tell you he loves you while he violates you. It's despicable. But if you say something enough, it's true, right? So Barrack will keep saying how "sucessful" this all has been, convinced that by simply stating it, it becomes reality. Yesterday, in honor of the GM IPO, I went out and invested in Ford stock -- in my opinion, pulling yourself up by your own bootstaps is much more successful than cowering to the government for help strong-arming the taxpayers for money. Bush should have stayed out of it, and Barrack should stop fantasizing. People seem to forget/ignore that when all was said and done, GM filed for bankruptcy anyway. So what exactly did we save GM from?

November 19 2010 at 8:03 AM Report abuse -1 rate up rate down Reply
Paul J Reese

Thank you Mr President for saving My Job with the GM Bail out Thank you for all the difficult things you had to do for America Sure It was not all popular But clearly we are going in the correct direction for more than just recoverey we will prosper as the greatest Nation once again Thank you Mr President and all others that helped Fix this. To the Republicans, When did you stop thinking about ( We The People ! ) the middle class, Main street. The People that break there backs to make America ?

November 19 2010 at 8:00 AM Report abuse +3 rate up rate down Reply

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