The WHITE HOUSE Blog: The AUTO Industry A Year Later

[Segami]

Oh, oh,...this news will definitely screw up Michele Bachmann's rants against Obama. Oh well, back to the nut farm drawing board:rofl:


Michele Bachmann.." The federal government literally, in 18 months’ time, has taken either direct ownership or control of 51 percent of the private economy. Eighteen months ago, 100 percent of the private economy was private. But today, the federal government literally owns banks., the largest insurance company in the United States. The federal government owns over half of all home mortgages today in the United States — Chrysler, G.M. the student loan industry and now health care.



The WHITE HOUSE Blog:


" What a difference a year makes. Just about a year ago, the American auto industry was on the brink of collapse. Today, General Motors announced that it has repaid its $6.7 billion loan to the U.S. government in full five years ahead of schedule, and Chrysler announced that, after taking one-time charges last year associated with its restructuring, it produced an operating profit in the first quarter of 2010 for the first time since the economic crisis began. The prospect of a faster than anticipated exit from government involvement and a return of most of the taxpayers’ investment in these companies has materially improved.


This turnaround wasn’t an accident of history. It was the result of considered and politically difficult decisions made by President Obama to provide GM and Chrysler – and indeed the auto industry – a lifeline, if they could demonstrate the will to reshape their businesses and chart a path toward long-term viability without ongoing government assistance.


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<http://www.whitehouse.gov/blog/2010/04/21/auto-industry-a-year-later>