President Obama on Revitalized Auto Industry

The federal bailout of the auto industry continues to stir strong feelings, but as time evolves the strength of the Obama policy has muted many of the political critics of the federal intervention. And what has happened since the federal intervention?

The administration says that the bailout and restructuring of the companies has put the entire industry on better footing than it has been in years. In the first quarter of 2010, GM earned a quarterly profit of $865 million, its first since 2007. Chrysler reported an operating profit of $143 million over the same period.

Preliminary figures suggest that auto industry employment in the United States may reverse a decade of decline.

General Motors is now having tremendous success in selling its autos in China, helping us to repatriate some of the trillions in dollar reserves China is sitting on. Even harsh critics appear to be satisfied that the investment might have been worth it.

The success of the program has earned acknowledgment from people like Corker, who says that without the auto industry bailout, “Who knows what would have happened?” He adds that, “I’m genuinely pleased that people across this country that are involved in the auto industry are seeing it come back and that Americans are being employed as a result.”

Many of our worldwide competitors have directly financed home industries, much to the detriment of American workers. The President appears to have gotten this one right. Jobs have never been more important, and just flushing these companies was never the right thing to do.

Read the Washington Post story here.

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4 Responses to President Obama on Revitalized Auto Industry

  1. Jules Gordon says:

    Your Honor
    I read the last paragraph in your disappointing entry. You wrote,”Many of our worldwide competitors have directly financed home industries, much to the detriment of American workers. The President appears to have gotten this one right. Jobs have never been more important, and just flushing these companies was never the right thing to do.

    You just proven beyond a doubt that you are a socialist. It’s ok to to have the Federal Government “Seize” a private corporation and take the ownership away from lawful investors. Rob the owners and save the “union” jobs.

    The Companies should never have received a bailout. Ford didn’t need it.

    Your Honor, you’ve gone to the Dark Side.

    A sad Jules

    Like

  2. Bill Manzi says:

    Jules,

    Don’t be disappointed. I am not bound by ideology. I just like to do what works. Now in terms of your posting how did the federal intervention, which started with President Bush giving essentially string free money to the American auto industry, “rob the owners”? The Company would have been liquidated. How do you seize a company on the verge of liquidation. That liquidation would have meant that TWO titans of American manufacturing would have been washed away. WHY? So we can buy cars from the government subsidized Hyundai in Korea, or from Japanese auto makers, who started their industry with government help and protectionist trade policies. This is not really about the unions Jules. It is about American workers being given a fair shake and not allowing foreign governments to bury us with their trade and industrial policies. What is the American industrial policy? Ship jobs to China? That is not much of an industrial policy. And the Democratic Party, through its own functional incompetence, has not been much better than Republicans on this issue. Time for President Obama to wake up on jobs. And time for you to put aside rigid ideology and stand up for American workers.

    Bill

    Like

  3. Jules Gordon says:

    Your Honor,
    I just got back from visiting my son and his family in California. I got to answer your Idealogical commentary.

    I need time. Got right back to work.

    Jules

    Like

  4. Jules Gordon says:

    Your Honor,

    Mussolini is reputed to make trains run on time. Is that what you consider “what works”?

    You are an ideologue as am I.

    We are not Japan
    We are not Korea

    Your comment regarding giving workers a fair shake is specious. The Democratic Party only cares about Union Employees. 80% of American workers do not belong to unions are ALWAYS left out of the privileges and benefits provided by Democrat legislation at the State and federal level.

    No non-union worker can do government contract work Billions spent at UMASS will never feed a non-union employee.

    IS THAT FAIR?

    Jules

    Like

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