Wednesday, January 25, 2012

Obama denies he bailed out GM and Chrysler

President Obama bales Bush for the bailout of GM and Chrysler. He claims he "saved" them. The truth is Bush provided GM and Chrysler with $17.4 billion. President Obama ponied up $85 billion. Several billion will never be repaid.
(Washington Examiner) — President Obama today asserted that President Bush was responsible for bailing out auto companies in Detroit. Obama, on the other hand, implemented dramatic changes that saved the industry.
“Keep in mind,” Obama said, “That the administration before us, they had been writing some checks to the auto industry asking nothing in return. It was just a bailout, straight — straightforward.
Obama explained that he “demanded responsibility” from the auto industry, forcing it to “retool and to restructure,” making it “more efficient.”
“Over the past two years, that entire industry has added nearly 160,000 jobs.” Obama continued, “GM is number one in the world again. Ford is investing billions in new American plants. Chrysler is growing faster. So today, the American auto industry is back.”
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