Watch: Obama On GM: ‘The American Auto Industry … Is Once Again On The Rise’

video

by Hillary Busis | 5:15 pm, November 18th, 2010

» 16 comments

This afternoon, President Obama spoke before the press about GM’s new public stock offering. His brief, optimistic speech noted that the American auto industry has begun to bounce back after nearly going bankrupt—”For the first time in six years, Ford, GM, and Chrysler are all operating at a profit. In fact, last week, GM announced its best quarter in over 11 years,” he said.

Here’s a transcript of Obama’s remarks:

Today, one of the toughest tales of the recession took another big step towards becoming a success story. General Motors relaunched itself as a public company, cutting the government’s stake in it by nearly half. What’s more, American taxpayers are now positioned to get back more than my administration invested in GM. That’s a very good thing.

In the last year, we’ve told GM’s management and workers that if they made the tough decisions necessary to make themselves more competitive in the 21st century—decisions requiring real leadership, fresh thinking, and also some shared sacrifice—then we would stand by them. And because they did, the American auto industry, an industry that’s been a proud symbol of America’s manufacturing might for a century, an industry that helped to build our middle class, is once again on the rise.

Our auto makers are in the midst of their strongest period of job growth in more than a decade. Since GM and Chrysler emerged from bankruptcy, the industry has created more than 75,000 new jobs. For the first time in six years, Ford, GM, and Chrysler are all operating at a profit. In fact, last week, GM announced its best quarter in over 11 years.

And most importantly, American workers are back at the assembly line manufacturing the high-quality, fuel-efficient, American-made cars of tomorrow, capable of going toe-to-toe with any other manufacturer in the world. Just two years ago, this seemed impossible. In fact, there were many doubters and naysayers who said it couldn’t be done, who were prepared to throw in the towel and read the American auto industry [its] last rites.

Independent estimates suggested, however, had we taken that step—had we given up—we would ahve lost more than one million jobs across all 50 states. It would have also resulted in economic chaos, devastating communities across the country and costing governments tens of billions of dollars in additional social safety net benefits and lost revenue.

That wasn’t an acceptable option, to throw up our hands and to quit. That’s not what we do. This is a country of optimistic and determined people who don’t give up when times are tough. We do what’s necessary to move forward. So these last two years haven’t been easy on anybody—they haven’t been without pain or sacrifice, as the tough restructuring of GM reminds us. And obviously, we’ve still got a long road ahead, and a lot of work to do to rebuild this economy, to put people back to work, to make America more competitive for the future, and to secure the American dream for our children and our grandchildren.

But we are finally beginning to see some of these tough decisions that we made in the midst of crisis pay off. And I’m absolutely confident that we’re going to keep on making progress. I believe that we’re going to get through this tougher and stronger than we were before—because just as I had faith in the ability of our auto workers to persevere and succeed, I have faith in the American people’s ability to persevere and succeed. And I have faith that America’s best days and American manufacturing’s best days are still ahead of us.

Watch video of the speech from CNN below.

Auto Industry, barack obama, General Motors, GM, President Barack Obama, President Obama

Just4thefax

Fact: FORD Motor Company is and always have been America’s first and last and only car company.
TeaPartyPatriot

Government Motors is nothing more than a UAW Welfare Organization that just happens to make a few cars as a hobby.

So why would anyone with even a single brain cell “invest” in such a joke of a company? Because no matter what happens to the car-making hobby portion (which might actually make some money thanks to $45+ BILLION in tax breaks the d-crat socialists have provided them — and then there’s the remaining portion of the $50 BILLION in bailout money, actually about $40 BILLION, that they still enjoy), the expectation is set that the lunatic-left d-crat socialists will use US taxpayer money to bailout the main part of Government Motors – the union goons and their gold-plated salaries, benefits and pensions. So, like a BIG BANK investors in Government Motors can’t lose – only taxpayers can.
CosmosDan

So if GM does well and we get back all the bailout {have we yet?} does that mean it worked?
gar

What about Frannie. Freddie, and AIG?
The_Reasonable_Lib

Now how about GM starts giving back some of those benefits it took away from workers using their failing status as an excuse to do so.
http://libertyinprogressnow.wordpress.com/ ProgLib

Watch the Republicans take credit for this somehow, and never give Obama an ounce of credit (like they never have).
cjd ohio 1

reasonable lib, failing status, does that mean they scammed the government too.
timzank

ProgLib said:
Watch the Republicans take credit for this somehow, and never give Obama an ounce of credit (like they never have).

There is nothing to take credit for. The GM fiasco is far from over.
Morgan

GM got into financial trouble because, when people stopped buying, it had an awful lot invested into new products and tooling that we are only now starting to see. Its seeds for recovery were sowen years ago. It’s problem was an economic hicup that no one could survive a two year “time out.” They failed because they were too big and had too much money committed at the time.

Unfortunately, the cost of the government intervention (calling the shots) in liquidation of dealerships and product lines, the firing of automotive people for political correctness, the transfer of ownership to the unions may have some long term penalties.

Credit for its product line is a tribute to the people of General Motors.
CAconservative

I noticed that one of the things Obimbo left out of his little “pat his own back speech”, was the fact that bankruptcy lifted GM’s enormous debt. A debt the WE the taxpayers are forced to pay for! Insiders are saying GM did some creative work with their books. And it didn’t hurt when Toyota’s credibility took a big hit. To their credit, they have started building vehicles that are worthy of buying.
Kattyusa

It is most disheartening that no mention of all of us that supported GM over the years and how we and our shares of GM have just been dumped – with no mention of sorry, go to hell, or anything – why is that?
Before my husband thought her had me protected with a small income from our GM Stock. Ha, Ha, Ha – and not even a “sorry”! I can’t be the only one to find the dividend loss to be catastrophic to say the least.
I AM ONE UPSET & ANGRY woman.
In issuing the new stock why no intention of even mentioning the old stock – why were we not taken into consideration and doing something for the most negligent way we have been treated…
If Obama is so concerned about senior citizen why did he let this happen?
Nahu Tuk

Can you please tell me again how many shares of Government Motors are owned by the Chinese?
Nahu Tuk

Morgan said:
GM got into financial trouble because

of unions.
Nahu Tuk

CosmosDan said:
So if GM does well and we get back all the bailout {have we yet?} does that mean it worked?

Cosmos, it looks as though the union pensions will be made whole before the stockholders and taxpayers realize anything of value from the bailout. As I mentioned above, it is curious that the Chinese are scarfing up Government Motors stock.

What “should” have happened is GM should have filed for Chapter 11, reorganized, and moved on. The entireity of the bailout was designed to protect the UAW (“I OWE these unions”–Barack Hussein Obama)
ObamAcornLies

So, they take our money to bail them out and he says we got a great return, will WE SEE that money, will WE get it back in our pockets? Hell NO, he will take it to spend on more of his garbage!
ObamAcornLies

ProgLib said:
Watch the Republicans take credit for this somehow, and never give Obama an ounce of credit (like they never have).

Obama deserves NO credit whatsoever. Get rid of the usurper NOW!