Obama lauds auto industry rebound and pushes for financial regulations

[TomCADem]

Source: LA Times

Unexpectedly good news about the government's auto industry bailout has bolstered the case for comprehensive federal regulations for the financial system, President Obama said in his weekly address Saturday.

* * *
According to some polls, the public narrowly supports new financial rules.

The auto bailout was less popular. Sixty-one percent opposed it in a CNN/Opinion Research Corp. poll in December 2008.

But Obama said Saturday that it was "absolutely necessary," because GM and Chrysler were on the brink of collapse. "The best estimates are that more than 1 million American workers could have lost their jobs," he said.

Read more: http://www.latimes.com/news/nationworld/nation/la-na-obama-autos-20100425,0,4622111.story

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Do GM, Chrystler, the auto dealers that sell their cars, and the parts manufacturers that make parts for such cars really employ about a million people?

[BunkerHill24]

1. Pres. Obama is correctr. GM paid off their entire loan....8 billion in total

[DissedByBush]

6. BS - they paid it off with government TARP money

http://blogs.wsj.com/washwire/2010/04/22/grassley-gm-uses-tarp-money-shuffle-to-pay-loans/

[soryang]

2. This is a big lie

42 billion of taxpayer monies is still outstanding to GM. However the loan was converted into stock, which is currently worthless. Is that paying back 100 percent of the bailout? I don't think so.

That GM is actively spending company funds to propagate this lie and the administration is backing it is positively Orwellian. No one in the press has questioned this misrepresentation. What kind of a country do we live in?

Over 70 percent of GM equity is owned by the US government.

[BunkerHill24]

3. care to explain further with dollars & cents?

...and please, this time round, get me some numbers and figures, will you? I hate to challenge you again with your bogus hearsay.

[soryang]

4. google it yourself

you deny what I'm saying, you prove it.

You'll find the AP story on it.

[BunkerHill24]

5. I guess there are no credible sources out there, ah?

...next time try not to choke on your own fuckwack numbers.

[defendandprotect]

7. Sen. Sanders related that the banks were using the money they got ...

to buy US securities at 3.5 and 4.25% --

and since they paid barely anything in interest -- actually FED isn't telling us terms --

they are clearing 3-4% without doing anything!! Not lending money to Main Street that's for sure!!


And, I'm not as confident re GM as others are!

[blue_onyx]

10. You are incorrect

GM repaid the cash loans it owed. The rest of the money GM got was in exchange for ownership in the company. When GM issues stock, the government can sell its portion and get the money it invested back (possibly even make money). There's no lie.

BTW...the US government owns 61% of GM. You make want to get your facts straight next time :)

http://www.cbsnews.com/stories/2010/04/21/business/main6417161.shtml

[defendandprotect]

8. Anyone here planning to buy a new car?

[JNelson6563]

9. Yep, they sure do.

You would be amazed at how many parts suppliers there are. When I lived in the Detroit area, years ago, there were little factories all over the place that made various parts for cars. While there are less of those places now (in America) there are still a lot of them. You would be surprised at how hard hit the economy would be if the big 3 closed.

That's why I am disgusted with those "liberals" who love to claim support for unions but would rather gnaw off one of their own limbs than to actually buy a car made by these union people. Hypocrisy on the left is just as bad as that on the right, just much more subtle.

Julie

[Kingofalldems]

11. Freepers---->

Obama and the Dems outsmarted you again. We know what's best for America. Now run upstairs and help Mom with the housework. Make youselves useful.