‘…This morning, a rejuvenated General Motors made its initial public offering of stock, hoping to raise $23.1 billion. As a result of the offering, which is the largest in the nation’s history, the federal government’s ownership in the auto company was halved “and billions of dollars in bailout money was returned to the federal government”… “Supporting the American auto industry required tough decisions and shared sacrifices, but it helped save jobs, rescue an industry at the heart of America’s manufacturing sector, and make it more competitive for the future,” said President Obama in a statement today…’
what Republicans said about the decision when it was made:
Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?” [6/1/09]
RNC Chairman Michael Steele: “No matter how much the President spins GM’s bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign.” [6/1/2009]
Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.” [7/22/09]
Eighty-thousand jobs saved. More, here.
Republicans dead wrong. Again. Helping Americans is just not their thing.
Thursday, November 18, 2010
Obama’s Auto Bailout Worked
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