WASHINGTON — It was a deeply unpopular move, according to polls at the time. Faced with auto giants on the brink of collapse, the newly elected president authorized an $80 billion government bailout to rescue Chrysler and General Motors.
Barack Obama’s 2009 decision turned out to be pivotal not only for the auto industry and the Midwestern economy, but perhaps for the future of his presidency. Three years later as Obama campaigns for reelection, the controversial bailout has allowed him to secure Michigan and puts him within striking distance in Ohio, a critical battleground state where 1 in 8 jobs are auto-related.
Comments
Romney wanted to bankrupt the auto industry and then pull a Bain and pick up the pieces for nothing. Typical.of his idea about how to do business. Furthermore in a sign of desperation, recognizing that Ohio once again holds the key to success in this election, Romney is engaging in outright lies about Chrysler's intent to send US jobs to China like Romney himself did for years on end. Chrysler is enjoying record profits and has called Romney's claims totally false and misleading. What more does one need to know about this charlatan.
And what did Obama do? He had GM and Chrysler declare bankruptcy, shed divisions here and overseas and give control to the unions whose inflexibility was a huge part of the problem. How was that better?
wrong. try reading. he wanted a normal bankruptcy with government support.
So the race card is being played by the Obama campaign again. Vote against Obama and you're a racist?
Considering one is eight people in Ohio rely on the auto industry for their livelihood you'd think Ohio would be slam-dunk for President Obama. But apparently ungratefulness and racism run deep in Ohio and the Midwest.
yes, awarding the unions worked
Newly uncovered internal documents between the Treasury Department and the federal agency in charge of private-sector pension benefits reveal that the Obama Administration was directly involved in the elimination of pension benefits for 20,000 retired salaried workers of GM supplier Delphi Corp., a claim it previously denied.
Intro to Romneynomicshttp://www.hoover.org/publications/defining-ideas/article/133041
In sum by ending the policies that have caused the poor economic performance and replacing these with policies that have been proven to work, the Romney economic plan will increase economic growth and reduce unemployment. This is good news for the future of the American economy