Obama: Auto bailouts worked
February 28th, 2012
11:42 AM ET
3 years ago

Obama: Auto bailouts worked

New York (CNNMoney) - President Obama on Tuesday defended his administration's 2009 bailout of the auto industry in a speech to the United Auto Workers union, saying it prevented another Great Depression from hitting the Midwest.

Obama said that, despite claims of Republican critics, the bailout was the only way to prevent the closure of General Motors and Chrysler Group and the collapse of the nation's supplier base.

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Filed under: 2012 • Auto Bailout • CNNMoney.com • President Obama
soundoff (40 Responses)
  1. Dutch/Bad Newz, VA

    "Once-proud companies (would have been) chopped up and sold off for scraps. And all of you - the men and women who built these companies with your own hands - would've been hung out to dry,"
    -----------------------------------------------–
    And Willard would have lead that charge if he was President. He doesn't care about your pride. He would have thrown on his Bain hat and cut Detroit off at the knees. That's not the kind of leadership we need.

    February 28, 2012 11:53 am at 11:53 am |
  2. Rudy NYC

    Yup, the auto bailouts worked. The Stimulus worked, too. Even Jeb Bush, said so.

    February 28, 2012 12:00 pm at 12:00 pm |
  3. gg

    made in america

    February 28, 2012 12:01 pm at 12:01 pm |
  4. Fair is Fair

    Yeah, Obama, it worked all right. You were able to but a couple million unionized auto workers' votes using the money you confiscated from the rest of us. Thanks so very much.

    February 28, 2012 12:03 pm at 12:03 pm |
  5. Truth and Nothing But the Truth

    It also prevented an asteriod strike on earth, two hurricanes, a tsunami and 20 tornadoes. ALL of this is just as proveable as "prevented a great depression". And all of those new jobs that become "saved jobs:". Yup, smoke and mirrors and BS is all Obama has.

    February 28, 2012 12:04 pm at 12:04 pm |
  6. A Texan

    Unfortunately for the Repubs, the auto bailout worked. --- Notice how their conversation has moved away from the US auto industry ????

    February 28, 2012 12:05 pm at 12:05 pm |
  7. Tired of republican lies

    Good speech! He is so right by (loaning) the funds to restructure GM and Chrysler... Had it been the other way, like Willard said, we would have had a catasrophe and the whole country would have certainly gone down the crapper...I hope people are smart enough to vote for President Obama again...we cannot go back to the crap he digging us out of.

    February 28, 2012 12:09 pm at 12:09 pm |
  8. diridi

    Yes, It worked. GM=Alive, Bin Laden=Dead. Obama2012. period.

    February 28, 2012 12:12 pm at 12:12 pm |
  9. S.positive

    Second that diridi...

    February 28, 2012 12:17 pm at 12:17 pm |
  10. Len

    Yes....it did work. Jobs saved in he auto industry. Jobs saved for auto part suppliers throughout the country. More jobs have been created throughout the country (Midwest, East and South). States are hiring, plants are reopening and plants are being built. Stop listening and watching FOX News. Branch out and learn what is happening in America. National Public Radio (NPR) web-site tells you the truth. You must have an open mind and educate yourself and learn the truth.

    February 28, 2012 12:18 pm at 12:18 pm |
  11. S.positive

    The truth always has a way of showing up when it counts. the gop has spent the last 3 years lying and have been noe been found wanting.

    February 28, 2012 12:19 pm at 12:19 pm |
  12. Tyler

    Auto bailouts worked because auto makers kept selling us cars! bank bailouts did not work because banks did not keep loaning us money! Greedy bankers

    February 28, 2012 12:22 pm at 12:22 pm |
  13. Dominican mama 4 Obama

    Yes it did Mr. President! It is making the Rethugs' heads spin.
    And I'll say it: YOU SAVED AMERICA!!! YES YOU DID!!
    Thank you Mr. President.
    Obama 2012. All the way.

    February 28, 2012 12:22 pm at 12:22 pm |
  14. catmomtx

    Fair is Fair

    Yeah, Obama, it worked all right. You were able to but a couple million unionized auto workers' votes using the money you confiscated from the rest of us. Thanks so very much.

    February 28, 2012 12:03 pm at 12:03 pm |
    Truth and Nothing But the Truth
    ????????????????????????????????????????????????????????????????????????????????????????????????Oh for goodness sakes! Those union workers are American citizens and pay taxes just like you., why shouldn't they have a job just like you? If you have a problem with their wages and benefits then perhaps you should join an union as well.

    February 28, 2012 12:22 pm at 12:22 pm |
  15. Rudy NYC

    Truth wrote:

    It also prevented an asteriod strike on earth, two hurricanes, a tsunami and 20 tornadoes. ALL of this is just as proveable as "prevented a great depression". And all of those new jobs that become "saved jobs:". Yup, smoke and mirrors and BS is all Obama has.
    -----------
    Yet, when Mitt Romney says that "Obama made things worse" is accepted fact. Yet, when you say the Stimulus was a failure it is accepted fact. You cannot have it both ways. Don't be a hypocrite.

    February 28, 2012 12:25 pm at 12:25 pm |
  16. Claudia, Phoenix, AZ

    Republicans campaign and brag about driving an American made car because they are American but don't agree with the bailout. What kind of hypocrisy are we talking about; don't say China and other countries are eating our lunch and then turn around and say no to auto bailouts.

    February 28, 2012 12:28 pm at 12:28 pm |
  17. Ray E. (Georgia)

    The question is, Why was a bailout needed in the first place? Why did the housing bubble happen? Why is unemployment at 19.2, 15,4 or 8.3 percent ? Why is the National Debt rising year after year, after year? Why are Gasoline Prices, along with everthing else getting higher ? Why did the Government pass a lowering of the Social Security Tax ?? Why are most States deep in the Red??? Is anything really getting any better ?

    February 28, 2012 12:28 pm at 12:28 pm |
  18. Carl S.

    How is it that Honda, Nissan, Toyota, BMW and Mercedes didn't need bailed out? Could it be that their agreements made economic sense and the Detroit automakers didn't?

    February 28, 2012 12:32 pm at 12:32 pm |
  19. Carl S. (Pittsburgh)

    How is it that Honda, Nissan, Toyota, BMW and Mercedes didn't need bailed out? Could it be that their agreements made economic sense and the Detroit automakers didn't?

    February 28, 2012 12:34 pm at 12:34 pm |
  20. Voice of Reason

    No coincidence that he's giving that message today, during the Michigan primary. The President is reminding people that today they have a choice to vote for the guy who said, "Let Detroit fail." or not.

    It seems that Mr. Romney didnt care much for Michigan's future. Now its time for Michigan to return the favor.

    February 28, 2012 12:35 pm at 12:35 pm |
  21. Rick McDaniel

    Obama can't make that claim until all of the bailout tax dollars have been repaid.........and thy haven't been.

    February 28, 2012 12:40 pm at 12:40 pm |
  22. Fair is Fair

    @ Catmomtx -

    When government officials get into the business of picking winners and losers in the private sector, that's when the line has been crossed. Nothing more, nothing less.

    Fair

    February 28, 2012 12:41 pm at 12:41 pm |
  23. WiredweirdinSF

    They worked only for the corrupt unions. The American taxpayer got screwed. Obama works for corrupt unions, drug addicts and welfare frauds, the American taxpayer who actually works, doesn't get multi million dollar taxpayer funded vacations gets screwed over and the corrupt union bosses get more powerful, thanks to this incompetent, inept, corrupt union toady.

    February 28, 2012 12:41 pm at 12:41 pm |
  24. Truth and Nothing But the Truth

    Has anybody even taken the time to count all of the US laws that were broken or violated by Obama's action in taking over two US companies? Has anybody taken one second to calculate how many investors got screwed over in the process? Does ONE PERSON and the US government have the right to confiscate and take over failing companies, fire its management and install new management in the name of saving union jobs? This is SUPPOSED to be a nation of LAWS, not leftist dictators. But of course to leftists, the end always justifies the means.

    February 28, 2012 12:51 pm at 12:51 pm |
  25. Sniffit

    "The American taxpayer got screwed."

    Yeah, nothing could be worse than keeping a few million people employed and contributing their demand and consumer spending to the economy. Everything would have been much better if they all got laid off, lost their homes, went bankrupt, had to live on the street and became a significant drag on the velocity of the dollar. Sigh...if only that had happened, GOPers/Teatrolls wouldn't have to look petty and ridiculous spewing absurd rationalizations for why saving all those jobs and an entire industry is somehow awful and a failure. Ah well. You guys don't seem to mind lookin so silly though, I'll give ya that.

    February 28, 2012 12:54 pm at 12:54 pm |
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