OBAMA: “I Saved the American Auto Industry!” Really? http://dryerreport.com/obama-saved-the-auto-industry-for-whom/

The Rio Norte Line

Currently it is 42 billion dollars deep:

Despite President Barack Obama’s stories about a resurgent GM ready to repay its bailout tab, the automaker and its former bank still owe taxpayers nearly $42 billion, according to an inspector general’s report.

GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.

Obama has promoted the auto bailout as a success story, highlighting the manufacturing jobs it may have saved in swing states such as Ohio and Michigan.

“I refused to turn my back on a great industry and American workers. I bet on American workers. I bet on American manufacturing,” he said at a campaign rally in Oakland. “Three years later, the American auto industry has come roaring back.”

GM’s stock has plummeted in recent months after stagnant…

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One thought on “

  1. I actually used this article to crucify a numbskull who didn’t know what the hello he was talkin about in regards to GM. You do realise that online they are trying to sell this “fact” to folks about what a smart move this was, right? It’s sick and twisted!

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