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View Diary: Chrysler announces 1,100 new jobs in Toledo, Ohio (61 comments)

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  •  Saving the auto industry (9+ / 0-)

    Damned good idea, Mr. Presidient.

    "Here is my principle: Taxes shall be levied according to ability to pay. That is the only American principle." Franklin D. Roosevelt

    by bear83 on Thu Nov 17, 2011 at 08:35:51 AM PST

    •  Had the auto industry failed, (6+ / 0-)

      we would have had the Second Great Depression with 20 to 25% UE.

      More jobs equal less debt, even our kids can understand that.

      by TomP on Thu Nov 17, 2011 at 08:37:02 AM PST

      [ Parent ]

    •  Saving the auto industry? (0+ / 0-)

      Nah.  He did nothing of the sort.

      He gave GM a different kind of a bankruptcy and made it cheaper and easier for Fiat to buy Chrysler.

      The American auto industry is a lot bigger than GM and Chrysler, which are mere shadows (and, at this point, very expensive shadows) of their former selves.

      It includes 100,000 or so workers employed by foreign care companies -- including designers and engineers  -- and the ripple effect jobs created in the communities where their assembly plants and other facilities are located.

      The reality is that we spent all that money to save two mis-managed care companies from themselves, not the American auto industry.

      Whether that was a good call remains to be seen.

      LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

      by dinotrac on Sat Nov 19, 2011 at 10:56:13 AM PST

      [ Parent ]

      •  If it had not been for Obama's intervention (3+ / 0-)
        Recommended by:
        Aquarius40, Lawrence, askew

        GM and Chrysler would have gone through a Chapter 7 bankruptcy liquidation in early 2009 rather than the equivalent of a Chapter 11 reorganization.

        If GM and Chrysler had liquidated much of the US auto parts supply network would have also collapsed.  This would have been a total disaster for the MidWest economy.

        The Obama reorganization of GM forced it to make some long overdue changes including reducing the number of brands (bye-bye Pontiac and Hummer).  GM is now a profitable and competitive company and for that we can thank President Obama and be glad that he was in charge when the crisis hit and not some free market purist like Mitt Romney.

        You are entitled to your own opinion but not your own facts. - Daniel Patrick Moynihan

        by Sam I Am on Sat Nov 19, 2011 at 12:25:22 PM PST

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        •  And ....the question is: So what? (0+ / 0-)

          Even if that were true, and it is by no means certain that liquidation would have been the outcome, it doesn't mean that everything GM goes Kaput.  It just means somebody else owns the pieces.

          There would still be a Chevy and there would still be a GMC, Buick and Cadillac.

          How competitive and profitable GM is and will be remains to be seen.  Why that is something that the US government should spend a fortune to achieve is beyond me.

          LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

          by dinotrac on Sat Nov 19, 2011 at 03:19:55 PM PST

          [ Parent ]

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