Obama on GM Bankruptcy

Full transcript at http://www.theuptake.org

THE PRESIDENT: Good morning, everybody. Just over two months ago, I spoke with you in this same spot about the challenges facing our auto industry, and I laid out what needed to be done to save two of America's most storied automakers -- General Motors and Chrysler. These companies were facing a crisis decades in the making, and having relied on loans from the previous administration, were asking for more.




From the beginning, I made it clear that I would not put any more tax dollars on the line if it meant perpetuating the bad business decisions that had led these companies to seek help in the first place. I refused to let these companies become permanent wards of the state, kept afloat on an endless supply of taxpayer money. In other words, I refused to kick the can down the road.

Category:

News & Politics

Tags:

• Obama
• GM
• General
• Motors
• Bankruptcy
• bailout
• auto
• car
• dealership

[DivineDart]

the cooper is ugly as shit

[dmac6722]

Its amazing that you do this to the auto makers, but some how you turned your head when it came to the international banksters (or gangsters). It seems we know who your bosses are.

[tnguyen318]

When a Brand new manufactured car (from GM Factory) is built and sold to a person owning a Dealership (example Henderson Chevrolet), is it not then a used vehicle thus should be sold at used car value price? Because when we buy a brand new car from Henderson Chevrolet, had it delivered to our garage brand new, is that not still a Brand new car like GM delivered cars to Henderson Chevrolet?

[TheLifeImprovement]

This video is pretty interesting, does that make me a nerd? We might be able to work together. I help people who have file bankruptcies get a cash settlement

[psynema]

@Syntheticxox

How about Bush not lend them money like a crack addict?

[Syntheticxox]

hands off approach? how about you don't use our tax dollars and let them die out like a family business would.

[WildCard033]

@drummerblade if we dont give them money to restructure and just let them fail and liquidate then there will be a whole shitstorm and we will fall further into this "recession" which is really a depression. This is because of systemic risk which is the same reason the gov bailed out the big insurance companies and didnt let them fail. GM liquidates and then rubber, glass, etc manufacturers close and more jobs are lost. So, it is bullshit but it is necessary.

[drummerblade]

it's sad, but GM screwed themselves over, and it's ridiculous that they should expect more money from us to "restructure" their company.

[drummerblade]

COMPLETE BULLSHIT!!!

[wateenku1zoo1]

America, The newest third world nation. I feel sorry the workers at GM that lost there jobs, but if you are a bondholder above 60 (not only in America) and lost your life savings. That's bad, a loan is a loan! Pay it back! No matter what law Obama changed.

[PLAYBOYTHUGGIN]

There is a Secret Society ritual that is 'the killing of the King.' The national leader of the people is only a figurehead and has no real power. Power lies behind the scenes within dark secrets. Others pull the strings of the politician puppets. If an upstart, politician puppet makes waves or rocks the boat or doesn't play ball.....that puppet gets eliminated.

[PLAYBOYTHUGGIN]

Wall Street and Western European bankers planned it and now ordered the government "to sell off the nation's public domain, its natural resources and public enterprises to pay its financial gambling debts.Also, raise permanent taxes at the worst possible time, then suck the maximum wealth from the country leaving behind an empty hulk and impoverished, desparate population. the opposite of utopia under conditions of deprivation, poverty, disease, violence, oppression, and terror.