Auto Industry Bailout | featured news

Government prepares to sell General Motors stock

The U.S. government's short stint in the auto business is coming to an end. The Treasury Department said Wednesday that it will sell its remaining stake in General Motors by early 2014, writing the final chapter of a $50 billion bailout that saved the auto giant but stoked a heated national debate about the government's role in private industry.


President Obama Looks To Make Mitt Romney Pay In Ohio For Misleading Jeep Ad

President Obama ripped Republican presidential nominee Mitt Romney on Friday for running a misleading TV ad implying that U.S. auto workers are going to lose their jobs because Chrysler is moving the production of Jeeps for Chinese consumers to China.


4 Pinocchios for Mitt Romney’s misleading ad on Chrysler and China


...The ad also comes on the heels of Mitt Romney’s mistaken claim in a speech last week that Chrysler was moving Jeep production to China — a statement immediately denied by the auto manufacturer. Yet the story apparently was too good for Romney to give up, because the ad repeats the claim, tweaked slightly to make it more accurate.


Auto bailout haunts Romney in Ohio

Under the bright lights of a high school football field in Defiance, Ohio, Mitt Romney's opposition to the 2009 auto bailout reared its head again as a campaign issue that could help decide the result of this critical swing state.


'Friday Night Lights' creator: Romney plagiarized

Clear Eyes, Full Hearts, Can't Use My Phrase! This is basically what Peter Berg told Romney in a letter, asking the politician to stop using the phrase "Clear Eyes, Full Hearts, Can't Lose."

Senh: "Your politics and campaign are clearly not aligned with the themes we portrayed in our series," Berg writes in the letter. "The only relevant comparison that I see between your campaign and 'Friday Night Lights' is in the character of Buddy Garrity -- who turned his back on American car manufacturers selling imported cars from Japan." Ouch!


When auto shutdown loomed, Ryan backed off fiscal hawk stance

When General Motors announced in 2008 that it would shut down its assembly plant in Janesville, Wisconsin, local Representative Paul Ryan leaped into action.

Senh: Paul Ryan was in favor of the auto industry bailout and the economic stimulus. Why the hell is he attacking Barack Obama on those issues, then? What a hypocrite.


Mitt Romney’s claim of credit for the auto industry turnaround

Mitt Romney

Romney has been consistent on his position that a managed bankruptcy was the best course of action. But he keeps digging a bigger hole for himself when he claims that the path he recommended — which included no public assistance — would have been successful from the start. Both Presidents Bush and Obama rejected that advice, and there is little evidence the industry would have survived without the breathing room provided by public funds.

Senh: Wow. This is a new low for Mitt Romney, trying to claim credit for rescuing the auto industry when he clearly did not.


Stronger Mich. economy could hurt Romney's chances

In seeking support in Michigan, Obama speaks frequently about how the federal bailout of General Motors Co. and Chrysler Group led to GM's resurgence as the world's No. 1 automaker and 32,000 more auto-related jobs in the state since the companies emerged from their 2009 managed bankruptcies. Romney opposed the move, even writing a New York Times opinion piece in 2008 that carried the headline "Let Detroit Go Bankrupt."

Senh: Mitt Romney can always spin this by doing another flip-flop: i.e. that he has always supported the auto industry bailout.


No Pay Raises for AIG, Ally, GM Chiefs

Chief executives of AIG, GM and Ally Financial, three companies bailed out by U.S. taxpayers and which remain partly owned by the U.S. Treasury, won't receive overall pay increases this year.


Obama rebuts GOP criticism of autos bailout

Barack Obama

President Barack Obama told more than 1600 current and hourly autoworkers on Tuesday that if Republicans had been in charge they would have left the auto industry "out to dry."


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