MENU
SEARCH
WASHINGTON - President Barack Obama acknowledged the government's $85 billion auto industry bailout had angered some Americans.
In a wide-ranging speech on the economy today, Obama said the government's rescue of General Motors Co., Chrysler Group LLC and their finance arms -- along with dozens of major financial institutions -- had been deeply unpopular, reported The Detroit News.
"Some of the very steps that were necessary to save the economy -- like temporarily supporting the banks and the auto industry -- fed the perception that Washington is still ignoring the middle class in favor of special interests," Obama told a crowd in Cleveland. "And so people are frustrated and angry and anxious about the future."
Over the last six weeks, Obama has repeatedly touted the success of GM and Chrysler and the saving of more than 1 million jobs in rescuing both companies from collapse and putting them through bankruptcy last year.
Late last month, Rep. Ann Kirkpatrick, D-Ariz., sharply criticized GM and another bailout recipient, AIG, and reiterated that Congress should never have approved funding to allow the automaker to win a bailout.
"They may be celebrating in GM and AIG's boardrooms, but the taxpayers don't have much to be happy about. We still have tens of billions of dollars at stake in these companies, and we are still months or years away from getting our money back," Kirkpatrick said. "This is a perfect example of why government shouldn't be bailing out corporations."
Obama also reiterated his push to keep green jobs in the United States.
"We see a future where we invest in American innovation and American ingenuity; where we export more goods so we create more jobs here at home; where we make it easier to start a business or patent an invention; where we build a homegrown, clean energy industry -- because I don't want to see new solar panels or electric cars or advanced batteries manufactured in Europe or Asia," Obama said, according to a copy of his prepared remarks made available by the White House. "I want to see them made right here in America, by American workers."
Recent survey data shows that the overall demand for auto loans is down, but the demand for subprime loans is up as consumers face economic uncertainty and affordability pressures.
Read More →
The Mitsubishi location moves from one Texas automotive group to another, continuing this year’s spate of brisk buy-sell activity.
Read More →
As part of its 2030 business plan, Mitsubishi's North America arm will soon open its first 'gallery' store in Tennessee, where customers can learn about the brand, vehicles and technology.
Read More →
Just weeks before President Trump is set to meet with the Chinese president, two U.S. senators proposed a bill with the aim of protecting Americans’ data.
Read More →
A study of Q1 used-vehicle sales shows many consumers are looking to minimize fuel costs but aren’t willing to go all electric and no longer have a tax break incentive to do so.
Read More →
A recent study suggests expectant parents are feeling the burden of bad credit more than other demographics when it comes to buying a new car.
Read More →
Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.
Read More →
A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.
Read More →
EREVs, also known as ‘series hybrids,’ may catch on in the U.S., where they currently have barely a toehold, as automakers tilt away from some purely electric models and consumers crave more range.
Read More →
A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.
Read More →