Biden Trumpets Resurgent US Auto Industry
- Posted on May 28, 2011 at 4:53pm by
Scott Baker
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WASHINGTON (AP) — Vice President Joe Biden on Saturday credited the Obama administration‘s intervention for the American auto industry’s recovery from “the brink of extinction” and pointed to Chrysler’s early repayment of the federal loan that saved it from disaster.
“This announcement came six years ahead of schedule — and just two years after Chrysler Corp. emerged from bankruptcy,” Biden said in the administration’s weekly radio and Internet address. “It‘s a sign of what’s happening throughout the American automobile industry.”
Biden also said that General Motors, which went through bankruptcy and has come back strong, announced in the past week that its Detroit Hamtramck factory in Michigan will run three shifts for the first time in its 26-year history.
“You know, that’s 2,500 more good, paying jobs,” he said.
Biden, who provided the weekly address because President Barack Obama was traveling in Europe, credited the efforts of the Obama administration for the resurgence of the auto industry through its assistance.
“Because of what we did, the auto industry is rising again,” Biden said. “Manufacturing is coming back. And our economy is recovering and it’s gaining traction.”
Obama will visit a Chrysler plant in Toledo, Ohio, next Friday to discuss the carmaker’s recovery.
Chrysler announced Tuesday the repayment of $5.9 billion in U.S. loans and $1.7 billion in loans from the governments of Canada and Ontario. It covers most of the federal bailout money that saved the company after it nearly ran out of cash in 2009 and went through a government-led bankruptcy.
GM and Chrysler were on the verge of collapse in the final days of the Bush administration after Congress failed to approve an emergency loan package. The Bush administration gave the companies $17.4 billion in loans and required them to develop a restructuring plan by mid-February 2009.
Obama’s administration pumped billions more into the carmakers later that spring but won concessions from industry stakeholders, allowing them to push GM and Chrysler through bankruptcy court in the summer of 2009.
The Republicans‘ weekly address focused on the party’s plan to create jobs. House Majority Leader Eric Cantor, R-Va., said boosting employment requires cutting taxes, reducing regulations, completing bogged-down trade agreements with several countries and expanding energy exploration in the United States.
“All of these elements will help encourage growth and long-term economic stability,” Cantor said. “By putting in place policies that encourage businesses to expand, innovators to innovate and allows leaders to lead, we will not only begin to put our budget on a path to balance, but we’ll get Americans working again.”
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Comments (126)
quicker
Posted on May 28, 2011 at 6:48pm@THELEFTISDA,I have had Fords most of my life and I ain`t dead yet.My wife had a 2001 Clystlar sebring only had 40000 miles on it bottom ball joint broke and lost the wheel.At 60000 miles blu a head gasket..The mechanic said the engine was made out of pot metal and kept braking off .New engine 4000 dollars As we bought the car used we didn`t put on the exstended warranty.Broke a flex pipe later600 dollers dealer part only.On the other hand I had a 1993 Ford ranger and ran it for 14 years only put in a new cluch and atlanater.And normal wear and tear like brakes and tires
Report Post »geonj
Posted on May 28, 2011 at 6:44pmgm and chrysler are only a small parrt of the American auto industry. for example ford has been thriving and has posted profits ove the last 3 years and they did it without government handouts of taxpayer dollars. also American manufacturing plants owned by foreign auto companies have done well. obama thinks it is a good idea to sell the taxpayers shares of gm stock at a tremendous loss just so he can say he got us out of the auto industry early. you are a shamefully deceitful man mr president.
Report Post »f2345ranky
Posted on May 28, 2011 at 6:43pmIf it turned out so great, give back the money the bondholders lost.
Report Post »quicker
Posted on May 28, 2011 at 6:29pmWhat about all the bond holders shoots they got the shaft.
Report Post »walker1812
Posted on May 28, 2011 at 6:26pmJust bought a 2011 Ford Mustang convertible. That babies great. 305 HP V6. I will never buy a Government Motor car again.
Report Post »BOMUSTGO
Posted on May 28, 2011 at 6:35pmBought me a Mustang a few years ago.Love it! Biden is just trying to convince the public that Obama is doing a great job! All propaganda! They are getting into full campaign mode! Biden would tell you the truth three or four different ways before he would lie to you!
Report Post »Xpat48
Posted on May 28, 2011 at 6:26pmDoes this moron actually think people believe him?
God, what a “F”ing joke.
Report Post »Xpat48
Posted on May 28, 2011 at 6:27pmBuy Ford!
Report Post »jacobstroubles
Posted on May 28, 2011 at 6:25pmYes of course everybody listens to whatever comes out of bidens pie hole…
Report Post »lol..lol..lol… rolling on the floor….lol..lol…lol
RightPolitically
Posted on May 28, 2011 at 6:19pmWell, this pronouncement by our genius V.P. spells “curtains” for Detroit. I’ll bet against this moron every time. Whatever he says, take it to the bank, HE IS WRONG!
Report Post »sb36695
Posted on May 28, 2011 at 6:01pmWhile I applaud Ford for not taking a bailout, I will not buy union. After what I’ve seen from them, I would rather ship my money overseas. As a small business owner who is NOT too big to fail, I HATE OBAMA’S AMERICA. I am beginning to think the only way out of this is to let the government fail so we can start over!
Report Post »NOTAMUSHROOM
Posted on May 28, 2011 at 7:28pmDitto that.
Report Post »Look4DBigPicture
Posted on May 28, 2011 at 5:54pmThey simply took money out of one pocket and put in the other. If GM had been making cars Americans wanted to buy in the first place, they would have never needed a bailout. Biden is an idiot to think that our tax money used to bail them out was worth the investment. I want my money back!
Report Post »trooper
Posted on May 28, 2011 at 5:53pmAt least they found something for old “sleepy Joe” to do besides sniffing obama’s toilet seat and hoping a white man could ever take his place on that seat.
Report Post »Once obama is out of the white house there will be a complete bathroom renovations, that will decomtaminate the place from any possible AIDS virus that may linger from the POS that curently sits on the white house “throne”each and every day he wakes up in his temporay housing.
teddrunk
Posted on May 28, 2011 at 5:46pmBiden you moron. Chrysler is owned by FIAT. That means it’s the Italian auto industry.
Report Post »trooper
Posted on May 28, 2011 at 5:41pmJust bought a Nissan, there much better than GMC can do in thier dreams. I would rather have a vehicle made by non-union workers any day, you’ll end up with a better product hands down. Who does this nit wit think he’s talking too anyway?
Report Post »f2345ranky
Posted on May 28, 2011 at 6:44pmWow, so did Cong. Wasserman-Schultz, the DNC chairwoman.
Report Post »GeorgieJo
Posted on May 28, 2011 at 5:39pmNEXT Bidden will be trying to sell THE BROOKLYN BRIDGE
Who is buying this crap?
FORD for ME!!!
Report Post »DNC
2012 Campaign slogan WE KILLED UBL and SAVED Government Motors ALL Unions MUST vote for BHO (ok Joe when pigs fly) LMAO
NOTAMUSHROOM
Posted on May 28, 2011 at 7:26pmTifosa.
Report Post »tifosa
Posted on May 28, 2011 at 5:28pmReality check: job losses growth red=Bush, blue=Obama btw PRIVATE JOBS http://www.washingtonmonthly.com/privatejobs_mar11.jpg
Report Post »tifosa
Posted on May 28, 2011 at 7:02pmYou know you fell off the edge when you can’t give credit where credit is due.
General Motors plans to add 110 jobs and invest $331 million to purchase tooling and equipment as well as expand the Arlington Assembly Plant to make future Chevrolet Tahoes, Suburbans, GMC Yukons and Cadillac Escalades.
Read more: http://www.benzinga.com/press-releases/11/05/p1119616/gm-to-invest-331-million-add-110-jobs-in-arlington-texas#ixzz1Ngu9bkFW
http://www.benzinga.com/press-releases/11/05/p1119616/gm-to-invest-331-million-add-110-jobs-in-arlington-texas
Report Post »mr.goodvibe
Posted on May 28, 2011 at 11:58pmDo Obama’s numbers include those unmeasurable saved or created jobs. I’m not sticking up for bush but then why is unemployment so high yet. And BTW the the Chrysler bond holders ever get their money. Probably not, even though they legally had to pay the bondholders first. The union bossws neede that money more so as usual thw BHO administration ignored the law.
Report Post »mr.goodvibe
Posted on May 29, 2011 at 12:01amAlso that GM wants to expand in Texas is fishy. They already have a fully equipped plant in Moraine, OH that is already tooled for making those vehicles. Maybe they just wanted to move to a right to work state.
Report Post »adastra2005
Posted on May 28, 2011 at 5:24pmI wish Biden would get Obama’s d**k out of his outh. I could use a good bl*w j*b.
Report Post »kickagrandma
Posted on May 28, 2011 at 5:15pmOh, my, someone woke him up again….
*sigh*
Report Post »GeorgieJo
Posted on May 28, 2011 at 5:40pmGrandma
Report Post »Joe is mad he had to “work” on a Saturday
Sinista MACE
Posted on May 28, 2011 at 5:15pmSleeping booty woke up?
Wow.
Report Post »RepubliCorp
Posted on May 28, 2011 at 5:23pmNot really…….sleep talking
Report Post »LetUsReason
Posted on May 28, 2011 at 5:48pmThis was one of those pre-recordings. They took a lesson from Bin Laden’s book.
Report Post »Rickfromillinois
Posted on May 28, 2011 at 5:09pmFord did just fine without a government bailout. This money was not to save GM or Chrysler, it was to bail out the unions. If GM and Chrysler had filed for bankruptcy they would still be in business, but their contracts, including the one with the UAW, would be restructured. The so called bail out was done to prevent this from happening. No amount is too great to make sure the unions don’t have a cut in pay or benefits. No amount to great for the taxpayer that is.
Report Post »Theleftisda
Posted on May 28, 2011 at 6:38pmYou are correct!
Report Post »and that Mopar pay back came from a 3.5 billion dollar loan from the D.O.E
RepubliCorp
Posted on May 28, 2011 at 5:06pmCould it be?
Report Post »A $14 billion gift that the government seems to have handed the auto companies, in the form of a special tax break: This is how they show a profit. A back door bailout
Sam Brown
Posted on May 28, 2011 at 5:03pmYes the auto industries are making money. It would be better if the vehicles were made in America. I too will only buy a toyota.
Report Post »SheriS
Posted on May 28, 2011 at 5:01pmFrom Biden’s statement, it is clear his head is still out of touch with the truth! At least in my part of the country, people aren’t buying anything but the necessities, unemployment was high before they got us in this mess, and now it is even worse! Biden, not sure what country you were speaking about, but it sure doesn’t apply to where I live and a lot of other areas! You are a Bozo Bimbo!
Report Post »NickDeringer
Posted on May 28, 2011 at 5:00pmTrumpets? No, Joe had burritos last night with re-fried beans.
Report Post »chips1
Posted on May 28, 2011 at 7:04pmIn other words, he was bored and stroked?
Report Post »chickenfried
Posted on May 28, 2011 at 4:57pmI still drive a Toyota
Report Post »SheriS
Posted on May 28, 2011 at 5:11pmI’m with you—have had Toyoto products since the mid-90′s and will not buy anything made in America! My Toyoto products have all come from Japan! Have only had one recall which was a very minor thing that two minuets to correct! Love them!
Report Post »Robert-CA
Posted on May 28, 2011 at 5:32pmI love my Suby :)
Report Post »scuba13
Posted on May 28, 2011 at 5:43pmThose 2500 jobs are making only 14.00 dollars an hour. They get no pension and no health care. The UAW is the only union to ever get less for the workers they represent . But they still get those union dues. I know this because i work at the Chrysler plant in Belvidere IL. We added a third shift too. The UAW couldn’t organize a picnic at the park.
Report Post »mr.goodvibe
Posted on May 29, 2011 at 12:06amGot a Hyundai 2006 made in Southe Kore. Said I would never buy a foreign car but got this one as a repo almost brand new with the remaining warranty. Been a good car. I would be a repeat buyer now that they are made in Alabama alond with KIA ( not all models ). Was always a chevy man and now am heartbroken. I will not buy a vehicle from Government Motors out of principle.
Report Post »mr.goodvibe
Posted on May 29, 2011 at 12:11amScuba. No they are not the only ones. AIM union screwed their workers S.Carolina. 13 out of the 97 members showed up for the emergency contract vote ( only ones notified ). The vote passed 12 to 1 and the rest of the workers were pissed cause their measly raise did not even cover the larger union dues.
Report Post »kraphtsman
Posted on May 29, 2011 at 1:15pm@SCUBA
My earlier post needs correction. When I called them “Democrat-supporting thugs”, I was referring to the the UAW “leadership” and the old regime (seniority rules) rank and file who’s wages and benefits were grandfathered under the government takeover of GM and Chrysler. Hard working, newly hired folks like you (and the non-classified salaried employees) are the exception. Since the thuggish UAW Union is literally doing NOTHING for you new-hires, then you should simply stop paying your union dues. Or better yet, band together and form your OWN union !… Just kidding.
Report Post »BurntHills
Posted on May 28, 2011 at 4:56pmGovernment Motors is in flames as it is.
God bless Ford.
Report Post »cheezwhiz
Posted on May 28, 2011 at 5:01pmBiden, who provided the weekly address because President Barack Obama was traveling in Europe
Report Post »—————
Thats strange ! There is an auto-pen
but no one has invented an auto-teleprompter yet ?
CatB
Posted on May 28, 2011 at 5:07pmI heard the other day that used car prices are up 30% .. who’s buying the new?
Report Post »cheezwhiz
Posted on May 28, 2011 at 5:10pm“You know, that’s 2,500 more good, paying jobs,” he said.
Report Post »——–
You mean 2500 new contributors to the UAW , right Slojo ?
The same UAW who pay your boss and supply the thugs on demand ?
No wonder you feel that way BiteMe
hersey10
Posted on May 28, 2011 at 5:14pmI will never purchase a GM or Chrysler on principle alone . Ford has earned my permanent respect and loyalty .
Report Post »chirodoc007
Posted on May 28, 2011 at 5:16pmChrysler Re-Financed the debt that was owed to the Feds. They re-paid the Feds with the new loan money but their debt load is exactly the same as it was before the pay-off. THIS IS NOT A SUCCESS STORY. The vitality of Chrysler is still miserable. This is a celebration that Chrysler got someone else to replace their existing loans.
Meanwhile, the Treasury still holds 6.6 percent of Chrysler’s common equity stock. Ron Bloom, Obama’s Car Czar says the government wants to dump the stock as soon as possible. He also said the government does not expect to collect the remaining $1.9 billion “LOANED” to the automaker.
Great success story!!! Chrysler re-financed one loan and told the Feds we’re not paying the second loan.
Champagne for everyone!!! Happy Memorial Day! Now let’s forget the details and Move On.
Report Post »cheezwhiz
Posted on May 28, 2011 at 5:18pmCatB
Report Post ».. who’s buying the new?
———–
The regime will buy all the new GM vehicles.
Count on it
KickinBack
Posted on May 28, 2011 at 5:24pmAmen to that Burnthills. From now on, I’m a Ford guy.
Report Post »LOOKING_BOTH_WAYS
Posted on May 28, 2011 at 5:30pmBiden Trumpets ?????… i had the Volume turned up full and i still could not understand him.
btw Blaze why did you have Cantor on the same story,, it’s a slow news day and you could have had Two
Report Post »CatB
Posted on May 28, 2011 at 5:36pm@Cheez ..
Yes I heard the other day Gov’t had ordered more new thanks for reminding me!
Cat
Report Post »BetterDays
Posted on May 28, 2011 at 5:39pmYup they did it! On the strength of their gas guzzlers the SUV‘s and Truck’s. The much vaunted Volt, a dismal Performer, it’s strongest month February GM sold 283 Volts, most to…..wait for it…….the Federal Government.
Report Post »Can always trust our Federal government to be less than honest.
Snowleopard {gallery of cat folks}
Posted on May 28, 2011 at 5:39pm@Cheezwhiz:
Figure this much, if there was an automated telepromptor for Mr Obama, then it would work on the basis of Twitter, and with him still make no sense save it would take less time for him to get off the air and get back to his latest apology and golfing tours.
Report Post »Snowleopard {gallery of cat folks}
Posted on May 28, 2011 at 5:41pm@CatB:
I believe most of the newest ones, the eco cars are being purchased by GE and their friends in the administration. GM is supposed to have increased their yearly production of eco cars to something around 60,000 a year, when there is only 3000 being bought by the public each year as well.
Report Post »LetUsReason
Posted on May 28, 2011 at 5:47pmDoes anyone really care what Biden has to say? He’s a stooge.
Report Post »82dAirborne
Posted on May 28, 2011 at 5:53pmJoe who??
(once again the Blaze is stopping most of my posts for reasons unknown to me!)
Report Post »LOOKING_BOTH_WAYS
Posted on May 28, 2011 at 5:56pm@ 82… is your Browser crashing ? mine is and i can’t even open some stories
Report Post »Eric_The_Red_State
Posted on May 28, 2011 at 6:01pmI don’t believe it.
Personally – I will buy a FORD over any other…. but I do not believe that GM is doing well.
The government lies about everything anyway…. why would I believe this?
Report Post »Creestof
Posted on May 28, 2011 at 6:03pmI minor little thing like a Tsunami crippling Japan and its ability to provide parts for Japanese cars/trucks may have played a small part in it.
The US auto industry would be booming if the union was tossed out and the workers were paid a “fair” wage rather than the idiotic amount they are now, causing the prices to fall and the qiality to improve…oh, and if every car dealer/salesman in America was not a lying sack of trash preying on the public with deceptive practices.
Report Post »Theleftisda
Posted on May 28, 2011 at 6:17pmI get why none of you would buy GM or Chrysler,I will not purchase new chevy’s only used ones
Report Post »but Ford are death machine’s your stupid to even get in one, let alone buy one
chazman
Posted on May 28, 2011 at 6:38pmA total jacka$$ … God help me, but I can’t stand Biden. He’s almost as stupid as Harry Reid!
Report Post »beekeeper
Posted on May 28, 2011 at 7:11pmAnd where did Chrysler get the money to repay the loans? By selling Fiat a bigger stake in the company. Seems to me what this really proves is that Chrysler was under-valued and Fiat has plenty of cash. Which of those two is Biden taking credit for, on behalf of the administration?
And the third shift at the plant? 2,500 new jobs? Not that long ago, I bet GM had at least one other plant that built the same thing, then they shuttered it in the non-bankruptcy they went through… If Biden expands his window of analysis I suspect he’ll see it is a net loss of jobs from before they closed the other plant…
But who can remember that long ago? It’s like two years ago?
Report Post »nothingbuthetruth
Posted on May 28, 2011 at 7:24pmI feel like I am in North Korea, they were just renegotiating their loans for a better interest rate last month and now they are all paid back. They took from one pile of America’s money and said they paid off the other pile. What a bunch of crap lies. What about the 46 million wipes off their taxes? Quit Lying obama administration!!!!!
Report Post »nothingbuthetruth
Posted on May 28, 2011 at 7:25pmwhat about the 26 billion the unions made seeling their stock in the beginning??? Average stock holders could not sell their stock for six months. What a bunch of crap lies!!!!
Report Post »Eblaze44
Posted on May 28, 2011 at 8:19pmthe government is buying Government Motors cars instead of spreading the wealth across all US Auto Makers – hmmm. so the government will be repaid with it’s own borrowed money.
Report Post »v-vet1968
Posted on May 28, 2011 at 9:19pmWhere is that at Joe in Korea!!
Report Post »101
Posted on May 28, 2011 at 9:47pmVideo showing the first assembly lines at the
original Ford auto plant.
This is what made Ford great…a must see
Report Post »http://www.youtube.com/swf/l.swf?video_id=S4KrIMZpwCY
thebarbarian
Posted on May 28, 2011 at 10:47pm@ 82
Report Post »i don‘t think it’s the blaze. i think it’s the trolls that are afraid of letting the thoughts of a real American be heard.
101
Posted on May 28, 2011 at 11:13pm@82dAirborne
It’s the Blaze censorship of truth…they don’t post some of mine either!
Question with boldness…just don’t post an answer with to much truth.
Report Post »Rightsofman
Posted on May 28, 2011 at 11:15pmWe’re just lining up to buy them Volts Joe and eggs aint poultry.
Report Post »jackrorabbit
Posted on May 28, 2011 at 11:23pmI won’t ever buy another Chrysler, which is sad, because I like my Stratus. Wont by a GM either. I don’t really like Ford cars, for comfort, they don’t fit my frame well. So I am stuck with German or Japanese cars from now on, unless Chrysler actually pays the money back, not shifts it from pocket to pocket.
Report Post »nosycophant
Posted on May 29, 2011 at 12:35amMOPAR dont go far, Mostly Old Parts And Rust!
Report Post »nosycophant
Posted on May 29, 2011 at 12:37amI think he is smoking that Nam Grass.
Report Post »getalong
Posted on May 29, 2011 at 2:22amI’m sorry I tried hard to listen to his whole message…but I just couldn‘t bear to listen to Biden talking about how a good hard day’s work builds a person’s pride. How would he know, he has been sucking off the government for 20 some years and has never had a real job. Geez, how many more days till the next election????????????????????
Report Post »ChazSpaz
Posted on May 29, 2011 at 8:38amWe (GM) must be doing something right, plenty of overtime is scheduled for my plant and we make the Crossovers, about 1200 units a day. Yeah the Union screwed us and is screwing the new hires ($14.00 an hour). There are plenty of people that take pride in the work that they do, and if they don’t they get written up.
All my co-workers know that I don’t agree with the Union or the party they support, I proudly wear shirts that show I am a proud Conservative, I catch hell sometimes but I have words to back myself up, and there are a lot of Conservatives that are on the line with me, we just tend to keep quiet and do the best job that we can.
Report Post »eddvoss
Posted on May 29, 2011 at 10:01amI never thought that I would be a Ford fan, but I just can’t see buying anything from Chrysler or GM right now. I really did want a Dodge Ram pick up too.
Report Post »kraphtsman
Posted on May 29, 2011 at 12:54pmSmoke and mirrors time, folks ! All this hype about how “healthy” the U.S. auto industry has miraculously become (as a result of the FASCIST government takeover/bailouts, which stole BILLIONS from the taxpayers AND private investors..shareholders and bondholders… only to GIVE most of the stolen wealth to the UAW-Democrat-contributor thugs), is a politically calculated lie.
Just because GM and Chrysler were able to BORROW enough cash from “private” investors (I wonder how many are major contributors to the Democrat party ?) to “pay back” part of their government loans, doesn‘t mean they’re actually being run in a viable manner. Anyone who’s worked in the U.S. auto industry knows better. (I worked in middle-management at GM for 10 years, before quitting for a better career)
First off, the government’s share of GM stock was recently sold AT A MAJOR LOSS to we, the U.S. taxpayers. Also, we have yet to see how GM or Chrysler stock performs during a full UAW contract cycle….(we‘ve already heard news of the UAW’s upcoming contract plans… more of the same union-label extortion is coming… only this time, they also hold MULTIPLE seats on these companies’ board of directors by virtue of their massive block of “gift” shares). And most importantly, we haven’t seen how their actual market share and utilized plant capacity will fare against the competition during this economy. It’ll take at least 4 more years before any meaningful conclusions can be d
Report Post »independentvoteril
Posted on May 29, 2011 at 2:37pmI know a LOT of people who got new cars this year NOT ONE was a GOVERNMENT MOTORS car..a few were FORDS.. but the most were either TOYOTA or NISSIAN who have great coverage and gas millage.. people also made it a point to buy ones that are ASSEMBLED here which is ALL they do at GM since we don’t MAKE parts here anymore..your AMERICAN car is 99% made in either Japan or China anyway
Report Post »Husker66
Posted on May 30, 2011 at 1:29amI will Never buy a Chrysler or GM product again, I own a small business that has 15 vehicles in my fleet and I do not belive in the government ownership or bail out of private companies. They should have went under like any other company that makes errors in producing a POS (Pieces of ****) product and delivering it to sale that fails to make e a profit. Ford never took a single dollar of bail out government cash they had the foresight to reinvest in there company protect there stock and deliver a product that would cover there overhead and produce a profit. STFU Joe you are a idiot!
Report Post »