Wednesday, April 07, 2010

More "Bad" News

(Cross posted at Vim and Vinegar) I remember the hubbub last year when President Obama determined it necessary to bail out the nation's auto industry, which included the bankruptcies of GM and Chrysler. My father in law among others was particularly nonplussed about the idea of "Government Motors."

It turns out GM has made it not only a priority to increase quality and payback the loans, but GM now reports that they plan to pay off their loans by June of this year, 5 years ahead of the 2015 payback date.

So President Obama prevented a dramatic loss of jobs by preventing the collapse of two of the nation's three automakers, keeping people employed and money flowing while allowing the automakers precious time to reformulate their strategy (i.e. "modernize"). As a result, American cars are better, sales are increasing, and the damage to the economy was greatly diminished.

President Obama has his failings (namely most of the wartime policies he carried over from the Bush administration and the subsequent broom and carpet policy with regard to past violations of the law by the same). However, it would seem that with regard to his economic decisions, he's been doing all right. This information is right up there with the news about the Government's profit margin in its Citibank stocks.

1 comment:

Norma said...

Woot. So now when government takes over a private business, saves the union pensions and screws the investors, it's all wonderful. Where's your pension invested?