President Barack Obama makes an announcement about the success of the government bailout for GM on November 18, 2010. General Motors stock began trading today at the New York Stock Exchange recovering from bankruptcy and a bailout
I agree but, he is so humble. My family and I are very much thankful, grateful and appreciative for President Obama and his Administration with helping GM recover. My husband works for GM and is now working 50-55 hrs. a week. We were able to save our home and our rental property, which a lady who is retired rents for 3 yrs. now and she a gem. It also helped the suppliers and local businesses keep jobs and hire. Thanks again President Obama, GM, and you too chipsticks for a wonderful website.
ON GM: President Obama begins his statement on GM to reporters by saying, “One of the toughest tales of the recession took another step toward becoming a success story.”
“The American auto industry … is once again on the rise,” he says. (4:15 p.m.)
Noting that not everyone favored the auto bailout, Obama says that had the industry not been bailed out there could have been “economic chaos devastating communities.”
He says there’s still a “long road ahead” to “rebuild this economy.”
“We are finally starting to see some of these tough decisions that we made … pay off,” he says. (4:17 p.m.)
Obama gives special thanks to Ron Bloom and Brian Deese for helping to “engineer this rescue” of GM and Chrysler. “Had it not been for these two gentlemen, a whole lot of people might be out of work right now,” he says.
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AP –
President Barack Obama on Thursday welcomed the return of a rejuvenated General Motors to the U.S. stock market, saying some of the “tough decisions that we made” during the financial crisis were beginning to pay off.
“Today, one of the toughest tales of the recession took another big step toward becoming a success story,” Obama told reporters at the conclusion of the new GM stock’s first day of trading as an initial public offering.
The stock trading — more than 400 million shares were sold during its debut on the Big Board — helped reduce the federal government’s control of the company.
“American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing,” Obama said, speaking shortly after the 4 p.m. market close.
He said the early success of the IPO validates his administration’s $50 billion taxpayer-backed rescue of the venerable automaker. The sale of the new stock is a milestone for both the corporation and for the Obama administration.
Those who held old GM stock were essentially wiped out when the company filed for bankruptcy.
Because of the public offering, the government reduced its ownership stake in GM from 61 percent to about 36 percent.
Obama says there were many “doubters and naysayers” when his administration stepped in to help GM. He said the tough decisions his administration made are paying off.
“We are finally beginning to see some of these tough decisions that we made in the midst of the crisis pay off,” the president said.
The stock, which opened at $33 a share, rose sharply in its first minutes of buying then settled back, closing at $34.19.
It was longer than that, but not much – he kept it short and sweet 🙂
Thank you President Obama for being the only adult to be found in American politics today!!! Thank you for quietly and steadily sorting out the many problems heaped upon America and the world by your predecessor.
Thank you for refusing to be distracted from the serious work at hand by those who want to engage in childish name-calling and silly prospecting of various idiots as potential 2012 presidential candidates to run against you – The serious matter of fixing our country be damned.
Thank you President Obama for your maturity, your calm, your brilliance, your goodness, your decency, your focus, your heart!!!
You are right Chipsticks! Only thing I can suggest president to do better is exactly this! A little bit of bragging. 🙂 I guess he realized it now, a bit late, but guess what! Better late than never!
On a serious note – Congrats Mr. President. You did it! It was a tough sell but you did what was necessary. Not what was popular. I am sure, over the years, just like this, one after the other, the positive results of your decisions will open the eyes of all those cynics. Hopefully. But what am sure is they are never going to admit it. But who cares.
I wish you good luck and may God bless you to find success in all your decisions. You will go down the history as the best ever President after AL. Without doubt, the best President of 21st century!
What is all the right-wing pundits say about this? Am sure all of these guys must have been in line to get a piece of the GM IPO this week. Hypocrites.
Obama White House.gov
The Obama Diary 
Bahhhh! He just can’t brag properly!!! 🙂
Love him to pieces.
Only 2/10 on the bragging front, he must do better! 🙂
I wanted him to drive to the press conference in a GM car, and exit it like this:
But that’s just me. 😐
😀 that would be amazing. but he is so humble we can only dream of that.
LOL!!!!
Sorry I missed it but looking forward to seeing it later right here.
I agree but, he is so humble. My family and I are very much thankful, grateful and appreciative for President Obama and his Administration with helping GM recover. My husband works for GM and is now working 50-55 hrs. a week. We were able to save our home and our rental property, which a lady who is retired rents for 3 yrs. now and she a gem. It also helped the suppliers and local businesses keep jobs and hire. Thanks again President Obama, GM, and you too chipsticks for a wonderful website.
Thank you for giving us a real-life testimonial. I’m happy things turned out well for you and yours.
Thank you it has been long road but, it looks like it’s turning around.
aww missed it. 😦
No worries Kelly, the video should be up soon – will post it 😉
CS, could you tell me what was said?
Hey Ari, this is a brief summary from Politico:
ON GM: President Obama begins his statement on GM to reporters by saying, “One of the toughest tales of the recession took another step toward becoming a success story.”
“The American auto industry … is once again on the rise,” he says. (4:15 p.m.)
Noting that not everyone favored the auto bailout, Obama says that had the industry not been bailed out there could have been “economic chaos devastating communities.”
He says there’s still a “long road ahead” to “rebuild this economy.”
“We are finally starting to see some of these tough decisions that we made … pay off,” he says. (4:17 p.m.)
Obama gives special thanks to Ron Bloom and Brian Deese for helping to “engineer this rescue” of GM and Chrysler. “Had it not been for these two gentlemen, a whole lot of people might be out of work right now,” he says.
—–
AP –
President Barack Obama on Thursday welcomed the return of a rejuvenated General Motors to the U.S. stock market, saying some of the “tough decisions that we made” during the financial crisis were beginning to pay off.
“Today, one of the toughest tales of the recession took another big step toward becoming a success story,” Obama told reporters at the conclusion of the new GM stock’s first day of trading as an initial public offering.
The stock trading — more than 400 million shares were sold during its debut on the Big Board — helped reduce the federal government’s control of the company.
“American taxpayers are now positioned to recover more than my administration invested in GM, and that’s a good thing,” Obama said, speaking shortly after the 4 p.m. market close.
He said the early success of the IPO validates his administration’s $50 billion taxpayer-backed rescue of the venerable automaker. The sale of the new stock is a milestone for both the corporation and for the Obama administration.
Those who held old GM stock were essentially wiped out when the company filed for bankruptcy.
Because of the public offering, the government reduced its ownership stake in GM from 61 percent to about 36 percent.
Obama says there were many “doubters and naysayers” when his administration stepped in to help GM. He said the tough decisions his administration made are paying off.
“We are finally beginning to see some of these tough decisions that we made in the midst of the crisis pay off,” the president said.
The stock, which opened at $33 a share, rose sharply in its first minutes of buying then settled back, closing at $34.19.
It was longer than that, but not much – he kept it short and sweet 🙂
Will get the video and text for you.
thanks so much CS, so sorry to bother u with this, but my sound is still not working. Thanks again
Oh Ari, I’m sorry – is there no sound on any of the videos?
no, but again, it’s not you, it’s my computer. My sound just stopped working.
Ah, okay, really annoying for you 😦
Anyone having problems with YouTube at the moment? It’s not working for me.
Watch the GOPers take credit for the GM recovery (just like the stimulus)!
Our president is awesome.
Thank you, President Obama, for your outstanding leadership. Imagine if we’d allowed our auto industry to fail?
Thank you President Obama for being the only adult to be found in American politics today!!! Thank you for quietly and steadily sorting out the many problems heaped upon America and the world by your predecessor.
Thank you for refusing to be distracted from the serious work at hand by those who want to engage in childish name-calling and silly prospecting of various idiots as potential 2012 presidential candidates to run against you – The serious matter of fixing our country be damned.
Thank you President Obama for your maturity, your calm, your brilliance, your goodness, your decency, your focus, your heart!!!
You are right Chipsticks! Only thing I can suggest president to do better is exactly this! A little bit of bragging. 🙂 I guess he realized it now, a bit late, but guess what! Better late than never!
On a serious note – Congrats Mr. President. You did it! It was a tough sell but you did what was necessary. Not what was popular. I am sure, over the years, just like this, one after the other, the positive results of your decisions will open the eyes of all those cynics. Hopefully. But what am sure is they are never going to admit it. But who cares.
I wish you good luck and may God bless you to find success in all your decisions. You will go down the history as the best ever President after AL. Without doubt, the best President of 21st century!
What is all the right-wing pundits say about this? Am sure all of these guys must have been in line to get a piece of the GM IPO this week. Hypocrites.