Government Motors? Oh Really?

Statement by the President

When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse.  Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them.  In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their jobs.

As President, I refused to let that happen.  I refused to walk away from American workers and an iconic American industry.  But in exchange for rescuing and retooling GM and Chrysler with taxpayer dollars, we demanded responsibility and results.  In 2011, we marked the end of an important chapter as Chrysler repaid every dime and more of what it owed the American taxpayers from the investment we made under my Administration’s watch.  Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors.  GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.

Less than five years later, each of the Big Three automakers is now strong enough to stand on its own.  They’re profitable for the first time in nearly a decade.  The industry has added more than 372,000 new jobs – its strongest growth since the 1990s.  Thanks to the workers on our assembly lines, some of the most high-tech, fuel-efficient cars in the world are once again designed, engineered, and built right here in America – and the rest of the world is buying more of them than ever before.

When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong.  Today, that bet has paid off.  The American auto industry is back.

For our autoworkers and the communities that depend on them, the road we’ve taken these past five years has been a long and difficult one.  But it’s one we’ve traveled together.  And as long as there’s more work to do to restore opportunity and broad-based growth for all Americans, that’s what we’ll keep doing to reach the brighter days ahead.



NYT: U.S. Sells Remaining Stake in General Motors

The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.

The government has thus exited one of the most controversial investments made during the midst of the financial crisis, when it stepped in to rescue the Detroit automakers – a decision that as many as three in four Americans opposed at the time.

Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.

All in all, taxpayers have ended up in the black on the crisis-related bailouts, Treasury said: It has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.

More here


173 Responses to “Government Motors? Oh Really?”

  1. December 9, 2013 at 6:22 pm

    Hell, I think I’ll buy a Gubbmint Motors car the next time I’m in the market for a new vehicle!

    Thank you everyone for your kind words about the missus. I’m so flipping proud of her. Sure, she made more money at her former job. But as she told me last week: I get to work with one patient at a time, and I’m not drowning in stress.

    • December 9, 2013 at 6:24 pm

      Absolutely wonderful news about your Missus, only catching up now – completely thrilled for you both!

    • 4 99ts
      December 9, 2013 at 7:08 pm

      Think I missed your news LL – but from personal experience – no amount of money is worth the stress some folks like to put you under. When I walked out of my last job the boss still didn’t understand – regardless that in a 2 year period he turned over 100% of his staff.

      So pleased your loved one is enjoying the new job – that is worth more than all the $$ she gave up changing jobs.

    • 5 Judith Fardig
      December 9, 2013 at 7:14 pm

      Give her a hug from me, LL! My daughter is a visiting public health nurse who appreciates that mode of care also.

  2. December 9, 2013 at 6:25 pm

    What’s infuriating is that these troglodytes who sneered at “government motors” had NO SOLUTION to the crisis. Basically, Mitt Romney spoke for them: let it go bankrupt. And then vultures could swoop in, destroy the unions, fire millions, and allowed John Galt to rule the day. There is a darkness in their souls, where seeing millions tossed out of work is just the price of capitalistic freedom.

    • 7 desertflower
      December 9, 2013 at 6:28 pm

      Greed and money over people, baby! I think they really don’t have the capacity to look for meaningful solutions to difficult problems. I seriously don’t. Cut the losses and let the chips fall where they may. They bleed everyone and everything dry and walk away…blaming someone else for the downfall. It’s disgusting.

    • 8 Uche
      December 9, 2013 at 6:29 pm

      When did they ever have a solution to anything?….all they do is troll and knee-jerk their way after President Obama.

    • December 9, 2013 at 6:29 pm

      You captured it: “There is a darkness in their souls”.

    • 10 Roberta in MN
      December 9, 2013 at 7:26 pm

      And his companies would have gone in and stripped the assets to the bone.

  3. 11 Ladyhawke
    December 9, 2013 at 6:26 pm



    President Obama just saved the auto industry to distract from Obamacare.


  4. 13 anniebella
    December 9, 2013 at 6:31 pm

    When I hear some people say that Obama haven’t done anything, I have to wonder what the hell is wrong with these people. They have short memories, because saving the auto industry is a big deal to me..

  5. 18 Nena20409
    December 9, 2013 at 6:32 pm


    Just one one time. Madiba Memorial Tribute and Service.

    ABC, CBS, NBC, MSNBC, CNN, even Fox and C-span will be Live at 4AM Tuesday LIVE.
    BBC and AJAM……my guess is YES too.

  6. 22 desertflower
    December 9, 2013 at 6:33 pm

    These people ( and I use that term loosely) have GOT to be defeated in 2014. End the madness!


  7. 23 GGail
    December 9, 2013 at 6:34 pm

    Democrat President Obama helps the auto industry while the Michigan Republican Governor lets Detroit go Bankrupt

    • 24 Nena20409
      December 9, 2013 at 6:39 pm

      Okay GGail. Last week, Ed Henry accused POTUS of letting Detroit go bankrupt. He further asked Jay that since Detroit is now in bankrupt mode, POTUS failed and Romney was right. The twisted logic is sick. But that is Fox, WHPC and the mentality of the DC/NY pundits.

      POTUS was talking about Auto, not Detroit the city. But that is how pathetic they are.

  8. 26 Lynn
    December 9, 2013 at 6:37 pm

    Thank you Ms. Chips and each and every poster here. It is a great gift to share our appreciation of this very special moment in time. The quiet dignity of our first two families is a lesson for the future.

  9. December 9, 2013 at 6:37 pm

    The tweet machine has gone bonkers:

    Although I didn’t invent Twitter, as it turns out, two people tweeted me to say they had 31 Dec, 1969 on their tweets – beaten by a day, drat.

  10. December 9, 2013 at 6:44 pm

  11. 36 desertflower
    December 9, 2013 at 6:50 pm

    SERIOUSLY! This is from a freaking DOCTOR! Another AZ moron.


    Patterson: Obamacare can’t possibly succeed

    What exactly is an “inadequate” health insurance policy? It turns out that the answer to a seemingly innocuous question is key to our health care future, to what happens when Obamacare goes down.

    Fool is in for a rude awakening.

  12. 37 Nena20409
    December 9, 2013 at 6:53 pm


    WASHINGTON — The Senate and House Armed Services committees have reached a deal that would, for the first time, loosen restrictions that impede the Pentagon’s ability to transfer Guantanamo detainees to foreign countries, making it slightly easier for the Obama administration to pursue the president’s longstanding goal of closing the detention facilities.

    The compromise version of the National Defense Authorization Act of 2014 would expand the executive branch’s ability to transfer Guantanamo prisoners to other countries, while maintaining the ban on bringing them to the United States. The proposed NDAA would allow detainees to be sent to Yemen, but would require the administration to report on the Yemen government’s ability to detain, rehabilitate or prosecute them.

    Under the deal, the military wouldn’t receive any money to build new Guantanamo detention facilities or upgrade the old ones. It would also ban the use of Defense Department funds for constructing or modifying any military facilities in the U.S. to house Guantanamo detainees through all of 2014.

    Sen. Carl Levin (D-Mich.), chairman of the Senate Armed Services Committee, said at a press conference that the compromise “gives flexibility to the president to transfer detainees from Guantanamo to third countries.”

    • 38 Vicki
      December 9, 2013 at 8:18 pm

      This is a BFD I think. It opens the door to yet another Promise Kept. PBO steadily working his way through his objectives. POTUS is a monumentally effective President.

  13. 39 dotster3
    December 9, 2013 at 7:00 pm

    Brian Williams just reported on GM, but used horrible Noah Rothman’s Mediaite headline as an emphasis, that U.S. taxpayers lost $10 billion on the deal. Guess NBC doesn’t bother with the NYT or the treasury, reporting that U.S. has recouped $433 billion, on a $422 billion stake, coming out ahead. Not shocked.

  14. 47 hopefruit2
    December 9, 2013 at 7:02 pm

    I just saw on my local ABC news that they will have live coverage of the Memorial from 4AM tomorrow. 🙂

  15. 49 Nena20409
    December 9, 2013 at 7:03 pm

    In November 2011……

    Nelson Mandela’s last photo shoot.

  16. December 9, 2013 at 7:09 pm

    • December 9, 2013 at 7:10 pm

      Brussels, 09 December 2013 131209/02
      Catherine Ashton travels to Ukraine
      Catherine Ashton, High Representative of the European Union for Foreign Affairs and Security Policy/Vice-President of the Commission, travels to Ukraine tomorrow, 10 December, in support of efforts to find a political solution to the current crisis in the country.
      The two-day visit was announced by President of the European Commission José Manuel Barroso following a phone conversation with President Victor Yanukovych on Sunday, 8 December against the background of continuing mass demonstrations in Kiev.
      The High Representative is scheduled to meet with President Yanukovych and government officials as well as opposition leaders. She will also meet with representatives of civil society, including human rights activists, and the representatives of “EuroMaidan” movement.
      For more information:
      EU-Ukraine relations: http://www.eeas.europa.eu/ukraine
      EBS will provide audio-visual coverage of the visit.

    • 53 jackiegrumbacher
      December 9, 2013 at 9:20 pm

      She has an extraordinarily difficult job on this trip, Bob. I wish her well and pray that she can forestall violence through some kind of negotiated solution.

  17. 54 99ts
    December 9, 2013 at 7:11 pm

    I must be insane to go anywhere but TOD to check the news. I note – silly me – that Gingrich walked back his words to the GOP base and now blames the “librul media” for inciting them to hate on Mandela.

    And some folks were praising him for his stand – silly them – the GOP never changes its spots.

  18. 59 vcprezofan2
    December 9, 2013 at 7:22 pm

    Okay, TOD foreign correspondents, do your stuff ’cause I’m ready! Supper finished and eaten. Kitchen cleaned, Showered and perfumed. Laptop rebooted. READY!

    • 60 Nena20409
      December 9, 2013 at 7:25 pm

      Set, Gooooooooooooooooooooooooooooooo

      VC is here 😉

      • 61 vcprezofan2
        December 9, 2013 at 7:26 pm

        Y, TY for the welcome, Nena! You all set for the memorial too?

        • 62 Nena20409
          December 9, 2013 at 7:36 pm

          Nope. I usually go to bed between 8-9pm CT. But I will try my best to see if I can wake up at 3:55AM CT. By doing that, that means, my tomorrow would not be productive due to not enough sleep.

          • 63 vcprezofan2
            December 9, 2013 at 7:39 pm

            Well, get as much rest as you can. You already know that if you don’t make it back for the live ceremony, Chips and the gang will be on the job and will bring you the recorded version later.

  19. 64 forus50
    December 9, 2013 at 7:39 pm

    President Obama’s Message to the People of the Central African Republic

    bala ala kouè. This is President Barack Obama, and today I want to speak directly to you—the people of the Central African Republic.
    I know that in your lives you have faced great hardship. But I also know that you’ve lived together in peace—as diverse and vibrant communities, Christian and Muslim. Together, you celebrate a proud history and a land of extraordinary beauty. Together, you emerged from colonialism and achieved independence. Together, you realize that we are all children of God and that—whatever our faith—we all deserve to live in peace and dignity.

    more in link: http://www.whitehouse.gov/blog/2013/12/09/president-obama-s-message-people-central-african-republic

  20. 67 dotster3
    December 9, 2013 at 7:45 pm

    Bears fans are crazy—–another non-shocking tidbit. They’re filing into the Mon. night game at Soldier Field, and it’s freezing out—-where your nostrils stick together. Temps in the teens at start of game, expected to be in single digits by half, and add in wind chill and it will be below zero out there. Brrrrrrrrrrr! Allowed to bring blankets tonight, but a blanket isn’t going to do it. So much more sensible and cozier watching on the teevee at home, n’est ce pas?

  21. December 9, 2013 at 7:48 pm

    I don’t care what all of you oh so hardy ones in subfreezing parts of the country say. My hands and feet are icicles!!!

  22. December 9, 2013 at 7:49 pm

    Fox News Paid Fired Executive $8 Million to Keep Quiet

    Roger Ailes’ secrets command a heavy price. Last week, the New York Times reported that Fox News had reached an out-of-court settlement with Brian Lewis, the former Roger Ailes aide who was abruptly fired in late July. A Fox News executive with knowledge of the negotiations told Gawker that Lewis was paid approximately $8 million in hush money.

    “The big talk at work, especially today, is the settlement number,” the executive said on Friday, explaining that the exact figure had been filtering through the channel’s rank-and-file since early November.

    The settlement came after an extraordinary, months-long confrontation during which Fox News accused Ailes’ former right-hand man of vague “financial irregularities,” and Lewis’ attorney angrily responded that Ailes had a lot to lose if Lewis ever spilled the beans on their 17-year-long partnership at the right-wing network.


    • 86 Nena20409
      December 9, 2013 at 7:58 pm

      They paid Rebecca, the red hair $17M plus? They paid the woman who charged O’Reilly with sexual harassment ???? $$$$.

      And the DC/NY Journos defend them as News Station?

  23. 87 Nena20409
    December 9, 2013 at 7:55 pm

    As the late Sen Teddy Kennedy said:

    When does the GREED Stop:

    Pope Francis sets Dec 10, 2013 as a day to pray for those who have so little.

  24. 88 Dudette
    December 9, 2013 at 7:57 pm

    • 89 No Child Left Behind
      December 9, 2013 at 7:59 pm


      Thanks for this reminder. I’ll go the my local post office from now on.

    • 90 Layla
      December 9, 2013 at 7:59 pm

      TY for that!!! This should be circulated far and wide!!!!!!!!

    • 91 forus50
      December 9, 2013 at 8:07 pm

      Just a helpful tip: you can go to your regular corner package shipping store; they ship USPS too. It’s oftentimes cheaper than UPS and the USPS now has online tracking so it’s a deal!

    • 94 Elly in Maryland
      December 9, 2013 at 11:24 pm

      Agree USPS is the best to use (and recently have given me very good service). But I believe – correct me if I’m wrong – that between UPS and Fedex you should use UPS because they are union and Fedex is not.

  25. 95 No Child Left Behind
    December 9, 2013 at 7:58 pm

    Finally, the House did something sensible that Harry Reid could take up. Nice job, Senator Reid!

    Rachel Maddow spoke at length about this last week.


  26. 96 Dudette
    December 9, 2013 at 8:03 pm

  27. 98 anniebella
    December 9, 2013 at 8:05 pm

    Why is Ted Cruz going to Nelson Mandela’s memorial service? He will not fool or con anyone to vote for him if he runs in 2016. People knows a skunk when you smell one. And Cruz stinks to the mountain top.

  28. 102 Allison
    December 9, 2013 at 8:10 pm

    • 103 Vicki
      December 9, 2013 at 8:27 pm

      Worth a read.
      Perhaps Tzipi Livni or Yair Lapid will find a way to Praetoria.

      • 104 Lovepolitics2008
        December 9, 2013 at 8:49 pm

        Or President Perez, who must be FUMING.

        I really like President Perez. He is a reasonable man. And he has a deep respect for President Obama. Which, for me, is the evidence that he’s a man of integrity and maturity.

    • December 9, 2013 at 9:15 pm

      His message is clear: My Israel, which spends untold tens of millions on such matters as bolstering and protecting settlement construction during peace negotiations with the Palestinians, or erecting detention facilities for African asylum seekers rather than formulating coherent and just refugee policies, has nothing left over for this man Mandela…
      But that’s only the beginning. With a wink and a nod to the settler right, the academic rabid right, and the KKK-esque far right, Netanyahu is sending an even stronger message:

      This is where I stand on this Palestinian-lover, Mandela. And this is where I stand on his Palestinian-lover heirs.



      A window into why Netanyahu is not into PBO

  29. December 9, 2013 at 8:11 pm

    12:05 AM EST: The Obamas arrive in Johannesburg
    4:0 AM: Attend memorial service for Nelson Mandela
    1:05 PM: Depart Johannesburg.

  30. December 9, 2013 at 8:19 pm

    And this will just feed his sense of invincibility: “George Zimmerman’s girlfriend recants allegations he threatened her with gun”

  31. 117 Allison
    December 9, 2013 at 8:20 pm

  32. December 9, 2013 at 8:24 pm

    Boehner has no soul.

  33. 123 dotster3
    December 9, 2013 at 8:26 pm

    Isn’t this the truth? On almost every issue the media blabs about, everything about it is different when we hear the real facts and perspective from President Obama.

  34. December 9, 2013 at 8:29 pm

  35. 131 Dudette
    December 9, 2013 at 8:30 pm

    • 132 utaustinliberal
      December 9, 2013 at 8:57 pm

      Good article but screw HP with their misleading click bait headline. That’s not the entirety of what Affleck said. It’s not even what he actually said. This is the full quote with context.


      Ben Affleck has long been a vocal supporter of the Democratic party, spending his time off-set campaigning for candidates and once even considering his own political career. In a recent interview with Playboy, Affleck acknowledged that his outside political interests may affect the way he is seen onscreen.

      “People now know me as a Democrat, and that will always be the case to some extent,” Affleck told the publication. “It does [polarize viewers], and you can bifurcate your audience.”

      Affleck himself is not immune to the judgment, adding, “When I watch a guy I know is a big Republican, part of me thinks, I probably wouldn’t like this person if I met him, or we would have different opinions. That s–t fogs the mind when you should be paying attention and be swept into the illusion.”


  36. 133 Allison
    December 9, 2013 at 8:34 pm

  37. December 9, 2013 at 8:34 pm

    Do I understand the time for Nelson Mandela’s service is tomorrow morning 4am Eastern? Just double checking. Thanks.

  38. 143 globalcitizenlinda
    December 9, 2013 at 8:42 pm

    Has anyone else set their alarm clock for 4.00 a.m – spent many years idolizing him and singing liberation songs supporting the struggle so the least I can do is represent myself at the Pres. Mandela funeral service

  39. 147 hopefruit2
    December 9, 2013 at 8:43 pm

  40. 149 Ladyhawke
    December 9, 2013 at 8:46 pm

    AP Politics ‏@AP_Politics 34m


    GOP blocks more Obama nominees in Senate, reports @asfram



  41. 154 dotster3
    December 9, 2013 at 8:49 pm

    I always send everything by USPS. Which reminds me—-of my dumbest moment, which mr. dotster still loves to bring up from time to time. I was a sweet, young thing—-well, sorta young anyway, and mostly sweet, but anyhoo an inexperienced mailer, looking to mail out my first package. So I trot into the post office at xmas time and in front of a long line tell the guy that I would like to mail this UPS. The post office guy got a surprised and amused look on his face and said, “Fine, but you won’t be doing that here.” And I hear snickers coming from the people behind me, I think some even laughed out loud, someone may have muttered “dumb blonde”, and I figured out I had made a Big Mistake. So I got all flustered and said, with arms waving semi-hysterically, “Well, I’ll take whatever you’ve got.” People started to roar. OMG. I was the dumbest American. Mr. dotster loves that story, for some reason——whenever I’m acting too smartypants, he brings it up. Embarrassing to death.

  42. December 9, 2013 at 8:54 pm

    Someone shared earlier about the report NBC did re GM. I watched CBS (mostly to hear how they dovered that issue). Sounds like both nedtworks were using same sources/info. Finally, at the very end of the report, the reporter gave the figures I had just seen on a tweet from that thread…..the $433b and the $4522b for the $11B difference. He also ended his report by saying that PO/the administration had vowed to be completely ‘out’ by beginning of 2014 and he and Scott agreed that it happened even sooner. I just wanted to throw something at the TV for most of that segment. Aaaaarrrrgggghhhh!

  43. December 9, 2013 at 8:55 pm

    WOW, these are terrific interviews:

    Oprah talks to the actors behind some of the year’s best performances, including Idris Elba (Mandela: Long Walk to Freedom), Chiwetel Ejiofor (12 Years a Slave) and Michael B. Jordan (Fruitvale Station).


  44. December 9, 2013 at 8:56 pm

    Hi TODers,
    Just got back from GG’s South American hidehole. Looked to see if I’d spot him but nah. Was in Bahia to be specific. Fascinating seeing the flurry of activity during World Cup draw event and prep towards both WC & Olympics. Folks not sure how ready they’ll be for the 2 events, at the current pace. Everyone complained about Dilma Rousseff’s corrupt govt. And she had the nerve to embarrass PBO.

  45. December 9, 2013 at 8:58 pm

    New post very soon-ish

  46. December 9, 2013 at 9:18 pm

    US Senate – 10 Dec 2013 schedule

    Dec 10, ’13 9:00 AM
    Categories Daily Summary

    The Senate stands adjourned until 10:00am on Tuesday, December 10, 2013. Following any Leader remarks, the Senate will proceed to Executive Session to consider Executive Calendar #327, the nomination of Patricia Ann Millett, of Virginia, to be United States Circuit Judge for the District of Columbia Circuit. All post-cloture time will be considered expired and the Senate will immediately vote on confirmation of the Millet nomination (approximately 10:15am).

    Following the vote on confirmation of the Millett nomination, Senators should expect up to 3 additional roll call votes with respect to the reconsideration of the cloture vote on Executive Calendar #209, the nomination of Melvin Watt, of North Carolina, to be Director of the Federal Housing Finance Agency:

    – Motion to proceed to Executive Session for the reconsideration of the vote by which cloture was not invoked on the Watt nomination;

    – Motion to reconsider the vote by which cloture was not invoked on the Watt nomination; and

    – Motion to invoke cloture on the Watt nomination, upon reconsideration.

    During Monday’s session of the Senate, Senator Reid filed cloture on the following nominations in the following order. Under the rule, the first cloture vote will occur one hour after the Senate convenes on Wednesday, December 11th. If cloture is invoked on a nominee, the number of post-cloture hours is in parentheses next to each nomination. Upon disposition of a nomination, the Senate will immediately vote on cloture on the next nomination.

    1) Executive Calendar #378, Chai Rachel Feldblum, of the District of Columbia, to be a Member of the Equal Employment Opportunity Commission (8 hours);

    2) Executive Calendar #330, Elizabeth A. Wolford, of New York, to be US District Judge for the Western District of New York (2 hours);

    3) Executive Calendar #347, Landya B. McCafferty, of New Hampshire, to be US District Judge for the District of New Hampshire (2 hours);

    4) Executive Calendar #361, Patricia M. Wald, of the District of Columbia, to be a Member of the Privacy and Civil Liberties Oversight Board (8 hours);

    5) Executive Calendar #348, Brian Morris, of Montana, to be United States District Judge for the District of Montana (2 hours);

    6) Executive Calendar #349, Susan P. Watters, of Montana, to be United States District Judge for the District of Montana (2 hours);

    7) Executive Calendar #358, Deborah Lee James, of Virginia, to be Secretary of the Air Force (8 hours);

    8) Executive Calendar #444, Heather Anne Higginbottom, of the District of Columbia, to be Deputy Secretary of State for Management and Resources (8 hours);

    9) Executive Calendar #406, Anne W. Patterson, of Virginia, a Career Member of the Senior Foreign Service, Class of Career Ambassador, to be an Assistant Secretary of State (Near Eastern Affairs) (8 hours);

    10) Executive Calendar #450, Jeh Charles Johnson, of New Jersey, to be Secretary of Homeland Security (30 hours).

  47. 169 Dudette
    December 9, 2013 at 9:21 pm

  48. 170 Dudette
    December 9, 2013 at 9:22 pm

  49. 171 Dudette
    December 9, 2013 at 9:27 pm

  50. 173 Dudette
    December 9, 2013 at 9:28 pm

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