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Obama claims credit for auto industry rescue

FT.Com -- After walking along the rows of half-assembled Jeep Grand Cherokees in a Chrysler plant on Friday, President Barack Obama tried to put the troubles of the US auto industry in the rear-view mirror.

The industry, which employs 1.7m people, was on the brink of collapse when he took office but now – 18 months and 85bn taxpayer dollars later – is showing tentative signs of strength.


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Submitted Jul 31, 2010 By: coupster
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REPLIES (newest first)
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SteveSeattle
Veteran Author Seattle

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Message Posted: Aug 2, 2010 2:19:47 AM

More PR...
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Aug 2, 2010 12:13:59 AM

hbomber claims credit for for every failure that he spins into a success.
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POLELANE
Champion Author Ohio

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Message Posted: Aug 1, 2010 8:50:11 PM

he also invented the deep internal cleansing unit and now has one for vice president.

[Edited by: POLELANE at 8/1/2010 8:50:49 PM EST]
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FordF2502001
Champion Author Mississippi

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Message Posted: Aug 1, 2010 6:50:32 PM

Please!
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Jeff4U
Champion Author Atlanta

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Message Posted: Aug 1, 2010 6:10:21 PM

Yes, Obama will pat his own back and take credit for any positive news, what little there is. For all negative news, he's quick to blame everything on Bush, although Obama wasted no time immediately passing the stimulus bill.

It's easy to blame others. An honorable man would take charge of responsibility, but honor is a foreign word in Washington.



[Edited by: Jeff4U at 8/1/2010 6:15:13 PM EST]
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Mooseman1
Champion Author Manitoba

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Message Posted: Aug 1, 2010 4:01:52 PM

I like this one, "this guy is a teenager with a credit card".
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BMW2014
All-Star Author Toronto

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Message Posted: Aug 1, 2010 7:55:27 AM

If he did rescue then there is nothing wrong to claim.
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FastAndy
Champion Author Indianapolis

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Message Posted: Aug 1, 2010 3:17:56 AM

Of coarse he does, if it's a good thing he claims credit, but if it's the economy's slow growth it is someone else fault.
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52MPG
Champion Author Dayton

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Message Posted: Aug 1, 2010 1:26:51 AM

Obama's claim may be premature.
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ifallsguy
Champion Author Minnesota

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Message Posted: Aug 1, 2010 1:23:25 AM

and next he will claim credit for making the sun come up. Come on folks, this guy is a teenager with a credit card.
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Sneakers55
Champion Author Houston

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Message Posted: Jul 31, 2010 11:16:29 PM

Gnusman53 wrote:

>He was trying to say, that they are trying to come
>back.... after decades of mismanagement and listening
>to the GOP about SUVs.....and there was no market for
>gas efficient cars.....

Alan Mulally, with the concurrence of Executive Chairman Bill Ford, read Ford's inbred management the riot act about making money on fuel efficient vehicles.

>Is it enough to permanently save them????? No. First,
>they have to stop building crap and stress quality.

I think Toyota is taking over the industry crap building title. Things that should NEVER fail in a vehicle are managing to fail in Toyotas. Major cause is their previous president was directing their product engineers to thrift things, while at the same time the Detroit Three were starting to recognize that cheapest wasn't necessarily the same thing as best.

My next vehicle? Ford will definitely be on my list (with apologies to the soon-to-be-unemployed Mercury Girl).

>Also, get real people who are able to look ahead, not
>only what designing what is neeeded to sell now, but
>work towards building what would be needed to be
>profitble in the future.

The vehicle market is as unpredictable as fuel prices.

>GM had a cancer also...of greedy idiots who listened to
>the GOP about what they should build.

I don't think the GOP has been telling them what to build. Give me a break.

>They forgot quality. They forgot trying to meet the needs
>of the people. They also forgot who made them the
>"biggest" -- the autoworkers -- gutting the retirees
>health benefits with legalistic chicanery and
>destroying many retirement plans..... Some of the
>people who worked for GM about five years ago were
>finding their GM retirements were not even being
>funded....... others found they had become virtually
>worthless.

Only the type of pensions paid out as a life annuity are covered by ERISA. Other post-employment benefits depend on the free cash flow of the company. GM was hemorrhaging for most of the past ten years.

>If it wasn't for the US auto companies and the
>manufacturing plants, you would be speaking german
>right now. They turned a civilian industry into a
>massive war manufacturing machine in just a few weeks
>back in the 40s.

WWII was a unique period in history.

Vehicle manufacturing and aircraft manufacturing were very similar at that time: both used stamped metal.

Vehicle manufacturing and aircraft manufacturing have very little in common in 2010. Vehicles are stamped steel like they were in the WWII era. Aircraft are radar absorbing composites.

We thought we had precision bombing with the Norden bombsight but it was grossly overrated.

>Just for that, I would be willing to give those industries
>some slack and some help. They helped the country not only
>survive but win WWII.

Before WWII, we didn't have a military-industrial complex of any significance. After WWII, we had a military-industrial complex.

The two Gulf Wars had most of the fighting done in mere days. We had one big advantage: precision bombing that was really precision bombing.
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Gnusman53
All-Star Author San Diego

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Message Posted: Jul 31, 2010 10:23:05 PM

By the way Ford250.... have you checked your ball bearings?????

Ford has been using crappy ones made in china....

My sister found that out they hard way when her F150 started sounding like a grinding lawnmower a couple of years ago. They wanted her to pay for a completely new transmission, etc.....

She took it to a mechanic friend, he found the problem and replaced the bearings with good ones.....

The sound disappeared...... but my sister was so fed up with ford, she sold the truck. BTW, it had only about 60,000 miles on it.....

So Ford has some big quality problems you should be wary of.
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Gnusman53
All-Star Author San Diego

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Message Posted: Jul 31, 2010 10:14:01 PM

Damn lot of Obozomaniacs here.....or is that Obama DeMint-ia Disorder....

For one, he didn't say they were making money hand over fist.

He was trying to say, that they are trying to come back.... after decades of mismanagement and listening to the GOP about SUVs.....and there was no market for gas efficient cars.....

He gets attacked for staunching the arterial flow of jobs and the total collapse of an industry that would have blown the unemployment rate to more than 30 percent if they hade been allowed to meltdown when they did.

Yes I can believe in change. It looks like car companies got rid of most of their idiots when they purged the management levels.....
That would be a welcome change since those idiots have virtually destroyed the US automaking industry.....

Is it enough to permanently save them????? No. First, they have to stop building crap and stress quality.

If they can do that, that will a major step in their rebirth. Also, get real people who are able to look ahead, not only what designing what is neeeded to sell now, but work towards building what would be needed to be profitble in the future.

GM met its deadline for that payment. It may be ahead of schedule for other stages that would eventually lead the company away from the massive governmental investment..... Time will tell.

Chrysler had the biggest problem... they were turning out unreliable crap.... even in its once vaunted truck line..... The merger with Fiat may be a good thing.... if Chrysler can rediscover quality once more. Fiat brings some of the best and most popular gas-efficient cars in the world....

GM had a cancer also...of greedy idiots who listened to the GOP about what they should build. They forgot quality. They forgot trying to meet the needs of the people. They also forgot who made them the "biggest" -- the autoworkers -- gutting the retirees health benefits with legalistic chicanery and destroying many retirement plans..... Some of the people who worked for GM about five years ago were finding their GM retirements were not even being funded....... others found they had become virtually worthless.

If it wasn't for the US auto companies and the manufacturing plants, you would be speaking german right now. They turned a civilian industry into a massive war manufacturing machine in just a few weeks back in the 40s.

Just for that, I would be willing to give those industries some slack and some help. They helped the country not only survive but win WWII.

Most of the manufacturing strength this country had is gone now, sold out by Reagan, the Bushes and even Clinton. They approved of tax breaks for sending jobs overseas. Tax breaks for destroying this country's economy..... greed is a powerful thing....

You see that with the whining banksters......

Personally, unless they free up their credit lines to small businesses, I would like to see congress hit them with the same fees they are making customers pay --- up to 35 percent....

Right now, the biggest problem for the economy and all business is the banking/financial industry....... and the reason why the economy is not doing better... Remember the Wall Street fell to 6000 right when Obama took office. Now, it has almost doubled.

Hmmmmm.... can the taxpayers give the financial crooks a nuclear enema to free up the money???? I hope so, but with the bankers colluding with GOP senators for protection...... it may have to be more than a metaphorical nuclear device.......

So Jeskibuff, Obama was trying to tell people the industry is not dead and may make it all the way back. Interestingly, he was criticized for criticizing the autocompanies. He was criticized for continuing the Bush plan for the auto companies. He was criticized for getting rid of the crappy leaders as a key factor for governmental assistance.... And now he is criticized for trying to be positive about the way the companies have come back from the brink of their own demise.

He faced a set of dominoes. If Chrysler and GM had crashed and burned, Ford would have been right behind them, no matter what they were doing. Ford uses many of the same part manufacturers....so if GM and Chrysler disappeared, those parts companies would have also.... leaving Ford with factories, models and no parts.

Since that interference, one thing that has helped is those parts companies have been trying to diversify so they could survive if one, two or all three carmakers had gone belly up.

GM wasn't claiming they paid everything off. They just claimed they met a deadline and "hopefully" would be able to continue doing that...

So if you want to be angry at someone.... be angry at the banksters who crashed the economy almost into a great depression. Those are who you should be really angry at.....


[Edited by: Gnusman53 at 7/31/2010 10:18:34 PM EST]
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FordF2502001
Champion Author Mississippi

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Message Posted: Jul 31, 2010 9:59:29 PM

Bankruptcy along with govt handouts are supporting gm and chrysler. No thanks obummer.
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jeskibuff
Champion Author Tampa

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Message Posted: Jul 31, 2010 7:42:12 PM

What an opportunist Obozo is! His claim that all 3 domestic manufacturers are profiting now is just bogus. Chrysler has yet to turn a profit. And with all the money they got from us taxpayers, you'd think they SHOULD be doing better. Like the big deal when GM said they paid back their loan way ahead of schedule: BOGUS...they paid it back because we GAVE them more than enough to pay that relatively small sum back.

At least the media don't seem to be suckered in as much now with Obozo's claims. The fears of double-dip recession are uttered more frequently, as are the housing price drops and the rising unemployment.

Change we can believe in, eh?
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BurntOrange
Champion Author Austin

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Message Posted: Jul 31, 2010 6:39:58 PM

Way to go, Mr Obama.

Even using your dubious logic, those 1 million jobs cost the taxpayer $85,000 each.

But of course, the real number is far less than 1 million.

The job you best worry about saving is your own.

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northeast2
All-Star Author New York

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Message Posted: Jul 31, 2010 3:00:18 PM

A basic industry like this, that employs thousands and creates a skill set among them, needed to be helped.
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Huskersed
Veteran Author Atlanta

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Message Posted: Jul 31, 2010 2:42:09 PM

Good. They'd better, after 85Billion taxpayer dollars
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OHMS
Champion Author Orange County

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Message Posted: Jul 31, 2010 2:06:48 PM

The water's cold, dark and deep; and he has promises to keep; and miles to go before he sleeps. How many days until the midterms? Come on midterms.
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