2 Responses to President Obama Speaks on General Motors & Public Stock Offerings

1. Ametia says:

   November 19, 2010 at 9:01 am

   The White House Blog
   White House White Board: The Rebirth of the American Auto Industry
   Posted by Jesse Lee on November 19, 2010 at 08:00 AM EST

   In the fourth edition of White House White Board, Austan Goolsbee, Chairman of the Council of Economic Advisers, discusses the President’s tough decisions on the American auto industry in light of the General Motors IPO.

   http://www.whitehouse.gov/blog/2010/11/19/white-house-white-board-rebirth-american-auto-industry?utm_source=111910&utm_medium=intro&utm_campaign=daily

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2. Ametia says:

   November 18, 2010 at 6:10 pm

   Let the HATERS keep hatin.’ Keep doing your thing Mr. President.

   Analysis: Obama’s GM success dented by bailout and jobs angst
   Published: Thursday, 18 Nov 2010 | 6:44 PM ET

   (NOTICE THE TIMING OF THIS ARTICLE? Not even a good hour after PBO spoke on the GM successes.)

   WASHINGTON – General Motors Co’s swift journey from dying company to blockbuster IPO is a remarkable story by any measure.

   Yet President Barack Obama and his Democrats have received little political credit for it, even though White House “car czars” engineered the transformation as they shepherded the automaker through a government-sponsored bankruptcy.

   Instead, American voters demonstrated again this month that they loathe bailouts, much to the detriment of Democrats.

   A desire to limit further political damage well ahead of the 2012 presidential election could influence the Obama administration’s exit strategies for remaining taxpayer investments in GM, Chrysler Holdings, American International Group and smaller banks.

   “They saved the company, they saved an industry, but it doesn’t seem to have any political traction,” said Julian Zelizer, a historian and public policy expert at Princeton University.

   “As long as high unemployment continues, people are just suspicious of any claims of success,” he added. “That’s not what most Americans see on the ground.”

   Obama trumpeted GM’s journey as a “success story” and said taxpayers were on track to recover more from the automaker than the $30 billion his administration spent on the restructuring. That does not count the nearly $20 billion spent during the Bush administration in 2008 to bail out GM.

   GM shares rose in their debut to close at $34.19 from their $33 IPO price. Still, they would need to reach about $49 for the government to declare a profit on the bailout. For more, see:

   Officials will have to balance a desire to show a profit for taxpayers against the desire to trumpet a full exit.

   White House spokesman Robert Gibbs said the administration was hopeful the government could be fully out of its GM investment by mid- to late 2012.

   http://www.cnbc.com/id/40263074

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