Tuesday, May 24, 2011

Chrysler pays government back for bailout loans early


Looks like some of those evil "socialist" ideas are actually working.  Who would have thought?

Chrysler plans to pay the U.S. and Canadian governments $7.5 billion today.  In addition, Chrysler has reported a $116 million profit in the first quarter...its first since the bailout in 2009.  Chrysler will save millions in interest by repaying its loans.

 Former Ohio Governor Ted Strickland reminded us on MSNBC that it was Obama's leadership that made this opportunity happen and questioned presidential hopefuls Romney, Huntsman, Gingrich, and Pawlenty and their early criticisms.  Strickland believes that "...it was the courage to do the right thing in the face of great criticism.

 United Steelworkers political director Tim Waters, whose union depends heavily on the auto industry, as does the United Autoworkers Union, states, “The very Republicans that now want to be president lined up against this to make it a political issue instead of a jobs issue."  Waters continues, “Much to their disappointment now — it proved to be very, very successful.  Guys like Mitt Romney, certainly Mitch Daniels, and even (Mike) Huckabee and guys like that — they were actually willing to sit and watch the utter destruction of thousands of communities."

Strickland went on to explain how the auto industry had been saved and how the supply chain was kept intact.  He informed that 55,000 jobs were created as a direct result of the bailout, having created 26,000 new jobs in Indiana last year alone and 6,000 more in Ohio.

[EDIT:  There are reports of over 115,000 jobs created after the bailout.]

Now if only the banks would do the same thing, instead of, you know, loaning the money back to the government at 3% interest.

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