Tim Geithner: Chrysler, GM Head U.S. Manufacturing's 'Comeback'

The Washington Post:

Nothing about the president’s call was popular. It may have been more politically expedient to let Chrysler fail. But the president knew that if Chrysler collapsed, tens of thousands of jobs would have been shed in the near term — a body blow to an economy already on the ropes.

Read the whole story: The Washington Post

Comments

[cschoenen]

11:48 AM on 06/06/2011

"only losing 14Bill. is better than expected"...??? seriously Since when is only losing 14Bill. taxpayers dollars "better than expected"?......WOW!

[bannorhill]

01:18 PM on 06/02/2011

Comeback?

At this point in 2007 GM had sold 1,606,000 cars and Chrysler 929,000.

This year GM has sold 1,046,000 cars and Chrysler 519,000.

Down by 35% and 44%.


I don't know which is more frightening... that the sales are down so much or that Geithner calls that a comeback.

[jbryson1aa]

02:36 AM on 06/04/2011

To make a profit, the manufacturers had to do a painful thing. Dispose of over production--this means deleting brands (Saturn, Pontiac, Chrysler, etc) and closing down producing manufacturing plants. The american automotive manufacturers had a steady percentage of the markets, and based production on these numbers, BUT, when demand declined, production had to either idle or be shut down and consolidated...Your numbers for 2007, are prior to the financial meltdown, so the reduction in units now selling are probably in line with market demand....

[knewsreply]

08:46 AM on 06/02/2011

Can't we save jobs and have all bailed out car manufacturers repay the American taxpayer, even if it is over a 5 year period?

[Gilbert Martin]

01:02 AM on 06/02/2011

Well, I don't know. I'm not worried about the tax thing, it seems to be a common mistake for people who work internationally, it was just an oversight.
http://www.wellnessstarts.com/coupons/toshiba-coupons-toshiba-coupon-code-toshiba-laptop-promo-codes.html

[loki]

12:28 AM on 06/02/2011

Tim Geithner: I'm rich, powerful, and so are all my friends.. So screw you all, we get it all. We Win!!


get off your arses people and stop the ivy greed capitalist. It might be too late , but we have to try. Forget your party lines, there is no democrat or republican party, no tea or libertarian party and so on. There is the people of the USA, and Ivy Greed Capitalist who pull the strings on the puppets in Washington and many high level political offices all over the USA. We are doomed, if we dont do something now. Sit and wait to die, or fight back and live on to hopefully a happy future in the USA. Your choice?

[rotorhead1871]

11:47 PM on 06/01/2011

14 billion down the drain ...taxpayer money, gone...great job!!!

[loki]

12:29 AM on 06/02/2011

no down the drain. I'm sure the couple very rich ivy greed capitalist who got all that money are very happy to have it, and putting it to good use for themselves.

[kamact]

11:22 PM on 06/01/2011

This man can not be trusted

[DontJustFollow]

07:58 PM on 06/01/2011

a loss of at least $14 Billion - - - - wouldn't it have been cheaper to just transfer the money to the union pensions directly and let the companies reorganize in bankruptcy court so we wouldn't have to do this all over again in a couple years ?

just sayin

[Grimway]

06:22 PM on 06/01/2011

I bought a Jeep because my Country needed it more than I wanted the Toyota... I also bought the wifey a saturn before they went bust. I wanted a Honda.

[Matt Herren]

07:58 PM on 06/01/2011

The engine was likely built at the Toluca plant in Mexico... and the components, uncluding the stereo, speakers, seatbelts, switches, and power window motors in Korea or Singapore.

[POPE INNOCENT]

05:51 PM on 06/01/2011

REAL UNEMPLOYMENT 15.6% BLOOMBERG STUDY!!!!

http://www.bloomberg.com/apps/news?pid=newsarchive

[loki]

12:30 AM on 06/02/2011

shhh, keep the facts away

[Sandman911]

05:01 PM on 06/01/2011

If federal reserve Geithner is for it, BE AGAINST IT.

[Matt Herren]

04:40 PM on 06/01/2011

It's easy to seem successful (at least for a time) when you're costing US taxpayers $14 billion

[Sandman911]

05:02 PM on 06/01/2011

Gotta get those union campaign donations !!!! Hard to do in bankruptcy court.

[Robgrut]

03:38 PM on 06/01/2011

This is the Obama regime's idea of success. What a joke.

------------------------------------------------------------------
Govt to lose $14B of auto bailout funds

Wed Jun 1, 12:19 pm ET
.

WASHINGTON – The Obama administration said Wednesday that the government will lose about $14 billion in taxpayer funds from the bailout of the U.S. auto industry.

In a report from the president's National Economic Council, officials said that figure is down from the 60 percent the Treasury Department originally estimated the government would lose following its $80 billion bailout of Chrysler and General Motors in 2009.

[Janine547]

03:02 PM on 06/01/2011

Looks like Timmy G. has been reading the fortune cookies again.

[IndependentBadger]

02:53 PM on 06/01/2011

Deregulation and a lack of a national health care plan, caused this mess. If we had national health care, GM and unions wouldn't have to cost health insurance into car prices. If Reagan, Bush, and Clinton hadn't been such wusses with environmental regulation of emissions, GM wouldn't have spent the 90's building gigantic, useless gas guzzling SUV's that totally HOSED the company once oil speculators got their hands on the price of a barrel. Blaming it on unions and Obama is hilarious. Talk about shooting the messenger.

[Sandman911]

05:04 PM on 06/01/2011

Considering government waste

[DontJustFollow]

08:01 PM on 06/01/2011

except the SUV's are the only thing that GM could build that made enough money to pay the union wages and pensions.... once the SUV sales stalled only a union friendly President with billions of tax dollars at his disposal could save them - - -

[IndependentBadger]

08:20 PM on 06/01/2011

"Union friendly"?

Oh, you mean the guy who refused to visit Wisconsin ONCE when unions needed him the most? The guy who wouldn't pass the ONE piece of legislation we've been begging for for years?

Riiiiiight.....