auto bailout http://michiganradio.org en Auto bailout saved the government money http://michiganradio.org/post/auto-bailout-saved-government-money <p></p><p>Probably everybody in Michigan knows that the federal government saved General Motors and Chrysler less than five years ago, by pouring $80 billion in cash into them to keep them afloat. Afloat, that is, till both went through cushioned bankruptcies. They were soon reborn as leaner, meaner, and now highly profitable companies, though Chrysler is now part of Fiat.</p><p>The so-called government bailout was highly controversial at the time and bitterly opposed by Republicans in the U.S. Senate. Two presidents went around them, however, and it is worth remembering that the bailout was begun by former President George W. Bush, though President Obama continued it.</p><p>Well, the bailout turned out long ago to be highly successful, and a lifesaver for the state and regional economies. The folks at the non-profit Center for Automotive Research in Ann Arbor have numbers to prove this; their estimates are that had there been a total collapse and a bankruptcy liquidation of GM and Chrysler, that would have meant the loss of more than 1.3 million jobs in 2009 alone. That never happened.</p><p>The bailout was so successful that the government, which at one point was the major owner of GM, is now close to selling off the last of the shares the treasury owns.</p><p> Thu, 19 Sep 2013 14:48:24 +0000 Jack Lessenberry 14499 at http://michiganradio.org Auto bailout saved the government money Government sells another $811 million in GM stock http://michiganradio.org/post/government-sells-another-811-million-gm-stock <p>DETROIT (AP) - The government is getting closer to selling all of its General Motors Co. stock.<br><br>The Treasury Department said in its August report to Congress that it sold $811 million worth of GM common stock last month.<br><br>The report dated Tuesday says the government has recovered about $35.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $14.1 billion in the hole.<br> Wed, 11 Sep 2013 02:43:26 +0000 The Associated Press 14367 at http://michiganradio.org Government sells another $811 million in GM stock 'Government Motors' no more? http://michiganradio.org/post/government-motors-no-more <p>The U.S. Treasury Department and General Motors announced today that company will buy 200 million of the U.S. government's 500.1 million shares in GM.</p><p>GM will pay $27.50 for each share. That's 7.9 percent more than yesterday's closing price of GM stock.</p><p>The sale, expected to be completed by the end of the year, will reduce the government's stake in the company to around 19 percent.</p> Wed, 19 Dec 2012 16:50:37 +0000 Mark Brush 10439 at http://michiganradio.org 'Government Motors' no more? Commentary: Debating Autos http://michiganradio.org/post/commentary-debating-autos <p>The second presidential debate is over, and I’m pretty sure that if you polled Michigan voters and asked, simply, “who won last night?” there wouldn’t be any doubt of their answer.</p><p>It would be Justin Verlander, who last night pitched the Detroit Tigers to within one game of the World Series.</p><p>Indeed, I’d bet that more people were following their victory over the hated Yankees than were watching the confrontation in New York between the major presidential candidates.</p> Wed, 17 Oct 2012 14:47:37 +0000 Jack Lessenberry 9502 at http://michiganradio.org Commentary: Debating Autos The week in Michigan politics http://michiganradio.org/post/week-michigan-politics-15 <p>This week Christina Shockley talked with Jack Lessenberry about the focus of the auto bailout at the Democratic National Convention, the teacher retirement benefit bill that has been heating up in Lansing, and the special primary taking place Wednesday in southeast Michigan.</p> Wed, 05 Sep 2012 12:52:33 +0000 Jack Lessenberry & Christina Shockley 8945 at http://michiganradio.org The week in Michigan politics Romney to conclude battleground bus tour in Michigan http://michiganradio.org/post/romney-conclude-battleground-bus-tour-michigan <p>A five-day, six-state bus tour by Republican presidential candidate Mitt Romney will wind up next week in his home state of Michigan.</p><p>Romney last visited Michigan in May.</p><p>The Michigan swing with three stops will cap off a tour of half a dozen states deemed potential battlegrounds by the Romney campaign.</p><p>A survey of voters released last week suggests Michigan could be a toss-up between Romney and President Obama.</p><p>The president has made almost a dozen trips to Michigan to talk about green energy jobs, or to proclaim the success of the automotive rescue package. His campaign will spend this week calling attention to businesses that benefited from the auto recovery. Romney &ndash; who was born in Detroit -- opposed government loans to keep Chrysler and GM solvent through bankruptcy. Tue, 12 Jun 2012 14:21:57 +0000 Rick Pluta 7844 at http://michiganradio.org Romney to conclude battleground bus tour in Michigan Governor Snyder thinks Michigan's economy is improving; Mitt Romney: Not so much http://michiganradio.org/post/governor-snyder-thinks-michigans-economy-improving-mitt-romney-not-so-much <p>In this week&#39;s edition of <em>It&#39;s Just Politics</em>, Rick Pluta and I take a look at the politics of taking credit for a good economy. Governor Snyder says Michigan&#39;s economy is improving but that&#39;s not the story that Mitt Romney wants to tell.</p><p><strong>Zoe Clark:</strong> Rick, I have a great idea for this week&#39;s show!</p><p><strong>Rick Pluta:</strong> Actually, Zoe, I think maybe it was someone else&rsquo;s idea first.</p><p><strong>Mitt Romney</strong>: <em>&ldquo;So, I&rsquo;ll take a lot of credit...&rdquo;</em></p><p><strong>RP:</strong> That&rsquo;s our cheap setup for the fact that Mitt Romney paid a visit to Michigan this week.</p><p><strong>ZC:</strong> Indeed, he campaigned this week at Lansing Community College.</p><p><strong>RP: </strong>Prior to hitting the ground here in Lansing, Romney gave an interview with an Ohio TV station, where he said President Obama really followed his plan - the Romney plan - for the bailout of the auto industry.</p><p><strong>ZC: </strong>And, so, there&rsquo;s this disconnect. Was the bailout bad? Or, wasn&rsquo;t it? Governor Rick Snyder &ndash; a Romney supporter -- says it&rsquo;s time to just stop talking about it.</p><p><strong>Rick Snyder:</strong> <em>&ldquo;I think too much time is spent on the whole bailout question. It worked, it&#39;s done, it&#39;s over with. There&#39;s&nbsp; other ways it probably could have been done. But, the point is it was successful.&quot;</em></p><p><strong>RP: </strong>So, move on, folks. There&rsquo;s nothing more to see here. Let&rsquo;s change the subject. And this speaks to the sometimes awkward dance between governors and presidential candidates -- when they are from the same political party.&nbsp; Rick Snyder is telling people things are looking up.</p><p><strong>Snyder:</strong> <em>&ldquo;Now, if you look at where we&#39;re at, we&rsquo;re the comeback state in the United States today.&rdquo;</em></p><p><strong>RP:</strong> The &ldquo;comeback state,&rdquo; outpacing the nation in job creation, manufacturing on the rise. And Mitt Romney?</p><p><strong>Romney:</strong> <em>&ldquo;These last few years have been hard on the people in Lansing and frankly they&#39;ve been hard on the people of America. &ldquo;</em></p><p><strong>ZC:</strong> Not hearing that relentless positivity there.</p><p><strong>RP:</strong> This guy&rsquo;s harshin&rsquo; my mellow.&nbsp;</p><p><strong>ZC:</strong> Rick Snyder does say there&rsquo;s more work to be done. That Washington needs a healthy dose of what&rsquo;s working in Michigan. But that&rsquo;s not Romney&rsquo;s message.</p><p><strong>RP:</strong> Right. Where Rick Snyder says life is good and getting better, Mitt Romney says you&rsquo;re worse off than you might have been. It&rsquo;s not good, and whatever might be good is going to head south without some change. &nbsp;</p><p><strong>ZC: </strong>This dichotomy is not new. In the 1990s, the economy was booming John Engler was the Republican governor of Michigan, Bill Clinton, the Democratic president. When it came to that success&hellip;</p><p><strong>RP: </strong>Credit for a good economy wasn&rsquo;t a problem for Governor Jennifer Granholm. With George W.Bush in the White House, the economy was bad and it was a battle of blame. And it became mutually assured political destruction - we saw that by the time the time both of them office - Bush in 2009, Granholm on January first of 2011 - they were both pretty unpopular.&nbsp;&nbsp;</p><p><strong>ZC:</strong> That speaks to a few things, but one of them is people seeking office will cast a lot of blame for the bad, lay claim to the good, but there are really a lot of things outside their control that will decide the state of the economy and the state of their popularity. Fri, 11 May 2012 20:02:12 +0000 Zoe Clark 7438 at http://michiganradio.org Governor Snyder thinks Michigan's economy is improving; Mitt Romney: Not so much Mitt Romney pulls into Michigan, working to polish bailout stance http://michiganradio.org/post/mitt-romney-pulls-michigan-working-polish-bailout-stance <p>Mitt Romney&#39;s bus pulled into Michigan today as he prepares to give a policy speech this afternoon at Lansing Community College.</p><p>The fact that Romney is here is a sign that the Romney camp feels Michigan is a battleground state, but as MPRN&#39;s Rick Pluta points out, a &quot;Republican nominee has not won Michigan in 24 years.&quot;</p><p>Romney is banking on his ties to the state. He was born in Michigan and his father, George Romney, served as governor in the 1960s.</p><p>Now to solve a nagging problem for Romney in Michigan.</p><p>In 2008, Romney wrote a New York Times op-ed piece that carried the headline &quot;<a href="http://www.nytimes.com/2008/11/19/opinion/19romney.html">Let Detroit Go Bankrupt</a>.&quot;</p><p>Yesterday in a speech in Ohio, Romney took credit for saving the auto industry.</p><p>Romney has continually said that President Obama ended up taking his advice on how to manage the ailing U.S. auto industry.</p><p>But the <a href="http://www.foxnews.com/us/2012/05/07/romney-taking-credit-for-auto-industry-success/">Associated Press</a> reports that Romney took it a step further in yesterday&#39;s speech &quot;by saying he deserves credit for its ultimate turnaround.&quot;</p><blockquote><p>The course Romney advocated differed greatly from the one that was ultimately taken. GM and Chrysler went into bankruptcy on the strength of a massive bailout that Romney opposed. Neither Republican President George W. Bush nor Democratic President Barack Obama believed the automakers would have survived without that backup from taxpayers.</p><p>Romney opposed taxpayer help.</p></blockquote><p>The <a href="http://www.freep.com/article/20120508/NEWS15/120508024/Auto-bailouts-will-forefront-Romney-s-Lansing-visit-today?odyssey=mod|newswell|text|FRONTPAGE|p">Detroit Free Press</a> reports that &quot;the bailout of the Detroit-based automobile industry is expected to be a dominant issue today.&quot;</p><p>Romney got &quot;two Pinocchio&#39;s&quot; in a <a href="http://www.washingtonpost.com/blogs/fact-checker/post/was-mitt-romney-consistent-on-the-question-of-an-auto-bailout/2011/11/10/gIQAXdh69M_blog.html">Washington Post &quot;The&nbsp; Fact Checker&quot;</a> piece when they looked at whether he&#39;s been consistent in his stance on the auto bailout.</p><p>Republican Michigan Gov. Rick Snyder has endorsed Romney. Snyder is expected to introduce him today at Lansing Community College.</p><p>We&#39;ll have more on Romney&#39;s speech later today. Tue, 08 May 2012 15:49:09 +0000 Mark Brush 7378 at http://michiganradio.org Mitt Romney pulls into Michigan, working to polish bailout stance Auto Bailout Is Hot-Button Issue In Michigan http://michiganradio.org/post/auto-bailout-hot-button-issue-michigan Transcript <p>STEVE INSKEEP, HOST: <p>General Motors made a record-breaking profit last year. And to date, taxpayers have recovered close to half the $50 billion federal investment in the company. So the auto bailout worked, right? Wrong, say Republican presidential candidates, who insist the bailout was a huge mistake.<p>DAVID GREENE, HOST: <p>Michigan Radio's Tracy Samilton reports.<p>TRACY SAMILTON, BYLINE: Today, Bruce Hadden's looking forward to cashing a $7,000 bonus check from General Motors. Let's flash back, though, to late 2008. GM was broke. Mon, 27 Feb 2012 15:04:53 +0000 Tracy Samilton 6377 at http://michiganradio.org