Lessons Learned from the 2009 Bailout of the Auto Industry


On the off chance that there is one city, and one state, where President Obama ought to feel welcome, it’s Detroit, MI. In his visit to the North American International Auto Show last week, he took a triumph lap touting his car industry bailout of General Motors GM and Chrysler.

The choice to rescue General Motors and Chrysler, and help their financing subsidiaries and suppliers through credit guarantees in 2009 in the teeth of the economic disaster that gripped world markets, was fervently debated at the time and ever since. Be that as it may, given the 640,000 automobile industry jobs made from that point forward and the record sales by the industry in 2015, the President has space to crow.

“I think the president is well entitled to come to Detroit to celebrate the auto industry, because he made some very tough decisions that at the time were politically very unpopular,” Steven Rattner, former “car czar” who advised the President on the bailout told mlive.com ahead of the President’s visit.

Other than the job recovery, GM and Chrysler have paid back their obligations to the U.S. Treasury. Both companies, in addition to Ford Motor Co., which did not experience bankruptcy, are flourishing today–having rebuilt healthcare and pension obligations and closed brands and production lines they didn’t require.

Support for the bailout was low in 2009, however climbed later when achievement was apparent. Only 37% of Americans in 2009, as indicated by a CNN/Opinion Research Corporation survey, approved of the arrangement, while 56% of Americans approved in 2012, as per a Pew Research Center survey.

Now that the approval rating about the auto industry bailout is now widely accepted and the industry has made a great comeback, it’s time to get your new car. When you do, just contact Thrifty Auto Shipping to take care of all your auto transport needs.




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