Obama Defends Auto Bailout

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» by Hip-Hop Wired September 15, 2009, 14:27pm

President Obama took his high hopes of economic recovery to a General Motors plant in Ohio where jobloss is at it's greatest.

"In the midst of a deep recession and financial crisis, the collapse of the auto industry would have caused enormous damage to our economy," Obama told an enthusiastic crowd of autoworkers.

"So we intervened for one simple and compelling reason: Your survival and the success of our economy depended on it."

According to CNN, the president also said, "that if GM retooled and reinvented itself for the 21st century, it would be good for American workers, good for American manufacturing and good for America's economy."

"I'm pleased to report that's exactly what's begun to happen at this plant and at others. And I'll tell you what: I will double down on the American people and all of you any day of the week."

Just before two auto giants filed bankruptcy, the National Treasury dispersed $19.4 billion to GM and $4 billion in the Chrysler Corp.

By paying for the rescue with funds from the Troubled Asset Relief Program originally set up to fix the nation's banking system last fall, the White House was able to reshape the auto industry without any action by Congress.

"As long as you've still got an ounce of fight left in you, I'll have a ton of fight left in me," Obama said. "I've said it before; I'm skinny but I'm tough."

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