The article is here.
“The irony of the Republican lawmakers’ presence wasn’t lost on the workers who attended the ceremony; they booed Tennessee Republican Bob Corker, and one UAW official made clear from the stage that the union still remembered which politicians had voted to rescue Wall Street but opposed an auto industry bailout.”
U.S. Sen. Bob Corker —
Then: “This administration has decided they know better than our courts and our free market process how to deal with these companies….This is a major power grab.” – March 30, 2009.
Now: “At the end of the day we all have to feel good about what we did,” said Corker, who did attempt to negotiate the failed 2008 aid package. “I contributed to strengthening the auto industry in this country.”
U.S. Sen. Lamar Alexander —
Then:”This is not the right direction: taxpayer money down the drain, and Washington politicians trying to run auto companies. The sooner the politicians get out of the way, the sooner auto jobs and taxpayer dollars will be secure.” – March 30, 2009.
Now: “The center of the auto industry is still moving to Tennessee and the mid-South,” Alexander told WSMV-TV.
Speaking of taxpayer dollars being secure, GM’s value has gone from zero to more than $60 billion in just over a year.
“That may just be fast enough for U.S. taxpayers to start recouping their investment,” as CNN reports.
A growing number of analysts are speculating that taxpayers could break even with the GM investment with a drastically improved cost structure, just four brands instead of eight and a better quality product.
Would the GOP have bailed out GM? Of course. They just would have called it something different.
For many GOP lawmakers, it’s more about ousting Obama in 2012 that working together for the American public. Expect “gridlock” for the next two years, as I’ve written before.
The results of the GM bailout are worth monitoring. GM will kick off a road show for its IPO after the November elections.
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