PUEBLO, Colo. – President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
“I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo,” Obama told a crowd gathered for a campaign rally at the Palace of Agriculture at the Colorado State Fairgrounds here.
(Also on POLITICO: Obama bashes Romney on wind energy in Pueblo)
He made the remarks while pushing for the renewal of a tax credit for wind energy manufacturing – something Romney opposes – and for the creation of credits for companies who bring jobs home from overseas, as well as the elimination of loopholes for offshoring.
“Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called 'pioneers of outsourcing,'” Obama said. “I don’t want to be a pioneer of outsourcing. I want to insource.”
djohn78 writes:
PUEBLO, Colo. – President Obama, while villifying Mitt Romney for opposing the auto industry bailout, bragged about the success of his decision to provide government assistance and said he now wants to see every manufacturing industry come roaring back.
“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.
“I don’t want those jobs taking root in places like China, I want those jobs taking root in places like Pueblo,” Obama told a crowd gathered for a campaign rally at the Palace of Agriculture at the Colorado State Fairgrounds here.
Government money into cars that people don't want is always a success. Look how Trabant ran Mercedes out of business. You have to wait 10 years for one of those cars, they're just that good!
txwoodchuck writes:
The Taxpayers still own a majority of GM, they are a long way from paying back the money they owe. If ever.
The taxpayers definitely do not own a majority of GM - 70% of GM is owned by other investors...
UKMatt
I was wrong. The U.S. Government own's about 500 million shares or just under 30% of the company. Still we are THE BIGGEST share holder. Having the biggest share holder involved in regulating GM can create a whole set of new problems.
However, I don't think we belong in the auto business...
I know when my small business was struggling, there was not bailout for that. BUT, having said that, it is a symbol, I feel, for bringing our jobs back here. It gave many people their jobs back and made us aware how little is being manufactured here. If the government has to help jumpstart an American made business, I am for it, if the business plan is good and it will create more jobs for our own people. We need jobs and the private sector is not helping us.
djohn78 writes:
The UAW now has a majority share of GM.
Nope - that is totally inaccurate. Ownership is public information so it shouldn't be difficult to figure out who owns what - the UAW definitely does not own a majority share.
sillystring writes:
I can't find the actual numbers.....well I can find numbers, but doubt they are the REAL numbers.
Truth can be challenging.
It's not that difficult - the UAW (actually the Voluntary Employee Benefits Association) was granted right around 300m shares prior to the IPO. They sold about a third of those at IPO leaving them with ~200m shares [1].
The US treasury still owns more than 500m shares [2]. So right there you know the UAW could not possibly be the majority shareholder.
There are 1.57 billion GM shares outstanding [3] so for the UAW to be the majority shareholder, they'd need to own ~750 million shares - they were never even close.
sillystring writes:
I can't find the actual numbers.....well I can find numbers, but doubt they are the REAL numbers.
Truth can be challenging.
It's not that difficult - the UAW (actually the Voluntary Employee Benefits Association) was granted right around 300m shares prior to the IPO. They sold about a third of those at IPO leaving them with ~200m shares [1].
The US treasury still owns more than 500m shares [2]. So right there you know the UAW could not possibly be the majority shareholder.
There are 1.57 billion GM shares outstanding [3] so for the UAW to be the majority shareholder, they'd need to own ~750 million shares - they were never even close.
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