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Obama Says BailTax-payers have paid off

8 years ago19 views

Tax-payers have paid off the auto-industry, says Obama. He adds that emergency government interventions are winding down.

President Barack Obama said on Saturday that taxpayer-funded bailouts of the auto industry have paid off.

General Motors Company and Chrysler Corporation both reported progress this week due to the taxpayer-funded bailouts approved by Obama.

[Barack Obama, U.S. President]:
“Since General Motors emerged from bankruptcy, the auto industry has actually added 45,000 jobs - the strongest growth in a decade. And Chrysler announced an operating profit in the first three months of this year. This is the first time Chrysler has reported a profit since the beginning of the economic crisis.”

In his weekly address, Obama says the crisis in the auto industry was due to irresponsible risks made by Wall Street firms.

He explained that the bailouts were needed to prevent an even worse economic disaster. He says the emergency programs are ending and will cost taxpayers only a fraction of what was first expected.

[Barack Obama, U.S. President]:
“…once again I called for reforms to hold Wall Street accountable and to protect consumers. These reforms would put an end - once and for all - to taxpayer bailouts.”

“They would bring greater transparency to complex financial dealings. And they will empower ordinary consumers and shareholders in our financial system.”