- Jobs were being lost so fast when Obama took office that the Detroit auto industry would have been completely gone in under two years.
- A Detroit collapse could have caused a depression like in the 1930s.
- In June Obama engineered an ultra-fast 10-day assisted bankruptcy.
- Although hardest hit of any industry, Detroit turned around immediately—and sooner than the rest of the country.
- Since then the industry has added 671,100 jobs, instead of losing 2 million.
- The Republicans opposed this bailout.
- It was done with TARP money, most of which was repaid. But in the end the auto bailout cost a more than the Bank bailout. It was worth it.
12 Aug 2015. Trump says, “You could have let it go, and rebuilt itself, through the free enterprise system. You could have let it go bankrupt, frankly, and rebuilt itself, and a lot of people felt it should happen. Or you could have done it the way it went. I could have done it either way.
Let them fire all the workers and then rebuild it? In the middle of the Great Recession. Really?!