President Barack Obama said that the bailouts that the government funded for the American automotive industry had paid off.
The announcement made it to the public via the president’s Web address last Saturday.
The Web address on Saturday was joined by his weekly radio announcement as they hosted Obama’s message purposed in offering confirmation in keeping political pressure up for an overhaul of U.S. financial regulations, saying the promising news from the auto industry aren’t exactly a guarantee against problems that could take place on the infamous Wall Street.
The address isn’t exactly full of cheery notes and good news as Barrack Obama mentioned that while the companies that had been bailed out, namely Chrysler and General Motors, have managed to pay out their debt, the taxpayer will still suffer from some loss in order to keep helping them recover from the recent economic downturn.
With this in mind, GM’s reports of payments ahead of schedule and Chrysler’s optimistic thinking towards the future may mean they are doing better but it turns out the American automotive industry isn’t ready to stand up on it’s own feet yet.
Or perhaps Ford Motor Company can still save the day.
