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Tuesday, November 23, 2010

Auto Industry Poised To Make A Comeback?

Earlier today, President Obama visited the Chrysler Indiana Transmission Plant in Kokomo, Indiana.

With money given to the auto industry last year, many are seeing what could be the fruit from the Obama administration's "anti-recession" bail out.

There were more than 461,000 automobile-related job losses before President Obama took office.

''And now you see the result, said the president. "An old industry adapting to a whole new era, competing again, leading again, and most importantly, hiring again. Hiring again."

Just last week GM announced its initial public offering of its stock.   The auto manufacturing raised its shares from 365 million to 478 million.

"General Motors’ initial public offering (IPO) marks a major milestone in the turnaround of not just an iconic company but the entire American auto industry", said Obama.

"Through the IPO, the government will cut its stake in GM by nearly half, continuing our disciplined commitment to exit this investment while protecting the American taxpayer. Supporting the American auto industry required tough decisions and shared sacrifices, but it helped save jobs, rescue an industry at the heart of America's manufacturing sector, and make it more competitive for the future."

Chairman of the Council of Economic Advisers, Austan Goolsbee, discusses the IPO, and more, below in the latest edition of  The White House White Board.

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