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Good news. This means that all the major car companies had a profitable year in 2011.
"Chrysler 2011 sales reached $54.98 billion, a 31-percent rise from 2010, linked closely to strong sales in its home U.S. market.
...
Last year was the first time a company named Chrysler reported a net income since 1997, when the company showed a net profit of $2.8 billion."
This will play well for the president who got to brag a bit at the D.C. car show yesterday:
""When you look at all these cars, it is testimony to the outstanding work that's been done by workers -- American workers, American designers," Obama told reporters at the Washington Convention Center. "The U.S. auto industry is back."
"And," he added, "it's good to remember that the fact that there were some folks who were willing to let this industry die. Because of folks coming together, we are now back in a place where we can compete with any car company in the world.""
If your balance sheet was wiped clean and you were allowed to spend your newfound excesses on goodies, wouldn't you be on better financial ground as well?
The moral of this story is that American automakers had better be profitable after being handed billions of taxpayer dollars. What else did you expect (other than higher taxes to pay for it)? Had they NOT been profitable, the biggest scam in American history would have been perpetrated on the American populace, and the blame would have fallen square on the shoulders of Barack Obama. He's celebrating his LUCK, not his SKILL.
If your balance sheet was wiped clean and you were allowed to spend your newfound excesses on goodies, wouldn't you be on better financial ground as well?
The moral of this story is that American automakershad better be profitable after being handed billions of taxpayer dollars. What else did you expect (other than higher taxes to pay for it)? Had they NOT been profitable, the biggest scam in American history would have been perpetrated on the American populace, and the blame would have fallen square on the shoulders of Barack Obama. He's celebrating LUCK, not SKILL.
That already happened with Bush handing out massive checks to the banking industry that just went on lashing vacations on taxpayer dime and essentially told the countless people they screwed over to go F themselves.
Obama did it right with making the companies completely revamp themselves if they wanted a bailout, which has been proven to be a huge success.
If your balance sheet as wiped clean and you were allowed to spend your newfound excesses on goodies, wouldn't you be on better financial ground as well?
The moral of this story is that American automakers had better be profitable after being handed billions of taxpayer dollars. What else did you expect (other than higher taxes to pay for it)?
Personally, given how many people purported to be against the bail-outs, I sure didn't expect people to run out and reward them by buying their products.
But, they did.
So, win-win.
you mean FIAT had a profit...since obamy sold chrysler(64%) to the italians
The name of the entity that reported the profits is Chrysler Group LLC, however, yes, strictly speaking it is Fiat.
BTW: (from my first link)
"As European auto sales sink amid a sovereign debt crisis, it is Chrysler that is now shoring up Fiat. In the third quarter, Chrysler made up two-thirds of Fiat's profit."
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