The Hendricks County Flyer
Tue Dec 31, 2013, 02:50 AM EST
Indiana is the “Crossroads of America.” We are the second ranking automobile manufacturer in the nation.
Five years ago, we just about lost much of the industry that helped forge the Hoosier middle class.
Our leadership from then-Gov. Mitch Daniels to Treasurer Richard Mourdock were indifferent to whether General Motors and Chrysler survived as they teetered on the brink of oblivion. When the Bush43 and Obama administrations infused Toxic Asset Relief Program funds to help these two companies survive the Wall Street meltdown, the ensuing Great Recession, and their own mismanagement over the previous generation, the political reaction was the Tea Party, which opposed the “bailouts.” There was widespread skepticism from Indiana Republicans.
General Motors recently announced that it was making a final payment on the $49.5 billion it borrowed from the U.S. government in 2008 and ‘09 to keep it out of liquidation. Taxpayers lost $10.5 billion on that deal.
But of the $80 billion in TARP that went to automakers, about $93 million has been paid back. NBC News reported that of the $421.8 billion spent on bailouts, $432.7 billion have been recovered.
“With the final sale of G.M. stock, this important chapter in our nation’s history is now closed,” Treasury Secretary Jack Lew said.
“It’s been a long, hard road with the label of ‘Government Motors,’” said GM North American Division President Mark L. Reuss.
“When things looked darkest for our most iconic industry, we bet on what was true: The ingenuity and resilience of the proud, hardworking men and women who make this country strong,” President Obama said. He and Vice President Biden made a rare joint trip to a Kokomo Chrysler transmission plant in November 2010, and the president said then, “We decided to make a stand. We made the decision because we had confidence in the American worker.”
August 18, 2014
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July 7, 2014
An NPR broadcast examines the question of how communities can better prepare for tornadoes like the one that struck Moore, Okla. on Monday. The broadcast features commentary from Michael Fitzgerald, who reported a five-part disaster series for the CNHI News Service.
May 22, 2013
Part I: Are We Prepared? | Part II: Disaster Dollars Part III: Lessons Learned | Part IV: Warning Signs Part V: The Big One
Americans might run on sleep, but those living in the country's largest cities don't appear to run on much.
August 20, 2014
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