Barack Obama in Shortest Way Home, by Pete Buttigieg

On Corporations: 2009: added to Bush's $17.4B bailout for auto companies

In December 2008 Pres. Bush initiated a $17.4 billion bailout package for American auto companies. The new Democratic administration planned to continue the unpopular policy, but as Pres. Obama took office in January 2009, it was clear that the funding was not enough to hold off a collapse. The new president faced an immediate choice about whether to put more cash into supporting the auto industry. Most of Obama's economic advisers were opposed. They didn't believe Chrysler could survive even with the additional loans. But Obama decided to proceed anyway, adding funding while helping to broker an alliance between Chrysler and Fiat to keep it in business.

And it worked. The newly formed, post-bankruptcy version of Chrysler was able to crawl, then walk, then run, and eventually the company exceeded expectations for sales and growth. And the auto industry comeback helped lead the overall economic recovery of the country.

Source: Shortest Way Home, by Pete Buttigieg, p. 82-3 Feb 12, 2019

The above quotations are from Shortest Way Home One Mayor's Challenge and a Model for America's Future by Pete Buttigieg. Click here for other excerpts from Shortest Way Home One Mayor's Challenge and a Model for America's Future by Pete Buttigieg. Click here for other excerpts by Barack Obama. Click here for a profile of Barack Obama.
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Page last updated: May 21, 2019