Fox Business
Expand
Browse All Video
Watch Live

You're watching...

The True Costs of the Auto Bailouts

Details

  • Description

    FBN’s Lou Dobbs on the costs of the auto bailouts for American taxpayers.

  • Duration 4:12
  • Date

Clips

Also in this playlist...

Latest Politics

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

An American workers I believe in this American -- -- great.

And now the American auto industry has come roaring back and -- yeah.

Yeah.

Now on at the same thing -- manufacturing job.

Not just in the auto industry but in every industry.

Cool.

Every industry Mr.

President wow.

That's President Obama giving us -- somewhat well concerning preview of what's account perhaps over the next four years if he's reelected.

The president either believes or would like us to believe that he saved the auto industry.

But the government's eighty billion dollar bailout of Chrysler and General Motors didn't come cheap by any measure.

General Motors -- profitable but it's struggling and struggling in Europe last month lost market share in this country into the Japanese carmakers in fact.

Its market share is dropped two points.

GM dropping from.

-- -- Eighteen.

Percent.

By comparison by the way Toyota's market share is improving its climb from twelve point eight up to.

Under this way up to fourteen.

Point 4%.

Which is.

They're pushing hard they're pushing so hard globally that in fact Toyota actually holds the title of the world's largest carmaker they're the real number walk.

The president would like -- to forget but his administration did sell the government's interest in -- action here Chrysler no longer on the board.

And Chrysler resulted in -- one point three billion dollar loss.

Which is -- bad considering all the money that was put at risk in the taxpayers well we still own.

And I think you're gonna be proud about this -- 6%.

Of General Motors about the way the stock's gonna have to hit.

52 dollars a share.

-- -- to break even the company stock not quite -- shares trading at just over twenty bucks now our losses today would be about.

Now roughly sixteen billion dollars so what are we get for that bill back in 2009.

General Motors employed 91000.

Follow.

GM.

Anyone else.

And they receive roughly 51000000051.

Billion -- That means it cost -- in the instance in General Motors.

560.

Thousand.

Dollars -- job.

We got a slightly better deal with Chrysler at the time of the -- Chrysler -- -- just over 47000.

And they received just over twelve billion but the cost average -- just over 262000.

Jobs now.

This is kind of scary stuff when you think the president actually wants to do this with a number of other industries.

Particularly manufacturing we know the president is tight with senate majority Harry Reid but the senator's efforts efforts to cut unemployment in Nevada.

-- been well through.

Well.

Instructive.

Read once more green jobs -- president does to so -- put together a program.

One point three billion dollars in federal funds have already been spent on renewable energy projects in the back.

One point three billion in -- So we have another industry here those investments by the way -- created.

200.

And eighty -- jobs.

Now it is this really the administration you want.

Spending money nationalized and because this one regarding the wrong direction folks this works -- -- war.

Point six.

Million.

Dollars.

For permanent job can we really afford.

-- whole bunch more this.

Load More