Also in this playlist...
This transcript is automatically generated
Bailout proved to be one of the strongest points of contention in the presidential race ultimately helping President Obama pulled -- key states of Ohio Michigan and Wisconsin.
Joining me now -- of Fox Business exclusive is Mike Jackson chairman and CEO of the country's largest auto retailer AutoNation.
Bringing it back to us Mike -- that day after.
Just one day before the election -- I want to show you this the Columbus Dispatch which is a very conservative leaning newspaper has been in the past.
Had this headline quote.
Auto bail -- could be the clincher.
And they don't want to say in this article -- President Obama wins Ohio it will be because of the bailout of GM and Chrysler.
If -- -- wins and I quote it will be because of the final days of the campaign he stopped fumbling what his explanation on what she would have done.
With the two auto giants.
Do you believe that it was the bailout of the auto industry the won Ohio for the president Mike.
Well I think it was a fact.
Several years and -- whole campaign his position was.
At times confusing and -- -- here's what I think the governor should had said right from the beginning.
He should've said something along the lines.
I support the fact that President Bush.
Allocated TARP funds.
To prevent an industrial Armageddon on top of financial Armageddon.
And I applaud then President Obama for using bankruptcy as I recommended to straighten out some of the long time.
Sales of the industry and -- I may have done a few things different.
I'm glad it all worked out for the auto industry.
Instead you know we had a New York Times headline that was very -- Let it go bankrupt in on the eve of the Michigan primary put out a piece.
Attacking the auto bail out his crony capitalism.
And then not down the stretch in Ohio he had that.
Idea that -- jobs are going to China.
And that Chrysler was given to Italians so I I think.
-- the irony is I'm not sure how much Romney would have done different if he had been president he could have been applauded it as one of the last.
Efforts of Washington DC.
He was all over the place and I think I think -- -- -- in the end.
While -- -- -- -- Nevada -- -- big supporter Romney and I and I spoke with -- until I'm blue in the face about the issue.
And I'm a supporter of this governor Romney.
Well the and that's what I wanted to also point out but yet -- listen and it's -- industry.
So obviously benefited your industry but it also benefited a lot of workers to and it seem to be an easy an easy shot to simply say.
You know what glad -- President Bush started it which she did committing about eighty plus billion dollars to the auto industry but instead you -- you brought up the point about that.
The notion that in some of the ads of governor -- that Jeep was gonna send jobs to China in an unusual move because auto industry tries not to get too involved in politics.
Both GM and Chrysler felt it important to come out and and and speak what they felt was the truth and say governor Romney's fronts and this the missile this -- obviously big misstep let's talk about automation.
You guys have done beautifully over the past four years under president Obama and I look at this and I say for example your stock alone up.
It was just an incredible move and I give some credit to of course your -- very very Smart -- who might know very well but what else do you think that.
That this was an opportunity to turn around and say let's get these auto companies making more quality vehicles and in a way it was a huge silver lining this force my -- moment.
People have to look at that in the context that we had a depression in the auto industry at the end of 08 index 09 the financial crisis.
Domino -- into the auto industry.
And I couldn't get the lord above financed and in a new car in the average ticket price even on the good car salesman from New Jersey.
I would have financing.
We couldn't deliver cars so was -- crisis for the industry and for companies like GM and Chrysler.
Which -- swept problems under the rug for decades.
They paid the ultimate price on -- day of reckoning.
I have to give.
The industry and it pains me to say this but the government.
Credit cause you shouldn't need the government to clean up an industry.
I finally dealt with all the sacred thousand have been sitting there for decades.
And so today we have a very sustainable.
Recovery in automotive written by genuine replacement need great new products -- had terrific financing and the and the industry is profitable at the retail.
Supplier and manufacturer levels -- It's a bright spot in the US economy to -- -- house debate got a look at it that way as we -- hurricane sandy will defector Q4 numbers.
Now no effectiveness whatsoever.
We are sun -- company has been born and raised in Philadelphia.
I love it down here Fort Lauderdale it's sunny and 75 degrees.
-- so we go from Washington DC down the East Coast of crosses some belt back up to Washington State we'll find.
I have but by thoughts and prayers are with my mom in Philadelphia and everybody in the northeast struggling with this weather.
Thank you Mike we appreciate that Mike Jackson -- ratio of AutoNation the chairman as well it's good to see you and the stock on an unbelievable -- over four years up 500.
30% up 23%.
Filter by section