The Republicans savaged Obama when he announced he would bail out GM and Chrysler. Obama was going to takeover all private industry. Socialism running rampant. Or something like that. Heck at one point NBC News said that “as the GM bailout goes, so goes the Obama presidency.” Well it would seem if that was true (and of course it is not) then the Obama said presidency is going pretty darn well.
On Thursday General Motors announced that, for the fifth consecutive quarter, it had made a profit. And not just a measly one, either. The $3.2 billion was higher than experts had predicted and more than three times the profit of the same quarter in 2010, when the company was still struggling to emerge from its bankruptcy.
GM sales in North America were up 25 percent over that period. That reflects the recovery, obviously, but the increase in GM sales was still larger than the industry average. Even if GM can’t keep up that pace, it’s a sign of increasing health. Still, the most interesting part of the news is not the profit itself. It’s how GM made it.
Now given GM’s recovery has not been flawless, but the Republicans would have watched the company fold, its assets sold off in bankruptcy court for pennies on the dollar, while tens of thousands of Americans lost their jobs.