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Don't bet against America: Obama

Last updated on: November 25, 2010 12:06 IST

Don't bet against America: Obama

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United States President Barack Obama claimed credit for the policies employed by his administration to tackle the global economic crisis during a visit to an auto plant rescued from bankruptcy with federal aid on Tuesday, where he warned the world not to bet against America.

"So here's the lesson: Don't bet against America. Don't bet against the American auto industry. Don't bet against American ingenuity. Don't bet against the American worker. Don't bet against us," Obama said amidst several rounds of applause in Indiana.

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Image: United States President Barack Obama.
Photographs: Reuters
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Don't bet against America: Obama

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"This plant is a shining example of why you shouldn't. Two years ago, production here was plummeting. A lot of folks had lost their jobs. Today, this plant is coming back. The company has invested more than $300 million in this factory to retool," he said.

Referring to his government's investment to keep the three largest US auto companies afloat at the height of the crisis, Obama said it now appears this was the right decision.

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Photographs: Reuters
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"Today, we know that was the right decision. Today, each of the Big Three auto-makers has increased their market share -- each of them. For the first time in over a decade, Americans are buying a larger share of Chryslers, Fords and GM cars and a smaller share of their foreign counterparts -- for the first time in decades," he said.

"We're coming back. We're on the move. All three American companies are profitable, and they are growing. Some of you read last week, GM's stock offering exceeded expectations as investors expressed their confidence in a future that seemed so dim just 18 months ago. And as a result, the Treasury was able to sell half of its GM stock," he said.


Image: Barack Obama.
Photographs: Reuters
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