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Monday, December 09, 2019 {{ new Date().getDay() }}

Washington (AFP) – The U.S. Treasury sold its last shares in General Motors on Monday, ending the dramatic rescue of the auto giant at the height of the financial crisis five years ago.

The Treasury took a loss of more that $10 billion on the $49.5 billion bailout, but said that saving the U.S. auto industry, the jobs of millions of auto workers and the pensions of many retirees was worth it.

The 2008 rescue, controversial at the time, “helped stabilize the auto industry, and prevent another Great Depression,” Treasury Secretary Jacob Lew said.

He said that President Barack Obama “understood that inaction could have cost the broader economy more than one million jobs, billions in lost personal savings, and significantly reduced economic production.

“As a result of his efforts, which built on those of the previous administration, more than 370,000 new auto jobs have been created, and all three US automakers are profitable, competitive, and growing,” he added.

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By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy grew solidly in the second quarter, pulling the level of gross domestic product above its pre-pandemic peak, as massive government aid and vaccinations against COVID-19 fueled spending on goods and travel-related services. The pace of GDP growth reported by the Commerce Department on Thursday was, however, slower than economists had expected. That was because businesses had to again draw down on meager inventories to meet the robust demand. Supply constraints, which have resulted in shortages of motor vehicles and some household applian...

Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons and one novel. Visit him at DanzigerCartoons.

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