On another note, Detroit is still adding jobs, as shown by the chart below the White House released today.
The article went on to say:
In the year before GM and Chrysler filed for bankruptcy, the auto industry shed over 400,000 jobs. Had President Obama failed to intervene, conservative estimates suggest that it would have cost at least an additional one million jobs and devastated vast parts of our nation’s industrial heartland. Since GM and Chrysler Group emerged from bankruptcy in June 2009, the auto industry has added 115,000 jobs – the fastest pace of job growth in the auto industry since 1998.
Since GM and Chrysler emerged from bankruptcy in June 2009, they have announced investments totaling over $8 billion in their U.S. facilities, creating or saving nearly 20,000 jobs. Additionally, in the first quarter of 2011, the auto industry reached an important milestone when all three Detroit automakers posted positive quarterly net profits – for the first time since 2004.
Needless to say, the auto industry is back in full swing again and if the president hadn't intervened and bailed them out, it would have had devestating effects on our economy. Unlike the banks, they truly were too big to fail.