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tv   Road to the White House  CSPAN  August 18, 2012 9:10pm-10:30pm EDT

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>> this has been really amazing. [applause] >> tomorrow, marcia blackburn joins us on our newsmakers program. the tennessee republican will talk about drafting the republican platform. join us at 10:00 on c-span. >> together, let's make sure our prosperity in rich's not just a few, but all working families. education, a secure retirement, and middle-class tax cuts. i am happy the stock market has boomed and so many businesses have done well. this country is richer and stronger, but my focus is on working families, people trying to make house payments and car payments, working overtime to save for college.
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>> the last time taxes for this high, there was a good reason. we were fighting world war ii. are high taxes fund a surplus, some say that a growing federal surplus means washington has more money to spend. they have it backwards. the surplus is not the government money. the surplus is the people's money. >> c-span has aired every minute of every major party conventions since 1984. we are in the countdown to this year's convention. you can watch our live coverage every minute of the republican and democratic national conventions live on c-span, c- span radio, an online at c- >> lee greenwood performed at a
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rally for paul ryan. yeah. the retirement committee called the villages. he talked about several topics, including the metical proposals that it says will preserve the program for future generations. this event is about 35 minutes. >> it is my pleasure and privilege to introduce to you united states congressman from the state of wisconsin and the next vice-president of the united states congressman paul ryan.
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she is why i am here. >> how are you? mom. this is my mom, betty. she is why i am here. am here. say hi to my mom, betty. have a seat, mom. we have a big choice to make. this is no ordinary election. it is not an ordinary time. we have a choice. we can stay on the path we're on that president obama has put us on. it is a nation further in debt. it is a nation on the decline.
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or we could have a leader that will apply our founding principles and restore the american ideas and get people back to work. you see, president obama and other politicians like him in washington have become more focused on their next election than they have on the next generation. not us. we are not going to do that. we will lead. we want to earn your support. we want you to have a victory. when we went, we have the mandates, moral authority, to get this country back on track.
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it is very clear that president obama -- do you see that? do you have a medic coming? thank you very much. it is very clear that president obama inherited a difficult situation. there's no two ways about it. the problem is he made matters worse. this is why the president has run out of ideas. this is why the president is thought running on hope and change any more. he is running on anger and frustration, fear and smear.
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we are not going to do that. we need a real leadership. let me tell you about the man who is about to be the next president of the united states. his name is mitt romney. i do not think i have seen a time where the man and the moment have met so perfectly. to everything he has done in his life has prepared him to provide the kind of leadership we need. look at the beautiful family he has raised. do you remember the olympics in the 1990's? when they needed someone to turn it around, of who did salt lake call?
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they called mitt romney and he turned it around. we thank him for that leadership. he helped turn around struggling businesses. he helped create great businesses we know now, sports authority, staples. this is a man who actually created jobs who knows what it takes to get businesses up and running to help people in need. take a look when he was governor of massachusetts. of all contrast, this is clear. president obama came into office promising to create jobs and prevent unemployment from getting above 8%. it has been above 8% for 42 months.
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when it romney was governor, it went down. household income, family income has gone down by more than $4,000 in the past four years. when romney was governor of massachusetts, family income went up. remember president obama used to say he's going to bring everybody together. we will set aside childish things. it is the most partisan atmosphere i have ever seen and this is the third president i have served with. when mitt romney was governor of massachusetts and a republican in a democratic state, what did he do? he reached across the aisle. he negotiated.
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he balanced the budget without raising taxes. this is the kind for this kind of moment we need to lead our nation at this crucial moment. you have heard the president has been talking about medicare lately. we want this debate. we need this debate. we are going to win this debate. like a lot of americans, when i think about medicare is not just a program. it is not just a bunch of numbers. it is what my mom relies on. it is what my grandmother had.
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like a lot of people, we have this rule in wisconsin. when you turn 65 you have to go south for the winter. my mom is a snowbird. she comes here for the winter. just like so many folks from all over the country do. my grandmother moved in with us when i was in high school. she had alzheimer's. my mom and i were her two primary care givers. you learn a lot about life. you learn a lot about your seniors and family. you learn about alzheimer's. medicare was there for our family when we needed it.
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medicare was there for my mom what she needs it now. we have to keep that guarantee. my mom has been on medicare for over 10 years. she plays tennis every week. she exercises every day. she planned her retirement over this promise the government made. that is a promise we have to keep. here is what the president will not tell you about his medicare plan. about obamacare. the president erased $716
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billion from the medicare program to pay for the obamacare program. >> [boos] >> in edition, he put a board of 15 unelected bureaucrats to cut medicare that would deny care for current seniors. do you want to know what medicare is saying? one out of six of our hospitals and our nursing homes will go out of business as a result. 4 million seniors are projected to lose their medicare plan that they chose today under this obamacare plan. what is worse, the president's campaign calls this an achievement.
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do you think that is an achievement? do you think of powering a board of bureaucrats to cut medicare and achievement? neither do i. medicare should not be used as a piggy bank for obamacare. it should be a promise to our seniors. here is what mitt romney and i will do. we will end the raid on medicare. we will make sure this board will not mess with my mom or your mom's health care.
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let me just see a show of hands. how many of you are 55 or over? ok. how many of you are not? our solution does not affect your benefits. let me repeat that. our plan does not affect the benefits for people who are in or near retirement. it is a promise that was made and must be kept. in order to make sure we can guarantee that promise for my mom's generation, we must reform it for my generation. you have to so it does not go bankrupt when we want to retire. the good news is that there are bipartisan solutions to do this. the plan originated in clinton commission plan to save medicare in late 1990's.
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it is a bipartisan plan in congress today that says do not change benefits for people 55 and above. only become eligible we get a choice of guaranteed coverage options, including traditional medicare. we get to pick the plan for us when we retire. that means all those providers compete against each other for our business and we do not have to beg for the mercy of 15 bureaucrats whether or not we get our health care. we think the best way to save medicare is to empower 50 million seniors, not 15 unelected bureaucrats to make their decision on how they get health care.
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mitt romney and i will protect and strengthen health care is a people will have promises that are kept. one of the ways we can make sure this promise is kept is to get people back to work. to grow this economy. that is why we have solutions for more jobs and higher take- home pay. the plan is designed to get this economy growing again. 12 million jobs, grow the economy. this would create 713,000 jobs in florida alone.
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the key is to get us back to work. we have lots of energy. let's use it to create jobs and lower gas prices. we need people who are out of work to be able to go back to school to get the new careers and get back on the path to prosperity. we have to grow more in america. we make things in america. we grow things in america. that creates good jobs in america. we also have to stop spending money we do not have. we have to cut spending, get this deficit under control, so we leave our children and grandchildren a debt free nation.
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that affects jobs today. we are the champions a small businesses. small business is the engine of opportunity. we need to start that engine. growing up, my dad worked in my mom stayed at home. i have three older siblings. my mom stayed at home. when my dad died, my mom went back to school. she went back to college and started a small business. my mom had three or four employees at that small-business when she started. we were taking care of my grandmother. she was going to school and starting this business.
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mom, i am proud of you for going out, getting another degree. i am proud of you for the small business you created. mom, you did build that. that is what america is all about. i am so proud of her for that. i am so proud of her for doing that. this election is the most important election in our lifetimes. no matter what generation you come from.
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there are a few things my dad would always say that have always stuck with me. he would say son, you are either part of the problem or part of the solution. he was usually telling me this when we were part of the problem. he would also say in this country, every generation of americans solved their problems so that their children are better off. that is the american legacy. it is our duty to save the american dream for their children. when we talk about these things, when we look at the enormous choice we have in front of us, when we have such a clear contrast between the leader in mitt romney and the failed leadership of president obama, the choice is clear.
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it goes deeper than that. it comes down to what kind of country do we want to have? what kind of people do we want to be? our founders were so eloquent when they created this country. they made it very clear. our rights as citizens, our rights come from nature and god, not from government. [applause] our founders secured this. our veterans have kept it ever since. we thank those veterans. here is the commitment that mitt romney and i are making to you.
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we are going to give you the choice. we are not going to keep kicking the can down the road. we will lead. we will not blame other people. we will take responsibility. we will not try to transform this country into something it was never intended to be. we will not try to replace our founding principles. we will reapply our founding principles. we are suffering from decades of politicians from both political parties that have made empty promises to voters to get reelected.
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soon those empty promises will quickly become broken promises with painful consequences for all of us if we do not act. we need leadership. we need to make sure that government keeps those promises to people who are organizing retirement around these promises like my mom. we need to make sure the promise of this country is not only there for my mom's a generation but for my children's generation.
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we need leadership. mitt romney is the man for the moment to provide that leadership. this is a defining moment. this is our generation's time. we can do this. we can turn this thing around. we can get this economy growing. we can get families back to prosperity. we can do this. with your help together, florida and the rest of america will get this country back on track. thank you very much, everybody. thank you for coming out today. we love you so much. we thank you for your support. [playing "only in america" by brooks and dunn]
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[playing "it's america" rodney atkins]
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>> every four years, the republican national convention at dobbs a new national platform. -- adopt a new possible -- national platform. our coverage begins on monday at 1:30. >> let's make sure our prosperity enirhces all working families. let's invest in health care, education, and middle-class tax cuts. i am happy the stock market has boomed. this country is richer and stronger, but my focus is on
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working families, people trying to make house payments and car payments, working overtime. >> the last time taxes were this high as a percentage of our economy, there was a good reason. we were fighting world war ii. our are high taxes fund a surplus. some say that growing federal surplus means washington has more money to spend. they have it backwards. the surplus is the people's money. >> c-span has aired every minute of every major conventions since 1984. we are in the countdown to this year's convention. you can watch our live coverage on c-span, c-span radio, and c-, all starting monday, august 27.
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>> president obama travel to new hampshire today to campaign. he visited -- local products like maple syrup, honey, i scream. -- ice cream.
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>> i have to get some apples. >> great for baking. >> ginger gold. however the peaches? they look beautiful. >> would you like some? >> do you do any caramel apples?
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>> right around the corner. >> all right. did somebody gets my peaches? -- get my peaches. we have to ring it up.
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there we go. they look great. this is a project for tomorrow. they had a great time. they were gone for a month. you have to keep that. >> after his stop, president obama campaigned at a high school where he criticized the medicare proposals and tax plan of mitt romney and paul ryan.
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>> hello, new hampshire. [cheers and applause] >> thank you. it is good to be back. it is good to be back in new hampshire. first of all, thank you for being here. i know it is a little bit warmer. >> i love you. >> i love you back. if you are standing, then your knees a little bit. we usually see some folks dropping out a little bit. [laughter]
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feel free to sit down and relax. i want everybody to give a big round of applause. [cheers and applause] not only for the great outstanding teacher. i love teachers. [cheers and applause] two other people i want to acknowledge are annie custer. [cheers and applause] and my national co-chair in 2008 is here. [cheers and applause] all of you are here. i am very happy about that. [cheers and applause]
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let me also say thank you for returning my daughter's safe and sound. they were up here for camp for athey had a wonderful time. their parents miss them a lot. you guys took good care of them while they were up here. i appreciate that. [cheers and applause] now, when they were at camp, there were no tv's. unless you have not been able to have your tv or cable, you may be aware there is a campaign going on right now. part of the reason the campaign is so intense is because the choice we face in november could not be bigger. it is not just a choice between two political parties. it is a choice between two fundamentally different visions about where to take this country. two fundamentally different paths for america.
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and the decisions you make, the direction you choose for us to walk in will have an impact on your lives and an impact on your kids in your grandkids and generations to come. some of you are involved in 2008 when we came together a -- [cheers and applause] it was not just democrats. we had even some republicans. there you go. the idea was that we needed to restore the basic bargain that made this country great. the basic bargain that created the most prosperous economy that the world has ever known. it is a simple bargain. it says if you work hard, that work should be rewarded. it says that if you put in enough effort and you take seriously your responsibility,
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you should be able to find a job to pay the bills, afford a home to call your own, count on health care if you get sick -- [cheers and applause] you should be able to retire with some dignity and respect. most important, you should be able to give your kids the kinds of opportunity that allows them to do better than you ever did. [cheers and applause] that is the american promise. that is the american dream. we knew restoring it would not be easy. it would take more than one year or one term or even one president because we have gone through a decade and that promise was not being kept.
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we had seen a decade in which incomes and wages were going down even as the cost of health care and going to college are going up. we had seen a decade -- [cheers and applause] -- in which jobs were being set overseas and we turned a surplus into a deficit, ran two board on a credit card, all culminating in the worst financial crisis since the great depression. middle-class families who are already getting hammered lost their jobs, their savings, some lost their homes. the american dream seemed even further out of reach. when i ran for office, i told you there are no quick fixes, there are no easy solutions. i also insisted that if we pull together, we have everything we need to meet our challenge. [cheers and applause]
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yes, we can. we still have the best workers in the world. the best entrepreneurs in the world. the best scientists, researchers colleges in the world. [cheers and applause] we are still a young nation. we have the greatest diversity in talent and ingenuity. there is a reason why people still want to come here. no matter what the naysayers say and how dark the other side tries to paint the future during election time, there is not another country on earth that would not trade places with the u.s. [cheers and applause]
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most of all, the american character has not changed. in fact, during this crisis, we saw how people may have gotten knocked down, but they got right back up. people in their 50's losing their jobs go back to school, get retrained, and find a new one. small-business people keeping their doors open, even if it means them not taking a salary because they understand that their workers have families that are depending on them. we may have gone through tough times, but we are tougher than tough times. [cheers and applause] that is how we say again on the industry on the brink of collapse. that is how we created for a half million jobs.
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half a million in manufacturing. we are not there yet. we still have a long way to go because we have to make sure that here in america, the matter what you look like, no matter where you come from, no matter what was your last name is, here in america, you can make it if you try. that is what this campaign is about. that is why i am running for president. [cheers and applause] [chanting four more years] now, i have to say this is a choice in this election. we have a particular vision about how to move the country forward. my opponent and his running mate had a different view.
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they believe the best way forward is to go right back to old top-down economics that got us here in the first place. >> boo! >> their ideas are pretty simple. they're not hard to explain. they think if we get rid of more regulations on big corporations and big banks, some of which we could not -- we put in place to protect and if we do more tax cuts for the wealthiest americans and somehow prosperity will rain down on all of us. that is their theory. in fact, the centerpiece of my opponent's entire economic plan is a new five trillion dollar tax cut, a lot of it going to the wealthiest americans. his new running mate -- >> boo!
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>> people for a plan that will let governor romney payless than 1% in taxes each year. here's the kicker -- he expects you to pick up the tab. >> boo! >> this is not my analysis. this is the analysis of the independent folks who analyze tax plans for a living. that is what they do. [laughter] their analysis shows that governor romney's tax plan would raise taxes on middle- class families with children by an average of $2,000. >> boo! >> not to reduce the deficit or grow jobs or invest in education, but to give another tax cut to folks like him. as governor romney and his running mate, when they are here in new hampshire on monday, asked him if that is fair.
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ask him how to grow the economy and how it will strengthen the middle class. they have been trying to sell this trickle-down snake oil before. it did not work then. it will not work now. it is not a plan to create jobs. it will not reduce the deficit. it will not move the economy forward. [cheers and applause] it is the wrong direction for america. [cheers and applause] you know, i think they know it is not a very popular idea. you can tell that because now they're being dishonest about my plans because they cannot sell theirs. they are trying to throw everything at the wall to see what will stick. the latest thing they have been trying is to talk about medicare.
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you think they would avoid talking about medicare. given the fact that both of them have proposed to voucher rise the medicare system. i guess they figure the best defense is to try to go on offense. in new hampshire, here is we need to know. since i have been in office, have strengthened medicare. [cheers and applause] i have made reforms that have extended the life of the programs that have saved millions of seniors with medicare hundreds of dollars on prescription drugs. [cheers and applause] the only changes to your benefits that i have made on medicare is that medicare now covers new preventive services like cancer screenings and wellness this is for free. [cheers and applause]
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governor romney and congressman ryan have a different plan. they want seniors to get a voucher to purchase their own insurance. that could force seniors to pay an extra $6,400 a year for their health care. remember those guys to analyze this for a living? that is their assessment. that does not strengthen medicare. that undoes the very guarantee of medicare. it is the core of the plan written by congressman ryan and endorsed by governor romney. here's the bottom line -- my plans raise money in medicare by tracking down the fraud and insurance. [cheers and applause] their plan makes seniors pay more so they can get another tax cut.
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my plan is our extended the life of medicare by nearly a decade. [cheers and applause] their plan would put medicare on track to be ended as we know it. it will be an entirely different plan. a plan in which you could not count on health care because it would have to be coming out of your pockets. that is a real difference between our plans on medicare. that is the choice in this election. that is why i am running for a second term as president of the united states. [cheers and applause]
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four years ago, i promise to cut middle-class taxes. that is exactly what i have done. by a total of about $3,600 for the typical family. [cheers and applause] just like we have a difference on medicare, we have a difference on taxes. right now, i want to keep them where they are for the first $250,000 of everybody's income. if your family makes under $250,000, which that includes 98% of americans, that is you. [laughter] 97% of small businesses, you will not see your income taxes increase by a single die next year. [cheers and applause] if you are fortunate enough to be in the other 2%, you will still keep your tax cut on the
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first $250,000 to make. that is a pretty good deal. all we're asking is for folks like you who made more than $250,000 per year, we are asking you contribute more above $250,000 a weekend pay down this deficit and invest in things like making college more affordable, making sure our teachers are not getting laid off, making sure everyone is there to respond to emergencies. making sure our economy booms. keep in mind asking the wealthy to pay more does not eliminate our deficit. we will still have to make sure the government does its part by cutting away all of the spending we do not need. i have are to cut one trillion dollars in spending. we cannot just reduce our deficit and debt by gutting education and research and development and infrastructure. all we are asking -- go back to the rates we paid under bill clinton.
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which was a time when we created nearly 23 million new jobs, the biggest budget surplus in history. and a whole bunch of millionaires. [cheers and applause] i am getting all fired up. [cheers and applause] i want to explain that this is not just good for middle-class families and working families. it is good for everybody because what happens when a police officer or a firefighter or a teacher or construction worker or receptionist -- what happens when they have more money in their pockets? they spend it on basic necessities. maybe they go out and finally after 10 years by a new car. maybe they buy a new computer
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for their kid going to college. that means business has more customers. that means businesses are making more profit. that means businesses are hiring more workers who have more money to spend, which make businesses do even better. that is how you grow an economy, not from the top down, but from the middle out. or bottom up. that is the choice. that is why i am running for president for a second term. [cheers and applause] on issue after issue, the choice would not be clear -- my auto industry was on the verge of collapse it romney wanted to try to go bankrupt. i said a billion dollars, let us spend it on american manufacturing and workers and three and a half years later, the american auto industry has come back.
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[cheers and applause] governor romney likes to tout his private sector experience, even though a lot of it was investing in companies that were called pioneers in the business of outsourcing manufacturing jobs. >> boo1 >> he wants to keep giving tax breaks to companies that ship jobs overseas. i want to give tax breaks to companies who are investing here in new hampshire, the u.s., hiring american workers to make american products, the seller on the world. that is the difference in this election. [cheers and applause] dela romney things clean energy is imaginary. since i took office, we have double the use of renewable energy. thousands of americans have good jobs because of it.
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it is not imaginary. it is real. we have to stop giving $4 billion per year in taxpayer subsidies to big oil companies that are making plenty of profit. we have to use that money to help american homes -- american energy that has never been more promising. that is the choice in this election. [cheers and applause] int 2008, i promised i would end the war in iraq. we did. [cheers and applause] i said we would go after al qaeda and osama bin laden. we did. [cheers and applause] we now are transitioning so that afghans take more responsibility for their security and we can bring our troops home. [cheers and applause]
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all of these things we did only because of the incredible courage and dedication and patriotism of our men and women in uniform. [cheers and applause] that is why we have made investments in the va because i believe anybody who has fought for america should not have to fight for a job when they come home. should not have to fight for the benefits they have earned. [chanting usa] we could not be more proud of them. we want them to return to a strong economy, which means that after a decade of war, it is time to do some nation- building here at home. [cheers and applause] let us create a better -- veterans job group. let us take some of the savings
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from war to rebuild our roads and our bridges and our schools all across america. increase broadband lines and wireless networks that can make us more competitive. let us put construction workers back to work. that helps everybody. that will help america be strong for decades to come. that is the choice in this election. that is what is at stake. [cheers and applause] i want to make sure that we have got the best place in the world. i want to help school districts hire the best teachers, especially in math and science. i want to give to million more americans the chance to go to community colleges and learn the skills of businesses right now.
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i want colleges and universities to bring their tuition down because in the 21st century, our young people have to be able to get a college education, a higher education. it is not a luxury. it is a necessity. that is the choice of this election. [cheers and applause] yes, a hampshire, i am running again because i still believe that nobody should go broke because they get sick. [cheers and applause] i am kind of fond of the term obamacare. i do care. that is why we passed the law. that is why six and a half million young people can stay on their parents' plan now. that is why seniors are seeing discounts in prescription drugs. that is why families who have got somebody with a pre-existing conditions can now get health care.
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it was the right thing to do. a free court has spoken. we are not going backwards. we are going forward. [cheers and applause] we are not going back to the day when serving the country you love depend on who you love. we ended do not ask to do not tell. we are not going back. we are not going back to the days when women did not have control of their own health care choices. we are going forward. we are not going back. [cheers and applause] on issue after issue, there is a choice. all of these issues, manufacturing, health care, education, all of these things
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tie together because it is part of what makes up a middle-class life and creates opportunity for people to get into the middle class. that is what we believe in. that is what we are fighting for. that is how the economy grows. that is what we learn from our parents and grandparents and our great-grandparents'. some came here as immigrants. they were working hard, overcoming obstacles, understanding that in america, not only can you do better, but your future generations can do better. that is what is at stake in this election. that is why i am running for a second term as president. [cheers and applause] let me say this -- let me close by saying this. over the next three months, you will see more negative advertisements then you have ever seen in your life.
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these folks on the other side are writing $10 million checks. basically, their argument is the same one over and over again. the economy is not where it should be and is obama's fall. they know their own plan does not fit. all they will try to do is hope that if they can tap into people's anxiety, that they will win, even though what they are selling will not work. what they are selling is not a plan to create jobs or reduce the deficit. it is not a plan to revive the middle class. they are counting on outspending us to win. here is the good news. i have been counted out before and i have been outspent before. what i have learned and you guys have helped teach this to me, is that when the american people cut through the nonsense, when you focus on what is
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important, when you are reminded of what values built this country, when you remember that we are in this together and you affirm the basic american notion that everybody in this country gets a fair shot and everybody should do their fair share and everybody should play by the same set of rules, when you are focused on the things that make us a great country, we do not lose. you will help get us there. we have too many more jobs that we have to create. to many more teachers we have to hire. two -- too many people who need to go to college. too many people that need to come home. more energy we have to generate. more opportunity we have to open up to everybody. if you are willing to stand with me and fight with me and make phone calls with me and not on doors with me, if you are willing to vote for me, we will win new hampshire. we will win this election.
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we will finish what we started a round the world. we are the united states of america. god bless you. god bless the united states of america. [cheers and applause] ♪ [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] ♪
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>> this year, watch gavel-to- gavel coverage of the conventions, live on c-span. coverage of the republican national convention begins august 27, and continues through the 30th. the democratic convention is september 4 through the sixth. all the conventions your way. >> c-span, created by american cable companies in 1979, brought to you as a public service by your television provider.
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host: we will take a look at the auto industry and money spent because of the bailout. deepa seetharaman joins us from detroit to talk about this. good morning. guest: good morning. host: there was a report from treasury that takes a look at the money we spent on the auto bailout and what possibly we could lose as far as federal dollars are concerned. could you encapsulate what that report says? guest: the report from last week extended the loss on the bailout to $21.50 billion. that is an increase from the previous estimate at the end of february. a lot of it comes down to two factors. one is the loss in the value of gm stock prices. that is one of the driving factors. secondly, the diminished value of college financial during the
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second quarter. the mortgage unit filed for bankruptcy. the treasury estimated what the investment is worth. it comes down to gm stock price, which has been hit by a variety of factors and falls far short of its ipo price. host: the potential loss of $25 billion, what could be potentially lose? guest: is significantly better. initially, the u.s. government estimated around a $44 billion loss. the total bailout totaled $80 billion, so over half. that was amended to around $30 billion at the end of 2009. the new estimate is not near as bullish as the estimate we saw last year in 2011, which went as low as $14 billion. it seemed to ebb and flow with the fortunes and enthusiasms of the gm stock price.
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it ipo's at $33 a share and is now around $22. for the treasury to break even, it has to get to 52 -- it has to get to $52. host: talk about what is happening at gm to cause stock prices to be so low. guest: there are a couple of different factors. the most significant -- it comes down to three. the first is your. gm has the opal brand in europe that has been faltering for close to a dozen years. it has a dozen years of losses. gm is aware of this. the ceo replaced the head of opal in an effort to turn around the brand much faster. in addition to that, there is also pensions.
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that is one of these great legacy costs' gm struggled with for decades. gm has probably the largest pension plan of any company in the s&p 500 at the moment. the company has done a lot of things to undercut the rest and move some of the obligations of the balance sheet. it is not enough. it is still a large pension obligation. they have to make further inroads in mitigating that. there is still some question about whether gm has changed as a company, whether the cultural change has changed the companies bad practices. the bailout gave them a balance sheet makeover. in terms of how decisions are made and bureaucracy, gm still has a ng


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