President Barack Obama reached another significant milestone on the long difficult road toward economic recovery when General Motors (GM) recently launched one of the largest initial public offerings (IPO) in American history. I believe that the proper stimulus investment in the African American business community will also bring a much-needed economic recovery.
To the astounded pseudo-economists and near-sighted politicians who vociferously criticized President Obama for using federal stimulus funds to reorganize and stabilize GM, the fact is the stimulus worked. The investment of taxpayers’ dollars worked to save GM jobs and to catalyze a financial rebirth of GM. Now as a result, in Detroit and in other cities where GM and the automotive industry is based, there is an increase in the opportunity to regain some of the jobs and businesses that went under when GM went down. The nation’s biggest automaker in very heavy trading closed its first day on its return to Wall Street at $34.19-a share price. Billions of dollars were raised. President Obama stated, “We are finally beginning to see some of the tough decisions that we make in the midst of crisis pay off.”