Posted on 03/30/2009 12:02:19 PM PDT by Steelfish
Obama questions viability of GM, Chrysler
President wants ‘painful concessions’ as price of industry survival
March 30: The Obama administration has said neither GM nor Chrysler submitted acceptable plans to receive more
WASHINGTON - President Barack Obama refused further long-term federal bailouts for General Motors and Chrysler, saying more concessions were needed from unions, creditors and others before they could be approved. He raised the possibility Monday of controlled bankruptcy for one or both of the beleaguered auto giants.
At the same time, eager to reassure consumers, Obama announced the federal government would immediately begin backing the warranties that new car buyers receive — a step designed to signal that it is safe to purchase U.S.-made autos and trucks despite the distress of the industry.
In a statement read at the White House, Obama said he was “absolutely committed” to the survival of a domestic auto industry that can compete internationally. And yet, “our auto industry is not moving in the right direction fast enough,” he added.
(Excerpt) Read more at msnbc.msn.com ...
I question the viability of his Presidency.
can we blame obama yet for the market crash?
Every time that Muslim Marxist idiot opens his mouth, the market drops! I guess his master George Soros is selling short so he tells his puppet to drive the market down.
What direction is that, Zero? DOWN?.........................................
It hasn’t really crashed yet.
"I think biotech is the wave of the future!"
kaching!
Actually I have to agree with him on the viability of Chrysler. I don’t see them surviving.
Of course with Obambi’s help of selling the doom and gloom, no one will buy a new car ever again.
Not until it is soooo bad the liberals are screaming for “change”....................
Obama and his goons need to get their filthy hands off of the automotive industry!
GM and Chrysler need to reorganize under Chapter 11 or go bye-bye under Chapter 7. Simple enough.
This Halfrican has to be removed at any cost.
Painful concessions from UAW EXCLUDED
| Dow | 7,451.13 | -325.05 | -4.18% |
Stop talking 0bambi!
This is a preview of things to come. Atlas Shrugged is the outline..............
“...saying more concessions were needed from unions...”
First time I’ve ever heard the guy say anything I agree with.
My guess is that Chrysler will go under...and the unions will work some deal with congress to save GM. Taking up the warranty angle...I thought was irresponsible and simply getting the government deeper into this entire mess. The fascinating part of this entire story is that Ford survives on....based on a significant amount of its parts manufactured in Mexico.
The real loss here is the massive UAW job structure. These guys are going to be upset and hostile over the end. Backing Obama....didn’t really get them anything.
The only thing I have to look forward to in retirement is, “Hello, welcome to Wal-Mart.”....................
I wish this guy would STFU and go on to europe with his staff of 500, have some lattes, and come back in the summer of 2011.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.