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 ...
Me too, because he’s correct that they’re currently not viable. Of course, the government had a lot to do with making them non-viable, which he would never acknowledge.
IOW, we want to run this business too!
It’s absolutely amazing that Obama, like Bush and his TARPosity, hand out welfare money to banks and their WallStreet Welfare Queen Buds with no questions asked but Detroit gets the third degree.
350 Billion from the first slab of TARP went where? to Whom? Paulson, Bernanke, the Bush holdover, Geithner won’t say.
The Second slab and all the rest, well, who knows where it’s gone.
BAH! A Pox on them ALL!
CHANGE!
Obama yanks, the market tanks.
I own a 11 y. o. ‘98 Chevy S-10. I was thinking of buying one of the smaller Chevy rat cars to take advantage of the higher gas mileage, the lower prices and the tax break on new cars. I liked the 3 year warranty after I bought the S-10. Now that the goverment is garanteeing the warranty I really don’t know what to think.
Only if you interview better than the thousands of others applying for the same position. You might be asking, "Do you want fries with that?" as an alternative. That presumes those businesses continue to survive as well.
GM and Chrysler are dead now. It is over - stick a fork in them. It was not GM’s management as much as it is the govt, trial lawyers, taxes, regulations and UAW.
The UAW can thank Obama nd themselves. The only good news is hopefully it will help Ford.
LOL - I was just going to post those exact words.
Obama throwing the UAW under the bus. They are fools.
The market twitched and showed a brief sign of life these last 2-3 weeks and what does Obummer do? He stabs it again in the heart to make it stop.
He should have let them fall before we pumped billions into the industry. It was pressure from the rats telling Bush that he had to give billions to the auto industry or thousands would lose their jobs and it would spread to Main Street? Well that didn't work out. It's always been about the unions. Sad to say, but I'll never buy an American car.... ever
I prefer Walter's approach,
"Get in, get your $h!*, and get out!"
“The Divine One” is so bad that it will not be too long before one can write their Democrat congressman begging that this clown be removed frm office. Further, one will have a pretty good chance that the Democratic Congressman will actually feel out his collegues This creature is worse than I had feared.
*shakes head*
I’d remark about 0bama being clueless, except that I’m all but convinced that his efforts are deliberate. No other President in my lifetime has been so hellbent on increasing the Federal government’s power and influence into all sectors of the economy and private life.
Obamaland
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.