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 ...
Hussein doesn’t mean it. By “concessions” he probably means the union guys have to spring for cold drinks during the negotiating sessions.
HE IS A LIAR.
Hey Torqueobama, whadaya say
I just got back from the auto de fe
Auto de fe, what’s an auto de fe
What you oughta not do but you do anyway.
Cloward-Piven Strategy.
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