GM and Chrysler have failed to prove their case to President Obama and sadly we are hearing they are not too big to fail. Sounds like a threat to me! This is average America's industry, they better get it together. President Obama gave fired GM CEO Rick Wagoner and gave GM 60 days to restructure. There are more executives to come for sure. Chrysler only has a month to merge with Italian auto maker Fiat! That bothers me a bit as it weakens Chrysler's hand and strengthens Fiats. Seems like the White House is forcing a merger and we are hearing rumors of Bankruptcy if what Obama calls for is not done! This guy does not mess around!
President Obama really enjoys his authority and out of necessity does not use it sparingly. I do not agree with everything he has done but he has certainly been glowing in his stated fact that this is not a caretaker Presidency but one in the business of rebuilding our America destroyed by Bush! Gm and Chrysler have been put on notice and GM's CEO has been fired. My question is why was this not done in the finance Industry? Those that destroyed our economy were given a pass and in rewarded, in some cases promoted!
Looks to me that this President who wants to save our America the average American's America not Bush's will have his way if the auto industry plays their cards right and will save the auto industry. Yesterday President Obama correctly stated that the auto industry failure was a failure of leadership by the industry and our Politicians as was the failure of the finance Industry! My question is why have those in charge not been fired in the Finance industry? Our top Political leader that should have been watching both industries should also be fired. Why do we keep Political leaders who are failures To fail again?
* President Obama said the White House will appoint an auto recovery Director and he is Edward Montgomery!
* Restructuring will not mark the end of the auto Industry but a new Beginning, better and more competitive! The Government is not interested in running GM and Obama will not have wards of State. I do not know if that is good or bad anymore!
* It really sounded to me like President Obama was choosing who was going to make it and who was not when he said GM will rise again and he even named brands and guaranteed warranties. Hmmm? Chrysler he said was more critical and mentioned that Bankruptcy may be an option. He said the company would not divided into smaller companies and again guaranteed the warranties! He does not want bankruptcy feared and appeared to be trying to keep citizens on his side which is crucial! He said court action would be quick. I would like to know just how ha can guarantee that? In the past I was suspicious that there was finagling going on behind the scenes but Bush said we can not control the courts. We thought and now know that was a lie!
* Agreement by Chrysler and Fiat was reached with the help of the treasury just one hour after Obama's warnings!
** President Obama also said there will be an undetermined as of yet, tax credit for ever American car purchased this year from February on! Like you and I he said he wants the cars of the future built where they have always been. Right here in Detroit and the mid west. Again it just appeared to me that President Obama would be the one determining what the cars of the future would be except for Ford. WE are putting our entire future in the hands of Obama. It is as I am writing this appearing to me that if this all succeeds Obama will have or surpass the stature and legacy of FDR!
In the end President Obama pointed out that some jobs will not be saved and some plants will not reopen. Some brands will be lost and whole towns affect and some even lost but we will rebuild the industry and our America! GM will get their additional $13.4 Billion and it now appears Chrysler will get its additional $6 Billion. However the Government will oversee a leaner more competitive GM and Chrysler.
McCain and other Republicans say let them sink, it is a waste of money! They do not care if the Auto Industry critical to average Americans fail because they do not care about average Americans. They saved their finance industry that is critical to their version of America too and that is all that matters to them. The auto Industry Obama pointed out use to be the back bone of America. With manufacturing in general gone if we are to have a future again it seems like it will be directly because of Obama. With 100,000 auto industry retirees alone dependent on this working out not to speak of all Americans.
If we are to save our version of America success here too is critical! Republicans want our version gone and their new version ensured that is why they saved the finance industry and do not want to save the auto Industry crucial to average Americans. The blatant double standard hypocrisy just gets worse and worse every day. Listening to them wore thin under Bush under Obama it is only getting worse. It seems if we are to have a future we must first go through them!