Obama: Auto industry collapse would be 'a disaster' (Obama displays his business ignorance)

cnn ^ | 11/16/2008 | cnn

[tobyhill]

The potential collapse of the auto industry would be "a disaster" amid today's economic crisis, President-elect Barack Obama told CBS' "60 Minutes" in a wide-ranging interview airing Sunday.

"It's my belief that we need to provide assistance to the auto industry," Obama tells veteran correspondent Steve Kroft, according to excerpts released by CBS. "But I think that it can't be a blank check."

The Senate is expected to vote this week on emergency loans to the auto industry, though the measure faces strong opposition from many Republicans.

The bill would authorize loans to the auto industry from the Treasury Department's $700 billion fund to bail out the financial services industry.

Detroit auto executives are scheduled to plead their case in public hearings in the House and Senate.

[Darth Gill]

Yup, I love my Tundra even more now!

[Fred]

Obama makes the outrageous claim that the AUTO INDUSTRY will go out of business if GM is not bailed out.

Nissan, Toyota, and Honda are holding up well. In fact, the bailout of GM will hurt these other automakers because part of the plan is to force these profitable automakers to do business the same as GM and to unionize.

UAW chief urges $25 bln in U.S. auto health care support (Union bailout-payback for $400,000,000) - http://www.freerepublic.com/focus/f-news/2127523/posts

Who's your DADDY Obama?? - - Youtube The One on Card Check

Why Doesn't Toyota USA Need A Bailout? - - http://www.freerepublic.com/focus/bloggers/2130909/posts

Big Three Bailout, Not So Fast! - - http://www.freerepublic.com/focus/news/2133229/posts?page=1