Posted on 12/08/2008 5:21:34 AM PST by TigerLikesRooster
Obama says Big Three automakers must not fail
President-elect voices opposition to court-supervised bankruptcy
By John Spence, MarketWatch
Last update: 12:14 p.m. EST Dec. 7, 2008
BOSTON (MarketWatch) -- President-elect Barack Obama said Sunday that the auto industry is the "backbone" of American manufacturing and that top automakers can't be allowed to go bankrupt.
Speaking on NBC's "Meet the Press," Obama said management at the Big Three auto companies -- Ford Motor Co. (F) , General Motors Corp. (GM) and Chrysler LLC -- made "repeated strategic mistakes."
But he added that millions of Americans rely on the Big Three for their jobs, directly or indirectly, so they should not be consigned to court-supervised bankruptcy as some people have suggested.
Obama said he wants assistance to be conditioned on restructuring.
"That means we're going to have to figure out how to put the pressure in the same way a bankruptcy court would ... but do so in a way that allows them to keep their factory doors open," he said.
(Excerpt) Read more at marketwatch.com ...
Obama is dying to wear dead albatross around his neck. We should encourage him, and watch him drown. This decision will haunt him for a long time.
Ping!
ya know, it’s funny..NON-union foreign manufacturers in the south are purring along with no problems..
these guys make it seem as though the domestic manufacturers are our only choice..
they need to take a lesson from honda, toyota, kia and the rest who have built, or are building, new plants all across the south. these companies are hugely successful..
IMHO..
I know you were referring to Zero Mostel, but it’s interesting that the Obamaloon is also a zero.
I just heard O on the radio saying the big 3 still need to make changes and concessions. The only specific thing I heard was “the CEO total comp. package is still way out of line.” Yeah! THAT’S the problem.
This is going to be FUN!!!!!!!!!!!!!!!!!!!! to watch. The dems want to save the big 3, BUT THEY ARE FORBIDDEN TO EVEN MENTION!!!!!!!!!!!!!!! WHAT IS KILLING THEM.
Like I say... FUN to watch.
“We” are giving them $15 billion dollars to go away until february- then they’ll be back, broke again, the economy should be even worse by then
Meanwhile the EPA and a bunch of marxists that never ran a lemonade stand in their lives will help them re-do their business model
BOHICA
Why shouldn’t 0be bring back Packard and Studebaker while he is at it?
maybe they can re-tool the Edsel line and rename it “the Obama”
With the rush to claim him as messiah, president-elect, and savior of the new world order, what else can I do but set back and watch the carnage unfold. Every media outlet is nothing but doom and gloom for the last 25 years, but I ‘spect it will radically change now that we have him to save us from ourselves.
Popcorn, anyone?
It will haunt everyone, in ways nobody has imagined yet. I woke up this morning listening to Chris Dodd dictating management policy to General Motors. This cannot turn out well for anyone.
BOHICA? What is it? The problem is a lack of confidence and BO thinking he has any answers...as the OBOTS like to say, but BO is the smartest person ever to be elected.
RE : ‘are Big3 bailout and $1 trillion public work project?’
Dont underestimate democrats ability to win, and republicans to loose.
There sure wasnt this kind of non -union outcry when Boeing was bitching and moaning about not getting the tanker contract. I hope it sticks, or at least someone is paying attention in the big union offices. (Yeah, right!)
Aren't they one in the same?
HEh heh
I agree.They must not fail until I sell all of my shares that I bought at $1.45.
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