Posted by
WPHBauer on Monday, March 30, 2009 11:44:59 AM
I think the auto industry is in a lot of trouble—Obama says they have another 30 days to come up with a better plan; I think this is delaying the inevitable. GM may be taken over by FIAT (Fix It Again, Tony)—General Motors is in worse trouble then I imagined.
Obama also said that the government would pump $6 billion more into the auto industry—if GM put a “for sale” sign on its front door, I’m not convinced that there would be any takers at $6 billion—save Obama and his magical, endless bag of money.
Obama said that he doesn’t want the government running GM—but he and his advisors will only allow it to operate if they approve the new restructuring plan. This sounds a lot like ‘running’ it to me. At the very least, they will be responsible for the new direction each car company takes, that agrees to both government help and to the government’s restructuring policies.