Obama’s Rescue Plan
We have all stood by wondering how in the world President Obama plans to rescue our failing auto-industry and hopefully pick up the broken pieces that are a result of their decline. This morning our President shared the administration's plan of attack in dealing with GM and Chrysler in the most immediate of terms, forcing out GM's CEO, threatening bankruptcy if serious restructuring is not designed and implemented and giving Chrysler a deadline in its aligning with Fiat. Obama's announcement reflects his desire to find a middle ground, walking a fine line between those that are adamant about handing out more taxpayer money and those that are drawn to alleviate the economic pain from continued manufacturing cutbacks.
“We cannot make the survival of our auto industry dependent on an unending flow of tax dollars. These companies - and this industry - must ultimately stand on their own, not as wards of the state.”
Check out the full speech at the WSJ.