President-elect Barack Obama was complimentary of the Bush Administration’s decision to provide $17.4 billion in low-interest loans General Motors and Chrysler and he agreed with other politicians who have said that the automakers need to stop “bad management practices.” Earlier today, President George W. Bush pledged the low-interest loans to GM and Chrysler as long as they meet certain requirements by the end of March.
“Today’s actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers. With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together – including labor, dealers, creditors and suppliers – to make the hard choices necessary to achieve long-term viability,” Obama said in a statement released by his Chicago office.
“The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it,” the statement continued.
Obama and his advisers will essentially have free reign over the automakers’ restructuring plans, which must be filed by February 17. They will be able to rewrite the loans or add additional money after the President-elect takes office on January 20.
12/19, 1:19 PM
posted by:
JakeK66
Now I feel just perky since Obama agrees with it. You know he had to go into a dealership and buy a car? He must have knowoledge of the industry like no other, Rick Wagoner should watch out for this guy!
12/19, 1:39 PM
posted by:
yarddog82abn
I still want to see how the money is going out, Bush giving out cold hard cash just like that, seems to good of a thing, I’m willing to bet there’s some thing more to the story…
12/19, 2:01 PM
posted by:
Lariat Luxury Locomotive Liner No.3
@yarddog82abn, this is free money for the automakers, and they know it. Hey, the kid next door washes his dad’s automobile because he wants to drive it. I guess that qualifies him as one of the millions who will be affected should the automakers go down. What a bunch of very successful propaganda as taxpayers expense. I am contemplating getting another degree or my Ph.D., but I want the university to give it to me now; I promise to complete the courses when I can get around to them, really, I will.
12/19, 2:05 PM
posted by:
desertdriver
One of the “…bad management practices…†they need to stop is having the union. They need to file for bankruptcy and kick out Ron Gettelfinger and the UAW.
12/19, 2:27 PM
posted by:
Tripleoneflipper
1115 here, if I were president, which is highly unlikely due to recnetly being kicked out of Cub Scouts I would force the Big 3 to shutter it’s companies and force people to drive only Acura’s and Honda’s, because they rule. I have a poster of one in my downstairs bedroom at my divorced Mom’s house.
12/19, 3:23 PM
posted by:
Borat
LLL3, terrific analogy!
12/19, 4:04 PM
posted by:
tripleonefive
Tripleoneflipper
1115 here, if I were president, which is highly unlikely due to recnetly being kicked out of Cub Scouts I would force the Big 3 to shutter it’s companies and force people to drive only Acura’s and Honda’s, because they rule. I have a poster of one in my downstairs bedroom at my divorced Mom’s house.
Everytime you post it shows howmuch of an unoriginal loser you are so let count Im at 11 post so far Keep going
Lets see more
12/19, 4:20 PM
posted by:
Tripleoneflipper
I am such a loser. Everytime I post its shows just how ignorant I actaully am. It was not the Cub Scouts I got kicked out of , it was the Brownie Troop. I am such a loser I even know I am on 11 posts because I have nothing better to do down in Mom’s basement looking at my Honda enthusiast sites as well as comparing every model of Acura ever made on their resale values on KBB. Thats all I seem to know anything about, my views are so one sided that some people mistake it for being retarded. Lets see more unoriginal lame comebacks.
12/19, 5:06 PM
posted by:
rob2299usa
tripleoneflipper, i encourage you to keep up the good work.
12/19, 5:10 PM
posted by:
bradleygt
lol@111flipper! now THAT is funny
12/19, 6:44 PM
posted by:
tripleonefive
Thats 12 keep going Ill have you posting all night
12/19, 9:01 PM
posted by:
cadillacescaladefan
Too bad nobama is no different than bu****, all the same
12/19, 10:48 PM
posted by:
moparsalesman
lol
12/20, 8:00 AM
posted by:
carstuff
fake1115, rip up your Honda poster and get a Buick one. With the LaCrosse, Buick average age is going to cross Hondas as Hondas goes up and Buicks go down!!
Average age at Buick is now 55. average age at Honda is 51. Buick age is dropping fast (was 66 2 years ago) while Hondas is slowly rising with their aging buyers.
http://blogs.cars.com/kickingtires/2008/01/down-economy-mo.html
12/21, 9:13 PM
posted by:
MOrtgagestar1
More government waste on unatrractive overpriced and low quality American scrap. I wish to see a survey on how many U.S. autoworkers own foriegn cars. The corrupt UAW and thier lazy,greedy,overpaid workers REFUSE to make concessions! See you in the welfare line fellas.