“A bankruptcy of any of the Big Three could be even worse, a harsh reality considered unthinkable a year ago.” So says Detroit Columnist Daniel Howes in his latest column— despite having discussed (and dismissed) GM’s C11 with me two years ago. As proof that a year is an eon in politics, presidential candidate Barack Obama is promising personal intervention in Detroit’s downfall, telling a TV interviewer that he would meet with all the parties concerned, without preconditions. “Sen. Barack Obama, D-Ill., said in a TV interview that if he were elected president, he would meet immediately with the heads of Detroit’s automakers and the UAW to discuss a strategy to make the industry globally competitive. ‘The notion that we can’t compete in an industry that we created I think is, you know, unacceptable. And not only that, but you’ve got an entire Midwest, Ohio, Michigan, big chunks of Indiana, parts of my home state of Illinois, that — the entire fabric of those, those states’ economies are built around the auto industry,’ Obama said, according to a transcript from NBC News.” I wonder what they’ll talk about *cough* bailout *cough*. Meanwhile, the DetN acknowledges our last story: the White House says a GM – Chrysler merger subsidy isn’t on the cards. But the hometown paper claims GM hasn’t given up.
“A person familiar with the situation [oh! pick me! pick me!] said late Thursday that GM remains in talks with Treasury officials, as well as the Federal Reserve, Energy Department and congressional leaders — including Michigan representatives — over the need for a cash infusion into the auto industry. GM is expected to report significant third-quarter losses as early as next week, which will underscore the automaker’s financial problems. The deteriorating financial situation has prompted the all-out push for help by GM, including visits to Washington by GM chairman and CEO Rick Wagoner last Friday and Monday, meeting with White House, Treasury and Commerce officials.
“Granholm said she would back federal aid for a GM-Chrysler merger if it came to that. ‘There will be job loss’ under a merger… ‘but the alternative is worse,’ she told reporters after a news conference on stem cell research.” How… apt.
I wasn’t aware that Barack Obama was such an expert on the automotive industry!
Meeting with them with no preconditions doesn’t mean squat, although the posturing for votes is obvious.
I think that the statements by any political person is one only looking for Votes! now that the USA is in a deep and ongoing recession, its better for political people to look good to all of the people,.ie say the same thing to all groups!
“…if he were elected president, he would meet immediately with the heads of Detroit’s automakers…”
So he wouldn’t intervene if he remains merely a Senator?
The arrogance of this guy is astounding. “Don’t worry, I’ll fix it guys. All you have to do is vote for me on Tuesday.”
“The notion that we can’t compete in an industry that we created…”
No, GM/Chry/Ford are the ones that can’t compete anymore. It has nothing to do with “we”. I bought a Saturn (well, an Opel) last year; I did my part. They don’t deserve any more of my money unless they build another car that I want to buy.
WE might be able to compete if the government would quit giving money to the losers giving someone a change to replace them. Their are 2 1/2 800 lb gorillas in the room making it difficult for innovation to step up. Let them die the death they deserve and allow someone smarter and better run to pick up the ashes and make something great out of it.
Government is not the solution, especially since they keep backing “to big to fail” failures.
i believe i read it on here somewhere…offer them a Chapter 11 package..but dont call it Chapter 11. Call it “American Automotive Restructuring Program” or something with the words Patriotic, freedom or american in it. They get all the benefits of C11 with out the bad publicity.
Michael Ayoub :
October 31st, 2008 at 8:14 am
I wasn’t aware that Barack Obama was such an expert on the automotive industry!
A socialist only needs to know how to spread the wealth around. Money fixes all problems after all! Especially when it isn’t your own…
Airhen
Its a good thing that taxing the **** out of the oil companies and writing checks to all Alaska residents isn’t spreading the wealth around, or Socialism. Of course Joe the (not licensed) plumber is an expert on Socialism
A socialist only needs to know how to spread the wealth around.
Geeze…
Barack Obama is only a socialist by the American standard. By the standard of the rest of the world, he’d be centre-right. Angela Merkel and Steven Harper are more left-wing than the Evil One.
The Messiah will make all right as soon as he is sworn in. All we need to do is find another country to live in that still respects it’s founding documents.
@ psarhijinian-
Agreed that Obama is a socialist by American standards. However, he is running for President of the United States of America, not King of the World.
Both Merkel and Harper represent a change in tune from liberalism to conservatism, relative to Germany and Canada, indicating those countries’ preference for more conservative policies. Couple that with the Britain’s mounting preference for the Torys over the Labour Party, and is is becoming apparent that the people who live in socialistic countries are starting to roundly disapprove of the results of socialism.
“Agreed that Obama is a socialist by American standards. However, he is running for President of the United States of America, not King of the World.”
Wait, President of the United States of America isn’t the King of the World?
I’m kidding, of course…