WASHINGTON – The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.
Obama’s aides, aware of the outrage the White House faces if thousands more Americans lose their jobs, appointed a former deputy labor secretary, Ed Montgomery, to lead assistance efforts to cities and towns that depend on the auto industry. The move signaled the White House already was looking to a time when assembly plants may need to operate with far smaller staffs or shut down completely.
Aides note that Obama inherited the auto mess from his predecessor, President George W. Bush.
Give. me. a Break. Another childish “it’s not MY fault” excuse. That is getting mighty old at this point. Every president has inherited problems from the previous administration. Everybody knows that. If he did not want to do the job, why did he do everything humanly possible to get it with years of campaigning? Come on.
But, Wow. What is wrong with this picture? This is why the government should not be bailing out companies to begin with. First I read today that the Administration has asked for the resignation of GM CEO Rick Wagoner and he has complied. Now this.
The United States government is deciding who succeeds and who fails. Unbelievable!
Stunning. See the rest of the story Here.