“We need an auto industry in this country.”
Justin Hyde – Detroit Free Press – Feb. 15, 2009
The Big 3’s troubles may get worse.
A politico making decisions for the domestic automobile industry? This one has Bad written all over it. -- Ed.
WASHINGTON -- President Barack Obama will name a task force Monday to oversee the remaking of the U.S. auto industry, as General Motors Corp. and Chrysler LLC press for late concessions to work into turnaround plans due to the government on Tuesday.
According to a White House official, the Presidential Task Force on Autos and other Obama administration officials will act together instead of a single car czar in deciding whether GM and Chrysler are making sufficient progress to keep the $17.4 billion in loans they already have received and field any requests for additional aid, including Chrysler’s urgent bid for an additional $3 billion.
The team will find itself facing a six-week deadline to make several critical choices by March 31, including deciding whether bankruptcy could be used by one of the automakers to revamp business. David Axelrod, Obama’s chief adviser, did not rule out bankruptcy when asked about it today...
“There are millions of lives, livelihoods that depend on it. Not just at the auto companies, but spin-off manufacturers, dealers and so on. So we have a real interest in seeing the auto industry survive.” ... [Read More]