Bailout Watch 136: Barack Obama Promises Personal Intervention

Robert Farago
by Robert Farago

“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.

Robert Farago
Robert Farago

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  • Casual Observer Casual Observer on Oct 31, 2008

    @ 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.

  • Michael Ayoub Michael Ayoub on Oct 31, 2008

    "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...

  • CoastieLenn No idea why, but nothing about a 4Runner excites me post-2004. To me, they're peak "try-hard", even above the Wrangler and Gladiator.
  • AZFelix A well earned anniversary.Can they also attend to the Mach-E?
  • Jalop1991 The intermediate shaft and right front driveshaft may not be fully engaged due to suspected improper assembly by the supplier. Over time, partial engagement can cause damage to the intermediate shaft splines. Damaged shaft splines may result in unintended vehicle movement while in Park if the parking brake is not engagedGee, my Chrysler van automatically engages the parking brake when we put it in Park. Do you mean to tell me that the idjits at Kia, and the idjit buyers, couldn't figure out wanting this in THEIR MOST EXPENSIVE VEHICLE????
  • Dukeisduke I've been waiting to see if they were going to do something special for the 60th Anniversary. I was four years old when the Mustang was introduced. I can remember that one of our neighbors bought a '65 coupe (they were all titled as '65 models, even the '64-1/2 cars), and it's the first one I can remember seeing. In the '90s I knew an older gentleman that owned a '64-1/2 model coupe with the 260 V8.
  • SCE to AUX "...the complete Mustang model lineup to peruse"Will the fake Mustang show up, too?
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