Bailout Watch 136: Barack Obama Promises Personal Intervention

Robert Farago
by Robert Farago
bailout watch 136 barack obama promises personal intervention

“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.

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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...

  • 28-Cars-Later I'm actually surprised at this and not sure what to make of it. In recent memory Senator Biden has completely ignored an ecological disaster in Ohio, and then ignored a tragic fire in Hawaii until his handlers were goaded in sending him and his visit turned into it's own disaster, but we skipped nap time for this sh!t show? Seriously? We really are through the looking glass now, "votes" no longer matter (Hillary almost won being the worst presidential candidate since 1984 before he claimed the crown) and outside of Corvette nostalgia Joe doesn't care let alone know what day it happens to be. Could they really be afraid of Trump, who AFAIK has planned no appearance or run his mouth on this issue? Just doesn't make sense, granted this is Clown World so maybe its my fault for trying to find sense in a senseless act.
  • Tassos If you only changed your series to the CORRECT "Possibly Collectible, NOT Daily Driver, NOT Used car of the day", it would sound much more accurate AND TRUTHFUL.Now who would collect THIS heap of trash for whatever misguided reason, nostalgia for a much worse automotive era or whatever, is another question.
  • ToolGuy Price dropped $500 overnight. (Wait 10 more days and you might get it for free?)
  • Slavuta Must be all planned. Increase price of cars, urbanize, 15 minutes cities. Be poor, eat bugs
  • Sid SB Not seen a Core without the performance pack yet. Prefer the more understated look of the Core vs the Circuit, but both are great fun to drive.