Obama and McCain sympathize with GM, Bush rejects any bailout plans
December 31st, 1969
Senators John McCain and Barack Obama have both sympathized with the major carmakers and the auto workers who may have lost their jobs in GM's corporate restructuring. Both presumptive Presidential nominees remarked that the development was evidence of the tough economic times hitting America.
Speaking in Washington, Obama stated that "America's auto workers are not just the backbone of our economy, they are on the front lines of our effort to produce the next generation of clean vehicles." He also recognized that the effects of GM's restructuring has a flow-on effect to "countless suppliers, small businesses and communities."
McCain echoed these sentiments, with a spokeswoman for his campaign citing high energy prices as the "root cause of many of these problems". Obama hit the nail on the head more effectively, stating that domestic automakers were in a "perfect storm of record gas prices, rising steel prices, a credit market contraction that has made it more difficult for consumers to purchase autos, and a weakening economy that has shed jobs for six straight months."
Meanwhile, President Bush has rejected requests to bailout auto manufacturers such as GM, stating that it is not the role of the government to act as a fall back for any struggling enterprise. GM has stated that they never requested a bailout from the government, and that the situation is entirely on their shoulders.
Senators John McCain and Barack Obama have both sympathized with the major carmakers and the auto workers who may have lost their jobs in GM's corporate restructuring. Both presumptive Presidential nominees remarked that the development was evidence of the tough economic times hitting America.
Speaking in Washington, Obama stated that "America's auto workers are not just the backbone of our economy, they are on the front lines of our effort to produce the next generation of clean vehicles." He also recognized that the effects of GM's restructuring has a flow-on effect to "countless suppliers, small businesses and communities."
McCain echoed these sentiments, with a spokeswoman for his campaign citing high energy prices as the "root cause of many of these problems". Obama hit the nail on the head more effectively, stating that domestic automakers were in a "perfect storm of record gas prices, rising steel prices, a credit market contraction that has made it more difficult for consumers to purchase autos, and a weakening economy that has shed jobs for six straight months."
Meanwhile, President Bush has rejected requests to bailout auto manufacturers such as GM, stating that it is not the role of the government to act as a fall back for any struggling enterprise. GM has stated that they never requested a bailout from the government, and that the situation is entirely on their shoulders.
Obama and McCain sympathize with GM, Bush rejects any bailout plans
July 16th, 2008
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July 16th, 2008
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July 16th, 2008
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Speaking in Washington, Obama stated that "America's auto workers are not just the backbone of our economy, they are on the front lines of our effort to produce the next generation of clean vehicles." He also recognized that the effects of GM's restructuring has a flow-on effect to "countless suppliers, small businesses and communities."
McCain echoed these sentiments, with a spokeswoman for his campaign citing high energy prices as the "root cause of many of these problems". Obama hit the nail on the head more effectively, stating that domestic automakers were in a "perfect storm of record gas prices, rising steel prices, a credit market contraction that has made it more difficult for consumers to purchase autos, and a weakening economy that has shed jobs for six straight months."
Meanwhile, President Bush has rejected requests to bailout auto manufacturers such as GM, stating that it is not the role of the government to act as a fall back for any struggling enterprise. GM has stated that they never requested a bailout from the government, and that the situation is entirely on their shoulders.
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Comments (5 total)
Meet the top commenters on the LeaderboardBy chris #1, Posted: 7/16/2008
and here come the comments about comunism and government bail-outs and how we should just let the japanese brands take over as the only option for budget brand automotive purchases.
just making a stab in the dark.
By Guber #2, Posted: 7/16/2008
This is one where I actually agree with..... Bush.
GM deserve everything coming to them. Remember Saturn's EV-1. They were ahead of game and blew it, by selling the technology to the "oilman". Greed not alway good.
Ford, well the Ford family is worth a feel hundred billions, let them bail themselves out.
Chrysler, privately held, why should we hand them our tax dollars so that they could paid there CEO 25 million dollars + whatever bonuses.
Better design and customer will come. Hired some europeans designer for....Godsake. Ford has "good car" but only for europeans. We get the left overs.
By chris #3, Posted: 7/16/2008
guber: the EV1 actually costed hundreds of thousands of dollars per unit.. similar to bmw's hydrogen 7 series (which costed millions) and honda's Clarity. If Honda can start selling the Clarity in 5 years (without subsidizing the hell out of it) you can spank my ass and call me sally.
also, the ford family's fortunes lay purely in stock. With the downfall of firestone and the recent deflation of ford stock, the ford family has mortgaged everything they own (even the rights to the ford name) to get that company back into the game. They're all in.
Chrysler is going to get cut up because they're owned by a small group of people... not a cohesive family like ford, or a large investor base like GM. I've been saying it for years but chrysler is really screwed.
By Guber #4, Posted: 7/16/2008
Chris, true, , but like with all new technologies, all costs tends to come down after some time. but like I said they got greedy in the truck segment, sold it to the "oilmen" ,sent to EV's top the crushing yard and now paying the price, how ironic.
Ford: didn't know that, good for them for doing so. Have owned 2 Fords (94 mustang gt, 93 Explorer) in the past, wouldn't hesitate to own Ford again.
Chrysler: only group worth keeping is, Jeep.
It be almost useless bailing these companies out, I'm almost assured once back on their feet, they'll be outsourcing more jobs out of this country to maximized profit and fattening their own pockets.
I just feel that we taxpayers shouldn't be bailing out every failed company that comes along.
By Guber #5, Posted: 7/16/2008
oh Honda's Clarity, don't think they'll do it also, but if anyone can... It's Honda. They've been a far cleaner, responsible companie than Toyota and somehow Toyota gets all the credits. If somehow by miracle they do............. can I spank your ass and calll you Chrissy:?
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