Chrysler and GM not viable, says Obama

From the McClatchy newspapers:

WASHINGTON—President Barack Obama on Monday will reject requests for almost $22 billion in new taxpayer bailout money for General Motors Corp. and Chrysler, saying the car makers have failed to take steps to ensure their viability. The government sought the departure of GM chief Rick Wagoner and said the company needed to be widely restructured if it had any hope of survival.

Also see responses at Lucianne.com.

It seems there’s no cure for the major automakers but bankruptcy, which will enable them to get out from under the absurdly generous employee pension deals that are crushing them. We’re a society on steroids. This could not go on forever. Conservatives would have once understood that. But they became part of the same culture of expansive appetite as everyone else.

Posted by Lawrence Auster at March 30, 2009 12:09 PM | Send