Obama: Help for the U.S. auto industry is a high priority

Posted: Nov 07, 2008
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While Detroit is reporting some very depressing headlines today, President-elect Obama called for swift action on the economy and said he will push for a for a second package to help the horrible U.S. auto industry which he said is “the backbone of American manufacturing.”

Obama said that help for the U.S. auto industry is a high priority for his transition team. He also urged the Bush administration to do “everything it can” to speed up the disbursement of $25 billion package to the industry.

“I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis, and succeed in producing fuel-efficient cars here in the United States,” said Obama.

Yesterday House Speaker Nancy Pelosi said that Congress is considering bailing out Detroit”s Big 3. Pelosi said she recently held a meeting with Democratic heads to consider another $25 billion in “˜bridge financing” to help the Big 3.

Source: CNBC


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  • JV

    They've wasted money for 30 years, they have no clue how to run a business, no clue how to design a competitive car, their marketing strategy stinks, their technology lags EVERYONE by at least 5 years.

    If this was any other business it would run itself into bankrupcy and no one would care. Just because it is the auto industry and a big political ticket it is being planned to receive a BAILOUT.

    What the hell is going on with this country???? When did we start bailing out FAILED IDEAS? when did we reward STUPIDITY and MEDIOCRITY? Should I not have studied hard because it now seems my rewards will be distributed among the fat-ass lazy workers?

    I don't care if we loose jobs in Michigan, I care more about loosing AMERICAN VALUES such as working hard, working smart, building on ideas and getting rewarded for them, contributing to a better country.

    instead we are providing incentives for mediocrity and making it much more difficult for entrepeneurs to create business, jobs and ideas. I'm not surprised Obama won this election because for a long time I have seen that the majority of people have become complacent, lazy, and brainwashed by stupid and mind-numbing TV shows that seem to get more stupid every year. Everyone wants something for free as if its their given right. No one is EVER accountable for ANYTHING any more. Everyone has become acustomed to pointing fingers at everyone else except themselves.

    Many years ago studies showed that 80% of people in this country were mind numbed mass (media) followers and only 20% provided ideas, creativity, growth, and consequently wealth creation. This is reflected in the percentage who have wealth, pay more taxes, etc.

    How many remember the bullies in school who almost always underperformed and many times got kicked out of school, and all those kids who were just average. These kids numbered not a 5% of the class, they were 80% of the class. This is a pattern that begins early in life and makes no difference if you start out poor or rich. So many who start out poor, but study hard (rather than act out a jock status or bully image), work hard and earn their way to the higher social status prove that any “advantage” the rich have is just an excuse to not try, or an excuse for failure. I came to this country many years ago (legally, and NOT from Mexico- unlike so many “south of the border” illegal aliens), not even speaking the language, learned it in one year, attended a city college, then after a year transfered to an Ivy League school, repayed my own tuition, obtained a graduate degree and have been working and contributing to several top corporations in the US while enjoying continued job growth and success. My family was poor and disadvantaged. I put forth no excuses, I did not point any fingers, I did not use the minority card or asked for hand-me downs, I treated everyone the same.

    So, when I see finger pointing and excuse making, I say, get off your fat lazy potato chip eating Oprah watching asses!!! (having said that, there are many truly disadvantaged, such as war disabled veterans and other disabled people who deserve our help).

  • Bobmarley

    Amen!

    You are a true American!

  • Bobmarley

    Amen!

    You are a true American!