Obama: We will hold U.S. automakers accountable for “bad practices”

We’re pretty sure all of you watched President Barack Obama’s address to Congress last night. Of course when he said the words “As for our auto industry,” we turned up the volume, sat up straight and listened inventively. Obama clearly made promises to hold the U.S. automakers accountable for their “bad practices” but also promised to help create a “re-imagined” auto industry.

About halfway through the speech, the president said:

“As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices.

“But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it. Scores of communities depend on it. And I believe the nation that invented the automobile cannot walk away from it.”

Of course, it’s Karl Benz who is known as the inventor of the automobile but we get the point.

GM and Chrysler are scheduled to meet with Obama’s auto task force tomorrow.