Poll: Do you support Obama’s decision on GM and Chrysler’s not-so-viable future?

Posted: Mar 30, 2009
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As most of you are aware by now, President Barack Obama and his automotive task force today flunked General Motors’ and Chrysler’s viability plans that were submitted on Feb 17.

“Neither goes far enough to warrant the substantial new investments that these companies are requesting,” Obama said. “They must produce plans that would give the American people confidence in their long-term prospects for success.”

While Obama is winning applause from frustrated U.S. taxpayers, analysts and critics called his decision to fire GM’s CEO and pushing Chrysler to merge with Fiat a “heavy-handed power grab.” Obama has also threatened to let both automakers go into bankruptcy. The government will fund GM’s operations for 60-days until the company comes up with a better restructuring plan. Chrysler has 30 days to decide to partner with Fiat after which they will receive $6 billion to support the partnership.

According to Reuters experts called Obama’s decisions today the “most significant presidential intervention in the private sector since Harry Truman tried to seize the steel industry during the Korean War in 1952.”

So do you support Obama and the government’s intervention with the auto industry? Let us know by participating in the poll below. If you have something more to say, drop a line or two in our comments section after the jump.

- By: Omar Rana


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  • Ivan Gutierrez

    I don't know if any of you guys (or gals) noticed, but GM's stock took a huge kick to the balls today.

  • Jeph

    “While obama is winning applause from frustrated U.S. taxpayers…”
    Really? I'm not applauding.

    $17,400,000,000
    or
    $193,000,000 per day for life support of GM + Chrysler so far

    Brilliant! I applaud that! And counting on the *US Government* for a “viability plan” is SO worth applauding too.

    For that same amount, you could have given each of the 243,000 employees of GM $72,000 and wished them best of luck.

  • zermatt

    As I have said before, this is a social engineering project to reward the Greens and labor for the election.

    It would be good to know what the short comings of the proposals were. I wonder if it had to do with product selection – not green enough?

  • GMfan87

    oh i noticed….

    lol

  • Bobmarley

    This is what should have happened before Bush gave out the first round of bailout money.

    And how is Obama being tough? He is actually giving them another bailout by “funding” them for another 30 and 60 days.

  • Neil

    Worse though is so did Ford's although it did come back in afternoon trading

    Heres the thing anywhere between 60 and 90% of the population (depending on which poll you look at) don't want the government to continie baliling out the car industry
    BUT when Obama and his team say they won't the Stock market as a whole loses 4-5%. So 60-90% of the country loses money in it's 401K

    Zermatt – I need your expertise to explain this one!!!!

  • Bobmarley

    Zermatt is a a 14 year old kid and me…you can read more about me here…
    http://en.wikipedia.org/wiki/Bob_Marley

  • zermatt

    I wish I was a 14 year old kid – can you make that happen?

    If I was 14, I could avoid that first tuition payment in August for the oldest teen.

  • zermatt

    I think the market's reaction extended past GM, but was primarily a reaction to concerns about what the administration did with Wagoner and the threat of bankruptcy. Government control is a scary thing.

    Reactions like this that affect a large part of the market are temporary. As of 12:30 PM Central time, the DJIA is up 141 points. While that is not making up for the entire market loss yesterday, it is a pretty good recovery for a single day – assuming that there are not a large number of sellers at the end of the day.

    GM is now below Ford's stock price – again – and I expect that it may stay that way for a while. The task force gave GM's recovery plan low marks and there is also the expectation that sales for March will be down 40% for same month last year.

    As for 401Ks, I suggest diversification.

  • Bobmarley

    lol

    …if your kid is going out of state you should look into getting residency for instate tuition…its gotten harder to do in some states but if you can do it it will save you tone for your other kids

  • zermatt

    They all want to be out of state. At least with the youngest teen she has a good shot at academic scholarships.

    Too bad there isn't a scholarship for autocross. The oldest is very good at it.The cost to replace tires in the Cooper S is a bit high due to the run flats – if he could only support that cost…

  • Neil

    Worse though is so did Ford's although it did come back in afternoon trading

    Heres the thing anywhere between 60 and 90% of the population (depending on which poll you look at) don't want the government to continie baliling out the car industry
    BUT when Obama and his team say they won't the Stock market as a whole loses 4-5%. So 60-90% of the country loses money in it's 401K

    Zermatt – I need your expertise to explain this one!!!!

  • Bobmarley

    Zermatt is a a 14 year old kid and me…you can read more about me here…
    http://en.wikipedia.org/wiki/Bob_Marley

  • zermatt

    I wish I was a 14 year old kid – can you make that happen?

    If I was 14, I could avoid that first tuition payment in August for the oldest teen.

  • zermatt

    I think the market's reaction extended past GM, but was primarily a reaction to concerns about what the administration did with Wagoner and the threat of bankruptcy. Government control is a scary thing.

    Reactions like this that affect a large part of the market are temporary. As of 12:30 PM Central time, the DJIA is up 141 points. While that is not making up for the entire market loss yesterday, it is a pretty good recovery for a single day – assuming that there are not a large number of sellers at the end of the day.

    GM is now below Ford's stock price – again – and I expect that it may stay that way for a while. The task force gave GM's recovery plan low marks and there is also the expectation that sales for March will be down 40% for same month last year.

    As for 401Ks, I suggest diversification.

  • Bobmarley

    lol

    …if your kid is going out of state you should look into getting residency for instate tuition…its gotten harder to do in some states but if you can do it it will save you tone for your other kids

  • zermatt

    They all want to be out of state. At least with the youngest teen she has a good shot at academic scholarships.

    Too bad there isn't a scholarship for autocross. The oldest is very good at it.The cost to replace tires in the Cooper S is a bit high due to the run flats – if he could only support that cost…