Obama Denies GM and Chrysler Extra Funds

good! shape up or ship out!

Good news, give the money to someone like Tesla who are looing to the future. It's a shame for the honest people that work in the factories though

big has to completely change. whatever reputatin they had as car makers hould be compltely open to change. if they stay arrogant, ill be seeing them in museums

Maybe GM should consider buying Tesla as part of their restructuring... Although, I do not think there's a future with Tesla. The new S model is probably just a ponzi scheme to milk the over enthusiastic of their money and not deliver any cars before the outfit folds.

I agree. Money should go to Tesla and Karma Fisker// Future technology not smoke stack technology

"Way to grow some balls Obama" are you kidding me? He's not being tough, bluffing is all he's doing, he gave them another 60 days, if he had some balls he'd say "Too late, now give me back my money" There's no way Obama will let GM go bankrupt

BANKRUPTCY NOW SLASH AND BURN GM

Exactly what is supposed to be accomplished in 60 days? Do you think anyone is going to buy a car from a company knowing they might not be around in two months? This is basically a death sentence, it is becoming obvious that this current cabinet is going to force GM into a "Structured Bankruptcy" so that the Special Interest groups that got it elected will be able to get their hands on the money, then they can just blame the prior management for making it impossible to save, meanwhile pocketing Billions in the name of viability research.

As an American, I think this is junk. Sure, GM and Chrsyler built bad cars (I've had cars from Germany, America and Japan) but they were selling. They built cars people wanted. When our gas prices soared, everyone changed what they wanted overnight. The government has sunk over 160 billion into AIG and is complaining about the 18 billion into both Chrysler and GM. Now they say they're not changing fast enough when it takes several years to develop and produce a car? How fast, and what cars? Now that gas is about $2.00/gallon people aren't buying small cars, truck sales are up. Sure GM and Chrsyler have problems but at what cost are we going to lose almost 2 million jobs (140,000 direct)?

I'd say Obama has balls; he both fired Wagoner's useless ass and has told the world that is bowling skills are akin to "the special olympics". Ballsy!

Having both of these companies go bankrupt would not be the end of the world as always intimated. If they can add a clause against Fiat buying control of Chrysler (Somebody actually wants to buy it!? And they want to stop that!? At the least that seems contra to WTO and bilateral US/EU agreements), they can certainly write up a custom bankruptcy law to help keep productive assets still producing (providing short term loans only to plants whose product can sell). As many have said, truck sales are up - GM/Chrysler's truck business is certainly competitive and should be a salable asset in bankruptcy court. Likewise, Chrysler has certain lines like it's mini-Vans that do fine, in fact VW rebrands them as it's own - If Chrysler went belly up, why wouldn't VW buy up part of it for pennies on the dollar to keep it in production in anticipation of increasing the marketshare for locally produced VW models? Bankruptcy means the purchaser is NOT saddled with the Debt, making the business viable: the Debt issue will be dealt with, but the Bond holders only get as much as they can sell off the company assets for... End of story. About labor costs (benefits always mentioned as expensive): National single payer health care is the option to save money. No altruism towards poor people without health-care is necessary. Covering everybody is cheaper. Period. Less HMO beaurocracies, less clinic staff to negotiate between multiple Insurers, WAY more scale to negotiate the same (or better) deals on pharmaceuticals & equipment that impel US consumers to buy drugs from Canada/Mexico. This just implies that owners of Pharma/HMO stock aren't priviledged over the viability of the rest of the economy. Think that over. And sure, one can say the Financial Derivatives industry had become 'crucial' to the entire economy (even though it's parasitic of the real economy). That doesn't lead to CONTINUUING TO EMPLOY THE SAME PEOPLE WHO CREATED THE PROBLEM, and putting them in charge of how the zillions of Government issued Money will be spent. One would think finding real economists and financial pro's WHO WERE AGAINST THE DERIVATIVE DEREGULATION in the Clinton years would be a good place to start for the new heads of these banks and financial casinos.

Darwin's Law: SURVIVAL OF THE FITTEST.

Obama should fund Tesla instead of the Detroit makers. I'm pretty darn sure that any American would love cheaper cars with 90% energy efficiency than old reinvented cars with 20% efficiency.

Yeah, great idea. Let's run our cars solely on electricity ie: from coal plants. NOT!!!! V8 Baby.