Speech by Barack Obama abouth the End of General Motors.
This morning marked a significant moment in history for a mainstay of the American economy, and an important move by President Obama to act in the best interests of all the stakeholders in the American auto industry, the American taxpayer, and the economy at large.
He began by discussing Chrysler, which just successfully emerged from bankruptcy:
When my administration took office and began going over Chrysler's books, the future of this great American car company was uncertain. In fact, it was not clear whether it had any future at all. But after consulting with my Auto Task Force, industry experts, and financial advisors, and after asking many tough questions, I became convinced that if Chrysler were willing to undergo a restructuring, and if it were able to form a partnership with a viable global car company, then Chrysler could get a new lease on life.
Well, that more promising scenario has now come to pass. Today, after taking a number of painful steps, and moving through a quick, efficient, and fair bankruptcy process, a new, stronger Chrysler is poised to complete its alliance with Fiat. Just 31 days after Chrysler's Chapter 11 bankruptcy filing, a court has approved the Chrysler-Fiat alliance, paving the way for a new Chrysler to emerge from bankruptcy in the next few days.
He went on to discuss the carefully crafted plan to get General Motors back on its feet for good:
cc Atrribution by whitehouse.gov