Below is a link to Barack Obama's comments about the auto industry.  It looks like a structured bankruptcy is a real possibility, as well as billions more in assistance.  The Obama Administration also pushed GM CEO Rick Wagoner out of his job, and has stated they will guarantee all warranties.  After more than 30 years, Rick Wagoner was essentially fired by the President.  Although, he has no one to blame for himself.

     It's been obvious for months that the auto industry is nothing but a financial sink hole.  Using taxpayer dollars to help the industry avert bankruptcy, while controlling aspects of the business, is unconscionable.  GM and Chrysler shouldn't have been given any financial assistance and should have been encouraged to file for bankruptcy last year.  Since this now looks like a real option, what did the government accomplish by waiting and pumping billions of dollars into poorly run companies?

     What I find most troubling is the dangerous precedent that is being set.  The auto companies and large financial companies can't fail.  Well, who can be allowed to fail?  Will airlines be bailed out next time they face bankruptcy?  Equipment manufacturers?  Pharmaceutical companies?  A dangerous period in American Government is before us.


http://uk.news.yahoo.com/22/20090330/tbs-uk-autos-obama-remarks-sb-03c9bed.html