US President-elect Barack Obama says he will not allow the country's car industry to collapse, but any state help must come with strict conditions. The industry and its stakeholders would have to restructure, he told NBC television's Meet the Press. Congress and the White House have been holding talks on a plan to rescue the beleaguered US car industry. Mr Obama warned the economy would get worse before it improved, but any aid plan needed strong regulations. He also named Japanese-American General Eric Shinseki as Veterans' Affairs chief. He said Gen Shinseki was exactly the right person to honour returning soldiers.
US President-elect Barack Obama says he will not allow the country's car industry to collapse, but any state help must come with strict conditions.
The industry and its stakeholders would have to restructure, he told NBC television's Meet the Press.
Congress and the White House have been holding talks on a plan to rescue the beleaguered US car industry.
Mr Obama warned the economy would get worse before it improved, but any aid plan needed strong regulations.
He also named Japanese-American General Eric Shinseki as Veterans' Affairs chief.
He said Gen Shinseki was exactly the right person to honour returning soldiers.
"With that gesture, Obama, who took office pledging to instill a work-hard, get-rich ethos in a country known for its disdain for state aid, turned into something more familiar to the Democrats: a politician who intervenes in private companies, subsidizes jobs and bashes the bosses."
See above, about Dexia bank. Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
This would be funny if it weren't so sad. It seems bankruptcy is not an option for GM or Chrysler, but not because they're "too big to fail", as we've been told, but rather it's because they can't even finance a bankruptcy. From Bloomberg:
