President Barack Obama insists he doesn’t want to run the domestic auto industry — and we should all be thankful for that.
But his actions speak differently — and we should all be worried.
“… I rejected the original restructuring plan” that Chrysler LLC submitted for government loans, he said April 30 in announcing his decision to force Chrysler into bankruptcy. “… And the standard I set was high — I challenged them to design a plan …”
That’s a lot of self promotion and involvement from a guy who doesn’t want to control the companies.
By Manny Lopez
To be sure, the government, with the investment of $4 billion in our tax dollars in Chrysler and $15.4 billion in General Motors Corp. needs to set guidelines and rules for repayment. If not met, call the loans and get our money back.
But forcing a private American company into bankruptcy because the president thinks it’s the most prudent action. Um, no. Not by any measure.