December 12th, 2008
10:53 AM ET
5 years ago

Obama 'disappointed' by failure of auto bailout plan

The latest auto bailout plan failed last night.
The latest auto bailout plan failed last night.

In a statement released by the transition team Friday, President-elect Obama reacted to the failure of the auto bailout last night:

"I am disappointed that the Senate could not reach agreement on a short-term plan for the auto industry. I share the frustration of so many about the decades of mismanagement in this industry that has helped deliver the current crisis. Those bad practices cannot be rewarded or continued. But I also know that millions of American jobs rely directly or indirectly on a viable auto industry, and that the beginnings of reform are at hand.

"The revival of our economy as a whole should not be a partisan issue. So I commend those in Congress as well as the Administration who tried valiantly to forge a compromise. My hope is that the Administration and the Congress will still find a way to give the industry the temporary assistance it needs while demanding the long-term restructuring that is absolutely required."

Watch: Senate unable to reach a deal

Full story

soundoff (230 Responses)
  1. Dean

    Yes I like physical labor, I enjoy it more than being behind a desk, I like the team atmosphere of working on the line with a group of people. Yes I could have gone to college and got a degree, but I enjoy what I'm doing.
    So what is my crime..? In the land of the free and home of the brave, what have I done so wrong that I should have to struggle to raise a family and put a decent roof over my head only making 15.00 an hour..?
    Nothing....we all should have better...the problem isn't between the guy making 15.00 and 30.00 or even 100.00 dollars an hour. It's higher...higher than we can probably imagine. Together we all have a chance.......divided, the way they want us, we will always be down here..!!

    December 12, 2008 03:47 pm at 3:47 pm |
  2. Gary

    We know the drill, the bill goes back to congress, they add 100 billion in pork and it gets approved. Did'nt we just see this a couple months ago.

    December 12, 2008 03:49 pm at 3:49 pm |
  3. Dan

    Unions across America willingly campaigned against all Republicans and now they what their help. No way.

    December 12, 2008 03:55 pm at 3:55 pm |
  4. joe

    The bottom line is that the Big 3 could not change their manufacturing fast enough to switch from gas guzzlers to high mileage cars, and at the time, why should they? We were buying the cars like crazy! Do they need to revamp their lineup, yes. Do the unions need to make some concession, yes. Do the American people need to show some patience, yes. We need to keep some automotive manufacturing in the US or we will be even more sorry in the future. If we can help out wall street why not Detroit? In Cleveland, the local police and Feds are serving search warrants for mortgage fraud. I am not aware of such criminal activity in the auto industry, are you?

    December 12, 2008 03:56 pm at 3:56 pm |
  5. Old Artillery Man

    It has been said that the senators from the south are protecting those foreign auto companies in their states. That may have an element of truth but the Republican Party from all over the United States, the party of big business and the rich, are attempting to reach their ultimate goal. That is to break the unions. If they can push the American auto industry under they think that will break the union movement. There will be thousands and thousands of working people without a paycheck that will be willing to take anything to survive, and as has been said, be thankful for it. The Republican wet dream comes true.
    While foreign auto companies have manufacturing facilities here in the US, they are still shipping them here. The profit margin is greater on those that are shipped here than the ones that they make in the US. Their costs are less at home. There are ports on the west coast that have run of space to store them, as they are not selling either. With so much of the population out work because of the closing of the US auto makers and the results spreading throughout the nation there will very few autos sold in the US or the rest of the world. Those foreign makers will move their production back home for less cost. Those plants in the south will be gone.

    December 12, 2008 04:00 pm at 4:00 pm |
1 2 3 4 5 6 7 8 9 10