I think we’ll look back on Obama’s remarks today in 10, 20, maybe 50 years as a truly historic moment. I can’t add much to what’s already been said here on PD and in the comments, but I must highlight a few points that were said with such coolness and disconnection that even those us who saw this coming are awestruck:

In this context, my administration will offer General Motors adequate working capital over the next 60 days. During this time, my team will be working closely with GM to produce a better business plan.

He makes this sound like the WH is some Venture Capital Firm. Does he understand these are our dollars? ‘His team’ will develop a business plan?

They must ask themselves: have they consolidated enough unprofitable brands? Have they cleaned up their balance sheets or are they still saddled with so much debt that they can’t make future investments? And above all, have they created a credible model for how to not only survive, but succeed in this competitive global market?

Let me be clear: the United States government has no interest or intention of running GM. What we are interested in is giving GM an opportunity to finally make those much-needed changes that will let them emerge from this crisis a stronger and more competitive company.

Really? No interest in running them? Then why not let them enter Chapter 11 and restructure in bankruptcy court? It’s one of the most tried, tested, and trusted arms of the judicial system.

The situation at Chrysler is more challenging. It is with deep reluctance but also a clear-eyed recognition of the facts that we have determined, after a careful review, that Chrysler needs a partner to remain viable.

We have determined that Chrysler needs a partner? Once again the language is so stunningly plain and presumptuous. It’s as if Team Obama believes they can apply their unparalleled campaign success unilaterally to any other enterprise.

I was going to comment on the rest of his remarks, but I became so disheartened and depressed I gave up. Suffice it to say that the speed and degree to which this administration is nationalizing the auto industry is something historians will teach and debate for decades to come. Whether you agree with this monumental takeover or not, you have to acknowledge history is being made around us and America’s defining industry will never be the same.

Somewhere Henry Ford is rolling over in his grave and digging himself deeper in the ground to escape the insanity.

Pull your favorite quote from his remarks and comment.

Comments