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November 27, 2009

All of a sudden the

All of a sudden the situation that we are not expecting to happen already hit us and that is the economic mess. It seems that everyday a new American industry is asking from the government a bailout just to keep it afloat. In addition to this, not just the financial industry is in need of bailout but also the auto industry. But President Obama has dropped the idea of having a single "car czar" empowered to handle the politically sensitive task of revamping of the auto industry. Instead of naming a car czar President Obama has decided to form a government task force that will oversee the restructuring of struggling auto industry. The task of determining when and how much of a cash advance to give to Chrysler and GM in the auto bailout will fall to Timothy Geithner, the Treasury Secretary. It has been said that allowing them to fall into bankruptcy is not off the table. Ford has insisted that it will survive, but only wants lines of credit available if needed, and unlike its Detroit based contemporaries, has not yet asked for a cash advance of any kind.

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