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Auto Task Force approves more Loans but with Strings

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Wall Street Journal - Auto Task Force set to back more Loans, but with Strings.

"President Barack Obama last month handed his auto-industry team a seemingly impossible task: to engineer the most complicated industrial restructuring ever attempted by the federal government, and to do it fast.

With almost no experience in the car business, the team's dozen core members have undergone a crash course in the myriad woes plaguing the U.S. auto industry. Within days, just over a month after setting to work, they'll begin announcing decisions.

Interviews with task-force members indicate that the administration doesn't want to let General Motors Corp. and Chrysler LLC slip into bankruptcy protection, a course advocated by some critics of the industry. Instead, the task force is expected to say that it sees viable futures for both GM and Chrysler, but only if there are sacrifices from their managements, unions and GM's bondholders. The team will also lay out a firm timeline for action."

Over all I am very pleased with what I read here in this story and it seems that the right things are being done. I am not thrilled with everything and some of these bean counters clearly only see numbers and lack the vision and the common sense to understand the passion that drives auto sales and the need for this passion, but at least it does help with eventually Keeping GM and Chrysler and the millions of other people working at companies that supply these two giants working.

Your Thoughts? :scratchchin:

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Pretty scary just how clueless these people seem to be about a lot of things...

Then again, they ARE government officials, so "clueless" comes with the territory. (People accuse Detroit car executives of being locked in a vacuum, check out DC)

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