Obama On The Auto Bailout 

Posted: 11:28 am Friday, December 19th, 2008

By Jamie Dupree

The following statement was released from President Elect Barack Obama on his reaction to the $17.4 billion auto bailout plan announced today by President Bush: “Today’s actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers.  With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together — including labor, dealers, creditors and suppliers — to make the hard choices necessary to achieve long-term viability.  The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it.”