For GM and Chrysler: an Ultimatum

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President Obama says General Motors and Chrysler have failed to justify their requests for $17 more billions of federal dollars. Bankruptcy is a real possibility. GM has 60 days to come up with a better plan for reorganization; Chrysler has 30 days to pull together a merger with Fiat of Italy. Even if the companies do go bankrupt, the President insists that he won't let the auto industry die: he says Washington will back the warranties on all their new cars. The President compared what's happening to the auto industry to a natural disaster. He spoke directly to the men and women who work in the industry and those who live in communities that depend on it, saying he can't pretend there won't be tough times to come. Will today's drastic actions help to restore it or drive it over a cliff?

 

Credits

Guests:
Neil King - Wall Street Journal - @NKingofDC, Daniel Howes - Detroit News - @detroitnews, Peter De Lorenzo - AutoExtremist.com - @Autoextremist, Mark Brenner - Director, Labor Notes, James Surowiecki - Financial Columnist, The New Yorker, Barry Ritholtz - Fusion IQ - @ritholtz

Host:
Warren Olney

Producers:
Andrea Brody, Katie Cooper, Karen Radziner