Businessweek Archives

Saving Detroit is Probably Up To Obama


I’m not sure why they call these Congressional gatherings like the one in the Senate Banking Committee today to consider loanss to the auto companies…”hearings.”

Senate Majority Leader Harry Reid says today that the votes aren’t there to grant the loans. So, it would seem that these folks have stopped listening.

Saving the U.S. auto industry is going to be up to incoming President Obama to tap the $700 billion Wall Street bailout fund and the Federal Reserve once he takes office. The issue is how GM and Chrysler will avoid bankruptcy until he takes office.


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