Quote: Obama on White House Auto Bailout
“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,”
–President-elect Barack Obama, in a statement on Friday in response to President Bush’s announcement that the federal government will provide U.S. automakers with a $17.4 billion loan.
