Obama announces plans for GM and Chrysler

President Obama today announced his plans for GM and Chrysler, which have already received $17.4 billion to keep them running. General Motors will get 60 days to prove that they can be a viable business. Chrysler will get 30 days to do the same. If Chrysler succeeds they will get $6 billion loan. Obama would not specify how much GM will get if they succeed. It looks like the Obama administration wants both companies to drop their liabilities by a substantial amount.

The government is going to give "operating funds" to both automakers in the coming weeks to give them time to restructure. GM CEO Rick Wagoner announced his resignation early Monday, his resignation is part of the bailout strategy. Pretty much the government asked him to resign or risk the whole company.

My solution: Let them fail, they got into this mess by getting behind the other automakers and making poor business decisions, now we the taxpayer have to bail them out. Just more money down the toilet for more failing business'. Obama is really pushing the envelope of what is rational and what is not. GM and Chrysler have been doing poorly for years, it's just now they saw an opportunity to get some money from government and they are trying to take advantage of it. I say let them sink, nobody is going to bail me out if get in over my head with bills or anything, I would have to file bankruptcy. GM and Chrysler are not worth saving. Plain and simple.