Although it seems like there’s big news about the economic crisis almost everyday, today’s news is definitely more interesting than the rest and deserves your attention.
You’ve probably already followed the automakers’ crisis a bit, and know that the big 3 US automakers — Ford, GM, and Chrysler — are out of money and took a federal bailout of billions of taxpayer dollars a short while ago.
Yesterday, President Obama went on CBS’ Face the Nation and hinted that there was a big announcement he was going to make today regarding the fate of the automakers.
As of yesterday, President Obama said the automakers were not showing much significant improvement since receiving the bailout money, and that if they did not shape up, things would have to change.
The top story this morning? “Obama aides flunk GM and Chrysler.” According to CNN, the Obama administration has told the automakers they’re not doing enough to improve their situations. They have been order to undergo swift restructuring if they want to continue to receive federal funds. And to top it off, President Obama asked GM CEO Rick Wagoner to step down from his position — and he agreed to do so, resigning this morning.
What does this mean for the future of the three companies? Definitely massive changes. Does it mean taxpayers will be funding them even longer? That part still remains to be seen.
Check out the full story HERE.
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