Once United States President-elect Barack Obama takes office as President on January 20, 2009, he will be the one who has to deal with the impending economic crisis. It was several weeks ago that CEOs of the Big Three automakers have asked to be included in the massive economic bailout. However, it looks like that it is not going to happen.
Obama said that he is willing to help. However, he wanted the Big Three automakers to give him a serious and realistic plan in regards to the future. But, talks broke down in coming to an agreement on how to help the Big Three out. Unfortunately for the Big Three, they are going to suffer. Current US President George W. Bush, who leaves office on January 20, 2009, is considering a bankruptcy. However, this is going to be an “orderly bankruptcy.” Bush explains that he did not want to leave a massive problem behind for Obama.
One should ask: What does that mean?
In preparation, car manufacturing plants are shutting down. On top of that, there is a spike in unemployment claims. Nothing looks good as a result.
Dana Perina, the White House Press Secretary for the Bush Administration said: "There’s an orderly way to do bankruptcies that provides for more of a soft landing. I think that’s what we would be talking about.”
However, the Big Three do not like that idea. They explain that bankruptcy, let alone an “orderly bankruptcy” is not the way.
The situation regarding the Big Three and a financial bailout continues to be dire. As Christmas nears, the employees of the Big Three may not have such a Merry Christmas at all. So far, it is unknown on what the fate of the Big Three will be. Will they be bailed out? Will there be an “orderly bankruptcy”? The people of the Big Three will suffer. Detroit will very suffer. The financial pain and suffering will spread to other parts of North America.
The Bush Administration and the Big Three are at a standoff. Bush Administration is considering a bankruptcy while the Big Three do not like the idea of it at all. Regardless, it will be a problem that Obama and his administration will inherit once it takes over in January.