Mr. Obama is now Mr. Goodwrench.
He will stand behind your General Motors or Chrysler vehicle. Or will he?
But Uncle Sam won't stand by warranties held by current vehicle owners or safety recalls, which can occur years after the warranty expires.
That would leave uncovered about 10 million to 15 million GM and Chrysler vehicles bought in the past couple years, said Clarence Ditlow, executive director of the Center for Auto Safety.
The National Automobile Dealers Association said it also isn't impressed by Obama's plan saying:
"We are encouraged by President Obama's commitment to putting the domestic auto industry back on the road to recovery but continue to urge the administration to focus immediately on correcting the dysfunctional credit markets," the organization said in a statement, adding that bankruptcy should not be an option.
"It would further erode consumer confidence and, therefore, our ability to sell at the retail level. Moreover, it would further exacerbate the availability of credit."
The government backed warranties and huge government backed incentives planned for selling new GM and Chrysler vehicles, will leave Ford at a serious disadvantage and may soon need the same drastic bailout as GM and Chrysler.
Possibly that’s in the Obama master plan for the federal government to own all three of Detroit’s automakers.
Under government direction, how long before they will all be making Edsel’s?