GM, Chrysler Face Bankruptcy
Item: Frustrated Americans cheer Obama's tough auto moves/Reuters
More Info: Obama forced out General Motors chief executive Rick Wagoner, pushed Chrysler LLC toward a merger with Italy's Fiat SpA, and threatened bankruptcy for both, marking an escalation in Washington's involvement in rescuing the faltering economy. Skeptics asked whether it was an early sign of a more activist administration or an isolated example. GM shares tumbled 30 percent on the news and the Dow Jones Industrial average sank nearly 4 percent. Rxperts called it potentially the most significant presidential intervention in the private sector since Harry Truman tried to seize the steel industry during the Korean War in 1952, only to be rebuffed by the Supreme Court.
Question: Do you support President Obama's get-tough approach to the auto industry, which could include letting GM & Chrysler go bankrupt?