I just finished watching President Barack Obama at CNN while making his announcement that the U.S. government is backing the filing of Chapter 11 bankruptcy for the ailing American carmaker Chrysler. Obama envisioned a new Chrysler emerging out of the bankruptcy proceedings as one able to project the old American image of having the best automobile industry in the world.
There is nothing like good old flag waving to encourage people and the announcement was widely cheered by Chrysler employees who watched intently as Obama outlined in broad detail his "quick" rescue plan. Those interviewed by Richard Roth in New York expressed gratitude in Obama's move and confidence that Chrysler will pull through out of its present financial mess to relive its old glory days. Chrysler has so far received $4 billion in loans from the U.S. government and is set to receive more as part of the rescue plan.
Obama thanked his auto team for coming up with a plan that he believed was better than the one they thought would be possible thirty days ago.
CNN carried Obama's announcement live.