Obama creating auto industry government takeover panel

http://www.msnbc.msn.com/id/29211954/

Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, a senior administration official said Sunday on the condition of anonymity because no announcement had been made.

Well at least we know that we have qualified people on the job!

David Axelrod said, "I'm not going to prejudge anything. I think that there is going to have to be a restructuring of those companies. I'm not going to get into the mode of how that happens. We'll wait and see what they have to say on Tuesday."

My guess is that the government “task force” is going to find that GM and Chrysler's measures for reconstruction have fallen short of what they were looking for. It will be suggested that the government take more control of the industry in order to "make it viable". We know it's coming, why will nobody admit it. The auto industry is going to be primarily controlled by the government before this is all over.

Tell me what you think...