Everybody and his uncle covered the President's remarks on the GM bankruptcy on Monday, but the story that went uncovered was the fact that Barack Obama's ability to serve another term hangs in the balance of this monster auto story.
Yeah. Yeah. You're saying this guy is only six months into his first term and you are already talking about the term after this?
Guilty. But it's true.
As General Motors and Chrysler go, so goes the president's political future.
If the two revamped, scaled down, and leaner companies fail, whose fault will it be?
It won't be George W. Bush.
As often as he says, "I don't want to run the auto companies," let's face it, Mr. Obama will be perceived as doing just that. After all he engineered the removal of the Rick-ster from the helm of General Motors, and many believe he wanted to send the two companies into bankruptcy where you can wipe-out union contracts with the stroke of a judge's pen rather than going through messy talks with labor bosses.
The Obama administration is up to its eyeballs in auto industry stuf f and it's a roll of the political dice that could come up seven or craps.
David Cole who eyeballs the autos from his research center in A2 nailed it, "Any administration that were to be in power at the time of a depression, gets a chance to be the 21st Century version of the Hoover administration."
Consequently if GM and Chrysler survive and truly come back stronger, Obama is a champ.
If not, he's a chump and a one-term president.