Obama: Yep, Chrysler's Bankrupt, Will Partner with Fiat
Obama also announced that "Chrysler and Fiat have formed a partnership that has a strong chance of success," and that the U.S. government will pony up about $8 billion to smooth Chrysler's transition. He expected the reorganization to take less than two months.
"If you are considering buying a car," he told listeners, "I hope it will be an American car." On the slim chance that your next car is a Chrysler, he assured them, "your warranty will be safe," thanks to the government plan that took responsibility for that. And he affirmed that if we all approached the nation's economic problems with "the same sense of shared sacrifice and shared purpose that has been shown by so many Chysler stakeholders... we will not only see our auto industry rise again, we will rebuld the entire American economy."