Obama Reserves Judgment On Auto Bailout

Says Automakers Came Back With "More Serious Set Of Plans;" Also Formally Named Richardson As Commerce Secretary Pick

(CBS/ AP)  President-elect Barack Obama says it appears that the heads of the Detroit Three automakers are coming back to Congress with a "more serious set of plans" for how their companies are going to survive.

Mr. Obama says he's reserving comment until he sees what the automakers propose during hearings Thursday and Friday.

He says again that Congress was right last month to refuse to provide a bailout until the companies offered a clear plan for long-term viability.

Mr. Obama wouldn't offer an opinion on whether the bailout money should come from assistance packages already approved by Congress. He says he's more interested in seeing whether there's a "sound plan" in place.

The president-elect made the statements during a news conference where he named New Mexico Gov. Bill Richardson as commerce secretary, placing a second former campaign rival in his new Cabinet.

Talking optimistically despite the recession, Mr. Obama also said, "We have everything we need to renew our economy, we have the ingenuity and technology, the skill and commitment - we just need to put it to work."

Mr. Obama called Richardson a leading "economic diplomat for America. During his time in state government and Congress, and in two tours of duty in the Cabinet, Bill has seen from just about every angle what makes our economy work and what keeps it from working better."

Mr. Obama seemed in a lighthearted mood as he made the announcement. Asked about Richardson's recent decision to shave his beard, Mr. Obama joked that he was "deeply disappointed." He said he guessed Richardson decided to jettison the facial hair after his wife found it scratchy.

Richardson, 61, was United Nations ambassador and energy secretary during the Clinton administration, and he is in his second term as New Mexico's governor. He also served seven terms in the House of Representatives.

If confirmed by the Senate, he would take over a sprawling department that oversees the National Weather Service, the Census Bureau, economic development programs and more.

"In Richardson, the incoming president is getting an experienced hand - a former energy secretary, congressman and governor," said CBSNews.com senior political editor Vaughn Ververs. "He is also putting one of the nation’s most visible Hispanic politicians into a prominent position in his cabinet, not an unimportant point for a fast-growing segment of the electorate. And by tapping Richardson, he’s drawing yet one more former political rival for his team."

One of the nation's most prominent Hispanic politicians, Richardson pledged - in English and Spanish - to work to renew the economy.

If confirmed by the Senate, will become the latest former Democratic primary opponent to join Mr. Obama's Cabinet. The incoming chief executive has chosen another adversary-turned-ally, Hillary Rodham Clinton, to be his secretary of state. Mr. Obama also chose former rival Joe Biden as his vice presidential running mate.

Mr. Obama is considering another Hispanic politician, California Democratic Rep. Xavier Becerra, to be U.S. Trade Representative, according to two Democratic officials speaking on a condition of anonymity ahead of an announcement for the position.

New Mexico's Lt. Gov. Diane Denish, a Democrat will become the state's first female governor when Richardson leaves to assume his new post. Denish will take over for the remainder of Richardson's term, which runs through 2010.

In neighboring Arizona, the ascension of a Democratic governor will put the state in the hands of a Republican governor.

Under Arizona state law, the move of Gov. Janet Napolitano to secretary of Homeland Security will mean a Republican, Arizona Secretary of State Jan Brewer, will assume the reins there.

The president-elect has moved quickly to fill out his Cabinet, having named more than half of it in the month since he was elected the country's 44th president.

An energy secretary and United Nations ambassador in President Bill Clinton's administration, Richardson was a contender for the State Department job, but Obama offered him the post as commerce secretary after choosing the former first lady as his top diplomat.

Richardson sought the Democratic presidential nomination this year but eventually dropped out and endorsed Mr. Obama.

On Monday, Mr. Obama announced his foreign and national security team, led by Clinton and current Defense Secretary Robert Gates, a Republican. A week ago, Mr. Obama named his economic team, led by Timothy Geithner as treasury secretary. In the coming weeks if not days, he plans to announce former Senate Majority Leader Tom Daschle as health and human services secretary. (Click here to see more of Mr. Obama's cabinet picks)

The upper echelon on his Cabinet now is in place.

Among those posts yet to be disclosed if not chosen: the heads of the Interior, Transportation, Labor, Energy, Housing and Urban Development, Education, Agriculture and Veterans Affairs departments. Mr. Obama also has yet to name his intelligence team, including his director of national intelligence and CIA chief.

[wardoglrs]

Obama get your finger out of your *** its time that you actually voted and stood on your social stupidity that will do nothing for the people. Am just waiting for the people to wake up from the lie''s and see the real truth and baby your not it.
The sooner America wakes up along with the rest of the world we can have true Freedom from the Cartel''s of energy and oil and counterfeit money

[clovernyc]

President-elect Obama, called upon to make a decision regarding the auto industry bail-out, comes up with a bit of ''light hearted'' humor directed to the missing beard of Mr. Richardson.

No real answers.

He is adept at rhetoric and spinning an issue to his own precious advantage, but when it comes to true leadership, Mr. Obama is weak and inexperienced.

[jpfromoh-2009]

specialty8 said "Come on Obama,you are either for it or against it.Playing the Monday morning quaterback days are over."

I agree.

A famous President once said "20-20 hindsight is not wisdom, and second guessing is not a strategy".

Obama has won over 52% of the voters based upon his amazing ability to use hindsight and second guessing to formulate a story-line that 52% of voters bought in to.

Now Obama actually has to look forward rather than backwards.

Time will tell how good he does at this.

[specialty8]

Come on Obama,you are either for it or against it.Playing the Monday morning quaterback days are over.

[jpfromoh-2009]

Let''s get real.

GM is considering spinning off their Saturn brand, the one that was introduced years ago to compete with the lean, mean Japanese vehicles. GM can''t make money on the Saturn.

Why you may ask. Here is the answer.

"Currently, the average U.A.W. member costs G.M. about $74 an hour in a combination of wages, health care and the value of future benefits, like pensions. Toyota, by comparison, spends the equivalent of about $45 an hour for each of its employees in the United States.

Base wages between the Big Three and the foreign companies are roughly comparable, with a veteran U.A.W. member earning $28 an hour at the Big Three compared to about $25 an hour at Toyota%u2019s plant in Georgetown, Ky. (Toyota pays less at its other American factories.)

But the gap in labor costs becomes larger when health care, particularly for thousands of retirees and surviving spouses, and job security provisions are considered."

[armydog2]

well said tjm509

[tjm509]

John F. Kennedy did not get us to the moon, He made us believe that we, as a people could. President Elect Obama is not even in office yet and the name calling and accusations keep flying. I for one refuse to be divided. I''m not black or white, christian or jew, democrat or republican, what I want to is an American again. Does anybody remember that?

[centerfall94]

Wow. After eight years of near total republican rule, nearly everything is destroyed. Bush, the criminal and traitor should be tried for his war of choice and his destruction of our country''s economy, reputation, standing and readiness. He is personally responsible for the creation of more terrorists than ever before through his inept leadership and warmongering.

Good luck, President-elect Obama! You have a lot of work ahead of you, but I have no doubt you will show us what leadership is really all about. Our country has almost forgotten. Thanks for being there for us.

[auscross1277]

Our new electric President is just another big Liar.
Posted by keystonebull at 07:23 PM : Dec 03, 2008
*** Atleast Obama doesn''t support amnesty for as many illegal hispanics as amnesty mccain does! I hate amnesty mccain! Juan Mccain can now move down to mexico since he lost the past election and can live among his people!

[jowand]

Let them file for Chapter 11 bankruptcy protection, the bankruptcy court will force them to get their act together to where they will be profitable or they will let them go out of business. They should have let the banks and Wall Street companies do the same thing. The 2 trillion plus dollars given out so far is not going back into the economy, it''s not helping anyone but the insider crowd in the banking, and Wall Street to guarantee the ChiComms investments in companies like Goldman Sachs and Lehman Bros''.
We have been had in the biggest swindle in US history while our fearless leaders stood and watched the whole thing go down even voted for it.
Nancy Pelosi and Harry Reid can stop all of this nonsense in one day.
Obama is showing leadership already with his no opinion. Obama had lots of opinions when running for office but now he is the one in the hot seat he hasn''t anything to say until someone writes it for his teleprompter.

[downsteamjim]

And then Obama says, "What do you mean I can''t vote Present?"

[iam-socrates]

Its a waste of money bailing out these weasels. They''''ve had a CENTURY to plan for better cars...better ALTERNATIVE FUEL cars. And they ignored the future. Again: GM CRUSHED thousands of the highly acclaimed EV1. Citizens LOVED it. Say NO to the bailout of Detroit.

[hitoyou11]

The Sitting President has said he is NOT FOR AN AUTO BAILOUT. The only thing he has done right.

[hitoyou11]

I wonder why he said he back a bailout 2 weeks ago, now says he will Reserves Judgment. I knwow. HE LIES and always will.

[combatvet03]

One, I would like to here what the Sitting President has to say about this bailout of the Big Three.

Two, in specific language, what can the American tax payer expect in return for the "proposed" loan to the auto industry.

Three, when has it NOT been apparent that the UAW has little or no regard for the American consumer, the tax payers, in terms of the product and price point of their product.

Last, how is it that horrific greed and stupid management are rewarded with special little or no interest credit lines???

[michael0004]

Herbert Hoover did the same thing in 1930 - bailed out the banks, but let all other companies go bankrupt. Here we ago again. Only difference this time is the ordinary people cheering on today''s Herbert Hoovers.

[libsh8theusa]

All Americans need to push for Obama Hidden birth certificate to be produced.. All Parties..

http://canadafreepress.com/index.php
/article/6687

This just goes to show how American media has favored Obama... If they do not favor Obama then why aren''''t they saying anything about this?

[candy-apple]

OBAMA IS NOT THE PRESIDENT YET!!!!
Posted by whitemale08 at 02:37 PM : Dec 03, 2008

I beleive that is the point that some people are trying to make but the MEDIA isn''t listening. They were so gung-ho about him being elected that it doesn''t matter that he hasn''t actually taken office yet. I have never, in all my years of voting, seen a Presidebt-elect get the media coverage that Obama has received. While we may not agree with the way Bush has handled things, allow the man to serve out his term and quit calling for his resignation (certain editorialist have made this request).

[aldon61]

P
oste
d by TheMasses10 at 01:17 PM : Dec 03, 2008

He no longer has that option, does he?

Posted by aldon61 at 01:19 PM : Dec 03, 2008

The World is not Black and White, yes or no, but many shades of gray!

Posted by spinproof at 01:46 PM : Dec 03, 2008

Wow! Just think folks where we''''d be if Sir LIES-A-Lot and his ENTIRE PARTY have voted "Present" when they took us down the path of "TRICKLE DOWN"!! ROFLMAO Then think if that same INCOMPETENT LOSER of a PRESIDENT and his MORE INCOMPETENT PARTY had vote "Present" when the Gramn/Leahy/Bliley Act came up! No MELT DOWN, NO DEBT, NO DEFICIT! Where were you bootlickers back then?? ROFLMAO


--------------------------------------------------------------------------------

Posted by irmcvet971 at 02:07 PM : Dec 03, 2008

You and spinproof mi-understood my post. themasses10 was mocking the use of "present"; I was stating the obvious, he no longer can vote present, as he and his administration are going to be setting policy for the next 4 years. As Truman was once quoted, "the buck stops here", and that now applies to president elect Obama. BTW, I support his presidency, so back off a little guys.

[whitemale08]

Boy...you Bush-lovers are slick, you try so hard to suck Obama into this marass of failure on the part of the Bush administration.

OBAMA IS NOT THE PRESIDENT YET!!!!

If Obama even suggests to do something different then Bush, then you guys would criticize and say ''Obama''s plan wouldn''t work''.

You can''t have it both ways.