The Early Shift

Posted by vriz on 03/30/2009

early-shift.jpg The Administration auto task force completed its G.M. and Chrysler restructuring review on Sunday, ahead of the March 31st deadline.  President Obama will make the announcement at the press conference this morning.  But Washington wouldn't be Washington if some details weren't leaked ahead of time.  The big news is that G-men asked G.M. CEO Rick Wagoner to resign.  And "so, he had" to paraphrase the CEO himself. Some of the board members are out, too.  The company needs to present more cost-cutting plans within 60 days.  Chrysler executives, on the other hand, need to start taking Italian for beginners: the task force said, merge with the Italian car-maker Fiat, or Uncle Sam walks away.  You've got 30 days.  The automakers' treatment seems harsh to many.  Detroit sees it as "do-or-die-ultimatum." And there's certainly talk of the "double-standard." Meanwhile, the findings of our report on China’s pollution gets some play in the Wall Street Journal as a difficult debate on climate policy awaits Congress. And Paul Krugman in his column today concedes that U.S. has a credibility crisis with respect to solving the global financial mess.  That explains why European leaders have been reluctant, to say the least, to accept American solutions as gospel.

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