Early Reviews of Obama's GM 'Gamble' Don't Look Good
By Ben Pershing
Scan the coverage today of GM's bankruptcy and you'll see a wide range of reaction, from predictions of certain doom to sheer uncertainty about the company's eventual fate. The word "gambling" comes up a lot in reference to President Obama's plan, never a good thing when you're talking about amounts of money ending in 10 zeroes. What you don't see this morning are predictions of success.
It's difficult to find more than a handful of analysts or commentators in the mainstream media (outside of Detroit) who believe that this blueprint is likely to work. Not that it might work, but likely to work. And that is worrying news for the White House, which is working desperately to forestall the company's complete collapse -- and the subsequent economic shock wave -- but may instead be fostering the public perception that it is throwing good money after bad without a clear endgame in mind.
A Rasmussen poll released Sunday pegged support for the GM plan at just 21 percent, with 67 percent opposed. A clear majority of respondents would rather let the company go out of business than provide any more government funding. All of which helps explain why the Washington Times reports Republicans think Obama's actions on this front may help them in 2010. As the Los Angeles Times puts it, "there was increased criticism Monday that President Obama had committed far too many taxpayer dollars, most of which may never get repaid, to a company lacking an answer to its most profound problem: how to get more car buyers to choose its cars and trucks."
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