In the wake of GM's restructuring announcement, some observers are beginning to talk about government assistance to get automakers through tough times. President Bush has quickly shot down the idea of assitance for US automakers, saying that the government shouldn't be "bailing out companies." GM spokesman Greg Martin said the General isn't looking for a free pass from Uncle Sam, instead insisting the company is going to take care of itself.

While it's nice to see GM taking care of its own problems, there really isn't much else the Detroit automaker can say. Admitting that it needs help would be an admission of doom, which would further deplete its stock while signaling to customers that bankruptcy is near. A company in bankruptcy protection can go under, and companies that expire don't (theoretically) honor warranties or have parts available for repair.

As for President Bush's comments, it deserves noting that few industries are subject to more government oversight than the automotive sector, and no industry is more vital to reducing America's reliance on foreign oil.

[Source: Detroit News Photo: Getty/Luke Frazza]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Honda Civic
    MSRP: $18,290 - $26,740
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    Share This Photo X