Spinning dizzily:the Obama press conference on Chrysler Chapter 11 was unreal.

How many press conferences must we be subjected to? This one, to announce as a triumph, what was patently a failure to get an agreement in time, is divorced from reality except for blatant efforts to conform reality to Obama's preconceptions. Significantly, the President "predicted" a quick outcome of the bankruptcy process while actively demonizing at least one of the parties to a judicial proceeding. This is especially grievous since bankruptcy judges are not Article III Federal judges and DO NOT have life tenure ( being appointed for 14-year terms ). Thus, the President expressing his strong "opinion" that, for example, the bondholders in the Chrysler situation are unreasonable "speculators" might have unconscionable weight.
His description of the various players is, likewise, unduly favorable to some ( the unions have made concessions; Fiat is transferring "billions of dollars" worth of technology -- hardly marked to market--; Nardelli deserves credit for stepping down -- he was already working for nothing and hardly had a choice ). Obama further exhorted the purchase of "American" cars eliding over the point that it's not just assembly -- and the participation of UAW workers--that makes a car domestic but the percentage of domestic value-added and that isn't as different between brands as he would have us believe. Obama plays fast and loose with history in his speeches ( or, more likely, doesn't know and doesn't care ) when he put Chrysler in the earliest days of the American car industry. 1925 was NOT the beginning.

It's likely that his exhortations and announcement of special preferences violates free trade agreements entered into by the U.S. but he cares not. He predicts what the nature of consumer-desired cars will be without the slightest understanding except his desire to satisfy his environmentalist supporters. How many people does anyone know in the U.S. who drives a Fiat car? or wants one? My own recollection of American Fiats puts them in the Yugo category.If Chrysler was historically known for anything, it was its engineering, in preference to that of Fiat but now we are to believe that the situation is reversed. (Even fuel efficiency was the hallmark of the 1980s K-cars.) With the UAW owning much of Chrysler and about to own much of GM, what will be its posture at the bargaining table when it is on both sides of the table? Will either company be able to make a profit when so compromised? I've always favored "American" cars for patriotic reasons of solidarity and presently drive a Lincoln. In future, Chrysler and GM will be last among cars that I consider and suspect that I'll not be alone.