Americans Weigh In On Obama's Automaker Bailout Plan

 

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Copyright 2009 Cable News NetworkAll rights reserved
CNN.com

30 March 2009 Monday 9:21 pm EST

SECTION POLICY

LENGTH: 718 words


TITLE: Americans weigh on Obama automotive rescue plan



Americans do not favor the restoration of billions of dollars worth of automobiles in the United States, polls show. For some, it is another example of the government to help Wall Street instead of Main Street, but for others it is simply bailout burnout.

Shortly after President Obama announced that he would give Chrysler and General Motors time to "restructure so as to justify an additional investment of taxpayers' money," iReporters let their feelings be known.

"Flushing your money down the toilet," said one.

"GM Motors? Forget it!" barked another.

CNN senior political analyst David Gergen warned this may happen. Earlier this month, after Obama echoed the nation "indignation" over a report that AIG would distribute $ 165 million in bonuses, Gergen predicted that the controversy set the tone for future rescue.

Nearly 80 percent of AIG up to U.S. taxpayers and the insurance giant was one of the biggest beneficiaries of government efforts to repair the economy.

"I think the president is in an awkward position because he wants and May, we must continue to bail out large banks and large institutions, enterprises in the car," Gergen said at the time.

"But there are so angry about what people say in May:" The hell with it. I am not what happens to these people. Let them go. They abuse us. They take our money and run, "he said.

Americans are divided on Obama to treatment of the problems facing the U.S. auto industry, according to a recent survey, but another survey indicates that the nation is adamantly opposed to the surrender of more money for cars.

The CNN / Opinion Research Corp. poll was conducted before the recent news that CEO Rick Wagoner GM to withdraw at the White House to demand. The survey also preceded Monday that the new Obama administration disapproved GM and Chrysler of the recovery effort and is seeking massive revisions businesses.

The survey, which had a sampling error of plus or minus 4.5 percent, said 49 percent of respondents disapproved of Obama in the treatment of auto industry, compared with 46 percent who approved efforts of the administration. The poll was conducted March 12-15.

The results presented a contrast of two questions posed last month in which respondents said they opposed government assistance for the car and the majority of self doubt that the leaders could make the right decisions .


"Americans tend to encourage assistance to individuals, such as homeowners in danger of foreclosure," said polling director Keating Holland CNN. "But they do not like the idea of money goes to large federal agencies such as automobiles or banks. "

Last month, the survey, conducted February 18-19 with a sampling error of plus or minus 3 percent, found that 61 percent of Americans oppose giving money to car manufacturers, 37 percent it is favorable. And 74 percent said they had little faith in the auto executives, 26 percent said they felt the leadership to make good economic decisions.

In a Gallup poll conducted at the same time, seven out of 10 people opposed to a self rescue.

GM has already received more than $ 13 billion federal aid. Chrysler has about $ 4 billion. Last month, the two companies asked for more. GM wanted $ 16 billion, and Chrysler has requested $ 5 billion.

Obama has announced plans for business Monday.

GM will have 60 days and Chrysler 30 days to prove they can be viable. Both are promised loans if they can, and will receive the capital in the meantime.

Chrysler, whose administration is pushing to collaborate with Italy-based Fiat, could receive up to $ 6 billion, but the administration does not say how much money GM could receive.

He did not know what will happen if companies can not prove they are worthy of loans, but the administration has said Obama a bankruptcy is a possibility.

Even if Obama approval rating earlier this month was 64 percent, the CNN / Opinion Research Corp. poll shows that Americans are much less attracted by the president's performance in the treatment of Detroit.

"Obama policies towards banks and automobiles are the only areas where it does not receive majority approval," said Holland. "On the other hand, the public has more confidence in the Obama administration in automotive executives when it comes to making the right economic decisions."

LOAD-DATE: March 31, 2009

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