Today President Obama announced that the federal government was essentially done supporting Detroit's collapsing automakers, saying that unless car manufacturers can meet strict criteria the federal government will no longer grant them financial aid.
Blaming a failure of leadership both within the auto industry and the government, Obama said that the glory days of American cars dominating the global market are over. "We have reached the end of that road," said Obama. "And we, as a nation, cannot
afford to shirk responsibility any longer.”