Obama on Meet The Press: Car Makers cannot be allowed to fall

President Elect Barack Obama’s told Tom Brokaw in an interview on Meet The Press Sunday that the American car industry cannot be allowed to fall, calling GM, Ford and Chrysler the “backbone” of American manufacturing.

Obama said that the three had made “repeated strategic mistakes” but millions of Americans rely on the big three for their jobs, directly or indirectly, so they should not be consigned to court-supervised bankruptcy as some people have suggested.

Obama did say though that he wanted the assistance to be conditioned on restructuring.

“That means we’re going to have to figure out how to put the pressure in the same way a bankruptcy court would … but do so in a way that allows them to keep their factory doors open.”

“The auto industry doesn’t have a sustainable business model and needs to develop more fuel-efficient cars…such changes should have been made decades ago.”

Full Obama Meet The Press Interview as follows: