Obama : A failure of leadership led to GM, Chrysler Problems

Today, while President Barack Obama delivered ultimatums today for General Motors Corp. and Chrysler LLC to enact deeper Advertisement, he blamed the problems on GM, Chrysler as a failure of leadership from Washington to Detriot.He stated that there will be limits set on the aid that the federal government will give, and that workers, dealers, creditors and suppliers, and bankruptcy court would be needed.
According to the market, shares of 20% of GM fell on the New York Stock Exchange.
The prior plans under the administration plan included 50,000 people losing their jbs. The administration had found that GM and Chrysler had failed to make business plans to pay off their $17.4 Billion loan. So Barack Obama decided to take matters into his own hands and let GM and Chrylser know what strategies they have to take.
GM had 60 days to create a new plan, because their previous plan included shedding 20,000 jobs and closing 14 plants. The resignation of GM Chairman Rick Wagoner was also suggested in order for the company to be given a new direction towards the future. Obama suggested that GM make a deal with Fiat ( European car brand ) so they can be suppoorted by up to 6$ billion in loans that would be repayed before Fiat joins with Chyrsler. Declaring bankruptcy could also reduce the debt, and would enable the government to have say in the companies next moves towards success

Opinion: I believe that Obama is absolutely correct. By taking matters in his own hands, by consulting with his economic advisors, he has given GM and Chrysler a thorough COMMAND ( not suggestion ) on what to do in the coming times, in order to be successful during the recession.