Pat Dollard | Young Americans

Politico:

President Obama tells CBS’s Bob Schieffer on “Face the Nation” that he will call for “a set of sacrifices” so that the U.S. auto industry will “emerge at the other end much more lean, mean and competitive than it currently is.”

Obama is to announce his plans for strategy for carmakers on Monday at the White House.

Obama told Schieffer: “There’s been some serious efforts to deal with a combination of long-standing problems in the auto industry … What we’re trying to let them know is that we want to have a successful auto industry, U.S. auto industry. We think we can have a successful U.S. auto industry. But it’s got to be one that’s realistically designed to weather this storm and to emerge at the other end much more lean, mean and competitive than it currently is. And that’s gonna mean a set of sacrifices from all parties involved — management, labor, shareholders, creditors, suppliers, dealers. Everybody’s gonna have to come to the table and say it’s important for us to take serious restructuring steps now in order to preserve a brighter future down the road. ”

Schieffer: “But they’re not there yet.”

Obama replied: “They’re not there yet.”

Obama also told Schieffer about his meeting at the White House on Friday with chief executive officers from top banks.

“What I said was: Look, first of all, there are a lot of bankers that are doing good work in the community, that are— acting responsibly, that haven’t taken huge risks,” Obama recalled. “I understand that. But understand that for the average single mom who is just barely struggling to pay her mortgage— or medical bills for her kid— who’s paying her taxes, who’s playing by the rules and then finds out that— a taxpayer-assisted firm is paying out multi-million dollar bonuses, that’s just not acceptable. Show some restraint. Show some— show that you get that this is a crisis and everybody has to make sacrifices.”

Schieffer asked: “And what did they say?”

Obama replied: “They agreed. And they recognized it. Now, the proof of the pudding’s in the eating. So I expect to see that restraint operate. Another way of putting it, as I said— to those folks— let me help you— help me help you. I— it’s very difficult for me as President to call on the American people to make sacrifices to help shore up the financial system if there’s no sense of mutual obligation and— and mutual help. Now, the flip side is I’ve gotta explain to the American people we’re not gonna get this recovery if we don’t see a recovery of the financial sector. And there’s no separation between Main Street and Wall Street. We’re all in this together. And it’s my job to help keep that focus as we move forward.”