After the much awaited transition of power, changes are underway in all facets of the American community. One of the changes that we can believe in, as his campaign suggested, is in the car industry. But does Obama bring good news or otherwise?

“Everybody, from labor to management to creditors to shareholders, giving something up,” stressed Obama. He thinks that shared sacrifice among every industry including the car industry would have to be considered.

Ironic as it may sound, Obama has his own reasons. Automakers would have to wait and see what happens because this may mean that tougher conditions on federal loans will be imposed in his administration. To backtrack in Bush’s administration, he allowed automakers to get a specific loan so that they can keep up in spite of the recession. These loans had strict conditions that involved time tables as well.

GM and Chrysler was able to file a loan. Former President Bush approved a staggering $17.4 billion while the GMAC Financial Services offered $6 billion on top of it. With these loans, the manufacturers were required to present a financial plan that will encompass the days between the start to the 17th of February.

Obama isn’t providing a solution to the overwhelming financial crisis in US. What he’s providing is a call to help one another. Quite a charismatic approach right there. This may work with the public but we never know with the business tycoons. After all, all he can do is to really call for unified effort.