Pitts: What does Obama know about running a car company?

Republican Congressman Joe Pitts (PA-16) released the following statement today in reaction to the General Motors declaration of bankruptcy:

"I have no reason to believe President Obama or the federal government knows how to run a car company any better than the executives they replaced. The taxpayers are now on the hook for $50 billion for the failing auto manufacturer with no end in sight. Political leaders with political goals do not fair well in the world of business. If bankruptcy was the end game we have a bankruptcy structure that would not have required $50 billion in taxpayer money if the government had not gotten involved to begin with. This is not the proper role for government, nor a legitimate use of hard earned taxpayer money."