Green Hope to Balance Auto Doom

President Obama mixed in some hopeful rhetoric today to balance out the gloomy announcement that GM and Chrysler's restructuring plans had been rejected, going back to a recurring theme of the administration's economic fixes: that the upside of massive government spending will be a green technology revolution. From his speech today:

But I'm confident that if each are willing to do their part, if all of us are doing our part, then this restructuring, as painful as it will be in the short term, will mark not an end, but a new beginning for a great American industry -- an auto industry that is once more out-competing the world; a 21st century auto industry that is creating new jobs, unleashing new prosperity, and manufacturing the fuel-efficient cars and trucks that will carry us towards an energy-independent future. I am absolutely committed to working with Congress and the auto companies to meet one goal: The United States of America will lead the world in building the next generation of clean cars.