In his first address to a joint session of Congress on Tuesday, February 24, President Barak Obama called American automakers to task for past mistakes, but promised to support the industry in the long term.

Obama said, "As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices.

"But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it. Scores of communities depend on it. And I believe the nation that invented the automobile cannot walk away from it."

In spite of the historical gaffe referring to the automobile as an American invention when credit actually goes to the German, Karl Benz, and the Frenchman, Nicolas Cugnot, Obama seemed to be signaling his willingness to continue aid to ailing auto giants General Motors and Chrysler, provided they embrace change and energy efficient products.

"We know the country that harnesses the power of clean, renewable energy will lead the 21st century. And yet, it is China that has launched the largest effort in history to make their economy energy efficient," said Obama. "We invented solar technology, but we've fallen behind countries like Germany and Japan in producing it. New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea."

In response to the President's address, the U.S. stock market rallied after striking a 12-year low on Monday, February 23.