Long Time Coming
GM CEO Rick Wagoner has been forced out by President Obama.
A few quick thoughts.
1. Getting rid of Wagoner was long overdue.
2. Using TARP (or any Federal program) to give the President the power to fire CEOs is just wrong.
3. The GM Board of Directors should have forced Wagoner out years ago.
4. The GM BoD should have been forced to step aside years ago.
5. The same ineffective BoD will mean nothing really changes at GM, so that all these new extra bonus bailout bucks will also go to waste.
6. Chapter 11 would have gotten rid of Wagoner and the BoD ages ago.
7. But Bush and Obama have effectively sidestepped bankruptcy, using all those TARP dollars Congress never approved of for bailing out automakers.
8. This whole situation is so messed up that if I have any more thoughts, my head will explode.
9. And my bride doesn’t have time to clean up that kind of mess before our guests arrive.
What are your thoughts?
This gonna be a long 4 years.
I thought it was Bush who was the Imperial President. As for Imperial I like mine in the Stout & IPA varieties!
Just be sure to have your head explode in either your red decorated room or the walk in freezer. Then your bride won’t have to clean up the mess.
It will put a crimp in what sounds like a wedding party though.
Completely agree. The government’s incursion into the private sector has been so swift and so pervasive it simply amazes. The thing is, it seems to be what the people want. How in the world have we forsaken our principles so fast? Time was we had a recession, lost some money, recovered and got on with our lives. These days, while this recession is admittedly severe, we can’t seem to understand that life if fraught with risk and sometimes that risk bites you in the ass. The whole country needs to man up. Companies need to fail, investors need to lose money and the strong wil get through this and lead us forward.
While the Republicans fiddled, the Democrats have quietly been building a constituency: non-taxpayers. All those people who don’t pay any taxes at all have no vested interest in seeing that the Federal Government taxes and spends responsibly. Quite the opposite: their incentive is to make sure the Feds tax more and more and more, and give it all to them. Once Obama raises the bar to 51% of the electorate, the rest of us are doomed forever to indentured servitude to pay for the slackers. Welcome to the Brave New World. It may well last a lot longer than 4 years.
As for the auto industry, I have just one thought, and it’s a bad one: Unions.
Makes you wonder what powers “The Won” will take unto himself next. I doubt that an entire team of constitutional scholars could imagine outrages against that document any faster than Obama is committing them.
Seriously, where are all those critics of unitary executive power when you need them? Hello? Anyone?
1. We’re not bailing out GM; we’re bailing out the UAW.
2. Anyone that takes bailout dough from this administration deserves to be Obama’s bitch.
3. Watch out for UAW t.v. ads: careworn smiles, violin music, the message that We’re All In This Together and it’s just Americans helping Americans.
8. arhooley:
1. We’re not bailing out GM; we’re bailing out the UAW.
Bingo.
Just like the impetus for the $787 billion federal stimulus/omnibus/porkulus isn’t primarily about “infrastructure investment”, it’s about bailing out the states, specifically their bureaucracies and underfunded pensions.
See, we can make socialism and planned centralism work this time because there won’t be a big, bad, western, free capitalistic alternative.
Ford Motor Company is a champion by not taking TARP or even admitting failure!
My husband has always had this thing for Ford over Chevy, and now I see he is right! Yes, my husband always said “First On Race Day”, and by golly, it might be Ford at the end of the day as well.
Dinosaurs became extinct because they couldn’t adapt to a changing environment, and cars that run on fossil fuels will become extinct out of their market-ironic isn’t it?
Cars don’t sell gas, and therefore should look to be independent.
Reminds me of this PJ Media post:
http://pajamasmedia.com/michaelledeen/2009/02/12/we-are-all-illiterates-now/
And what is so new about corporate welfare?
Obama has many fancy plans, and pants to match!
Welcome to the Socialist States of America.