March 30, 2009
UPDATE: Mickey Kaus: Wagoner: Obama’s Diem? “After visibly defenestrating GM CEO RIck Wagoner, and moving to replace the board of directors, won’t Obama now ‘own’ the GM problem? If the company shuts down in the near future, costing tens of thousands of blue collar jobs, it will be under executives implicitly or explicitly chosen by Obama. It will be Obama’s failure, not simply GM’s failure, no? A public sector failure, not just a business failure. Doesn’t that make it harder, not easier, for the administration to walk away and force the company into bankruptcy?” Which is too bad, as bankruptcy is probably what ought to happen.
ANOTHER UPDATE: A reader emails: “Will Obama be getting rid of the head of the UAW also?” Gettelfinger should go, but won’t. Responsibility is kinda selective here . . . .
MORE: “I guess it’s our failing auto company now.” Plus a roundup of other reactions.
STILL MORE: World Stocks Tumble Amid Pessimism.