This Is Not Good

I don't care what you think about Wagoner, GM, auto bailouts, or anything else. This is not a good precedent, my friends. Not good at all. Do you think Obama would pressure a Union head out? Of course not. But there's a good case that he should. That would be wrong, too. This is our money Obama is leveraging for power, not his. And you don't have a say in how he uses it.

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

Wagoner's departure is one of the remarkable strings attached to a new aid package the administration plans to offer GM.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason.

Comments

[Reaganite Republican Resistance]

Pure showmanship- and good luck finding a quality exec that wants to take on that
weighty job with the control-freak Obama looking over his shoulder... while he works for
a buck a year and has 90% of his bonus taxed away.

Next they'll be telling GM that have to make all-electric cars that nobody is willing to pay $40K for.

Wagoner should of told him "we'll go BK, then"- the sooner someone stands up to this
power-mad narcissist bully, the better for this country-

Maybe Angela Merkel will give him an earful next week.

[Dan Riehl]

"a quality exec"

Obama doesn'twant a quality exec - he'll want a government aparatchik. And that's likely what he'll get.

[CJ]

Does any one besides me see the irony in wanting electric cars as plans for taxing more electricity is in the works?

[gus]

Did the Big Eared dimwit put a tax cheat in his place yet?

[Mike Pelzer]

How many AIG execs were asked to step down?

[WBestPresidentEver]

I guess "IT" will rename the Company to : "GREEN CARS OF AMERICA"
your government at work following in the steps Of Hugo Chevez.
I guess he will rename our country, too.
United Socialist States of America.
It's too bad about the GM President. He is a very capable man. The union has ruined the auto companies. The Government will probably put a Union guy in his place.

There is no way that I will participate in this non sense.

There is something going on with the power companies. They are installing what they call new SMART METERS. I got mine last week. Guess if I use more than they think I should they can now just shut us down until they want to power it back up.
Guess I will buying a power generator. Of course it takes gas to run it and gas will be going back up soon.
If I don't buy a new green care when I go to get my tag renewed I will be charged a special tax for a gaseoline powered vehicle.
This country is being run by none only than the CHICAGO MOB MACHINE.
We need to take this country back and soon.
These people make me want to puke.

[unseen]

this is not a precedent. That happened when bush bailed out AIG and told the CEO of AIG to step down. I thought it was wrong at the time and I think that Obama is wrong. remember bush said he abandoned free market principles to save the free market. How's that working for the statists Bush/obama again.

[PA]

Wagoner is probably glad to have this opportunity to flee. Henceforth all the suck is on Obama's head.

[bear1909]

Are you at all surprised?

Global Finance Capitalism is cleaning house with lil bHo as their corporate bagman. Out with the old and in with the subservient
who's taken a loyalty pledge to this New World Order.

Why do you think the US Treasury has been laying Sharia Friendly Financing bylaws into the policy structure the past two years? They need
the Muslim states to buy in to the new global banking system.

Our Nation has been taken over by GFC Inc.

lil bHo is here to preside over the "execution of America". It is a done deal. Stay tuned for more "Paid Exits".... across the hard industrial
base that is still operating in the USA. (Notice he doesnt have any industrial talent in his administration. Everybody is either a Clintonista
bag man, a Wall Street jackal, or a Fed stooge.)

I hope you have done something sensible with your "cash".

Bear1909 out.

[Mark Turner]

I'm sure that any government bailout package will have unpleasant strings attached -- especially when it comes from an administration unapologetically hostile to business (my perception of it, anyway). However, it also seems to me that if these CEOs knew how to run a business profitably in the first place, had some strategic vision to adapt to changing market conditions, and lost their "too big to fail" mentality, they wouldn't be in a position where the government was calling the shots and ramming the terms down their throats. If Detroit and Wall Street are really captains of capitalism, they shouldn't expect nor demand bailouts and subsidies from the government, regardless of what party is in charge.

[Mark Turner]

I also think that it is totally idiotic for the current administration to be pushing investments in green technology, healthcare reform, and localized "infrastructure upgrades" (such as maglev train lines between Los Angeles-Las Vegas) when the fundamentals of the economy are intrinsically weak. Too many changes too fast are a recipe for waste and failure even for well prepared, highly qualified and experienced leadership. With the current administration, such plans are practically a guarantee of undesirable outcomes, whether intended or not...and Dan is right...This is Not Good!

[Braz]

I just hate Obama. He's a big poo poo head.
God, you guys are lame- sound like a bunch of five year olds.
Don't you get sick of yourselves whining like little girls?
Gees!

[Mark Turner]

Braz -

Ever read HuffPo or Daily Kos, especially when Bush was in office? Now, that's the real definition of lameness and whining.

[Rich K]

HEHE,Barack is becoming more like President Thompson every day. Carrots and Sticks and Waggoner took his carrot and walked into the sunset.

[Xerocky]

"There is something going on with the power companies. They are installing what they call new SMART METERS. I got mine last week. Guess if I use more than they think I should they can now just shut us down until they want to power it back up. "

Has anyone seen the GE spot for the smart meters, with the old grid being likened to the scarecrow from the Wizzare of Oz?

Yeah, don't pay any attention to the man behind he curtain, indeed.

[CasualObserver]

Clearly not a precedent since the Bush administration (i.e. Paulson) did the same in Septemeber 2008 - http://online.wsj.com/article/SB122156561931242905.html.

Not at all good then, nor now - but then, not surprising. History shows that at any time individuals or corporations accept something from the government, they give up some of their freedom in return. Soon there is no freedom left with the result being tyranny.

Throw all the bums out regardless of political party...

[JustOneMan]

Using King Barrys logic...we should demand the Governors of New Jersey and California and every other state taking bailout monies resign immediatelty.

If they were the state executives responsible for running their states into the ground how come they get to keep their jobs but the head of GM doesnt?

In addition, how come the head of the UAW isnt being forced to resign? Labor costs are one of the biggest problems facing the auto industry....

[North Dallas Thirty]

Because leftist labor unions provide Barack Obama and the corrupt Obama Party with funding.

This is simply a way to get the Federal government to pay for Barack Obama's campaign. Nationalize the auto companies, subsidize salary costs with Federal dollars, hire only union workers, and have the unions kick back billions of dollars in dues into the Obama Party coffers.

If you want to see the Obama Party stop nationalizing stuff, here's a quick and easy way to do it; pass a law mandating that unions representing a government entity or corporation in which the government is the major stockholder may not make political contributions.