Flash back to last October. We had this massive crash in the financial markets that could be seen eventually a mile away. Thanks to Fannie Mae, Freddic Mac, subprime mortages, and bad decisions, it was bound to happen. After that, there was this rush from Washington and its leaders - Bush, Obama, McCain, Dodd, Frank, Pelosi, Reid, McConnell, and Boehner, to bail out the financial industry. Trillion dollars. This was in addition to the current national debt, and any budget. This bailout did nothing for reform.
Now the auto industry is in trouble and asks for a loan (not a bailout). They however get a double flank from the government. This isn't based on party as much as geography and ideology. Part of this the union leadership bringing it on themselves with their hyperpartisanship alienating some people that would otherwise support them. Part if it is the eco-wing of the democrats and their Priuses with their jihad against American auto industry. This was shown in spades when San Francisco resident and speaker of the house Nancy Pelosi got enough people to oust John Dingell off the commerce committee over the issue of the auto industry. His replacement was the totalitarian Henry Waxman from Hollywood. Part of this is Southern senators like Richard Shelby in Alabama (Thanks for making the rebuilding of the Michigan GOP that much harder you prick) beholden to foreign car plants in his state.
Now we got this micromanagement from Mr. Obama.
WASHINGTON – President Barack Obama is sending a blunt message to Detroit automakers: To survive — and win more government help — they must remake themselves top to bottom. Driving home the point, the White House ousted the General Motors chairman as it rejected GM and Chrysler's restructuring plans.
New directors will now make up the majority of GM's board. Fritz Henderson, GM's president and chief operating officer, became the new CEO. Board member Kent Kresa, the former chairman and CEO of defense contractor Northrop Grumman Corp., was named interim chairman of the GM board.
"The board has recognized for some time that the company's restructuring will likely cause a significant change in the stockholders of the company and create the need for new directors with additional skills and experience," Kresa said in a written statement.
The Obama administration move comes amid public outrage over bonuses paid to business leaders and American International Group executives — set against a severely ailing economy.
What has Obama ever run to tell GM to do anything? This jerk's taskforce has only two people that even drove an American car.
This guy said it right.
Machine repairman Don Thompson, a nearly four-decade Chrysler veteran, said the automakers are being punished because of populist anger over the financial bailout.
"They're using us for the mistakes they've made in Washington," Thompson said.
You have this AIG bailout and those bonuses which are oh-so-outrageous now, were known when the reps voted on the bailout. As for the rest of the financial industry and the bailouts, the first one did not work. So what do we have here in Obama's proposed budget - another bailout of another trillion dollars!
It's okay if your the financial industry, but woe to those who build American cars. I'll close this out with this statement. Out of a job yet, keep buying foreign.