Well, maybe we should be more like Venezuela
Via Memeorandum, President Obama fired the CEO of a private…well, what used to be a private-sector company.
The Obama administration has forced the longtime head of General Motors to resign and said yesterday that it would withhold additional federal aid to the auto industry unless the ailing companies undertake changes they so far have been unwilling or unable to make.
The administration effectively rejected as untenable the business plans that GM and Chrysler had submitted to restructure their companies, saying that neither had fulfilled the terms of the federal loans the companies received in December.
Are you glad you took the money now?
Looks like we’ll find out soon:
The president is expected to announce today that both companies may still win additional federal aid but under stricter terms.
And what might those “stricter terms” be?
Chrysler, which the administration believes cannot survive as a stand-alone company, must reach an agreement to partner with the Italian automaker, Fiat, in the next 30 days to become eligible for as much as $6 billion in additional federal loans.
We’re going to pay an American company to partner with an Italian company. Can anybody say “giant sucking sound?”
What’s the minimum wage in Italy? Why does President Obama hate American jobs?
GM, which has shed thousands of workers since the downturn began, must devise a leaner business plan that likely will cut the company workforce and product lines even more than officials had contemplated. It has 60 days to come up with a new approach.
Hey hey! Ho ho! Union busting has got to go!
Moreover, GM must move forward without its chairman and chief executive G. Richard Wagoner Jr., who met with administration officials on Friday and has agreed to step down.
“Agreed to step down” sounds like a euphemism. What I’d give to have been a fly on that wall.
Not everyone is shocked by this. The Moderate Voice is shocked that we’re shocked.
It is surprising that anyone would think that President Obama would not be tough on the automotive industry. The sad thing is that almost every pundit is shocked by this policy.
Sure, y’know, other countries do this sort of thing all the time. So everybody just calm down.
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