Posted on 03/30/2009 3:23:00 PM PDT by mdittmar
President Obama is casting his decision to oust Rick Wagoner as General Motors CEO as a break with the past for the U.S. auto industry.
Obama, in his remarks on the administration's rejection of the latest restructuring plans submitted by GM and Chrysler, said that the U.S. cannot let the auto industry vanish, but also cannot continue to excuse poor decisions.
Speaking in the Grand Foyer of the White House, Obama said he is confident that GM "can rise again," but only if it undergoes a "fundamental" restructuring.
The president said Wagoner's departure is "an initial step" in the restructuring.
"This is not meant as a condemnation of Mr. Wagoner, who has devoted his life to this company; rather, it's a recognition that it will take a new vision and new direction to create the GM of the future," Obama said.
Obama also said his administration has come to the "reluctant" decision that Chrysler cannot survive on its own and will need to merge with another company. He is effectively giving Chrysler 30 days to come up with a plan that would allow it to merge with European automaker Fiat.
(Excerpt) Read more at thehill.com ...
“.....but also cannot continue to excuse poor decisions.”
We are watching The Great One’s poor decisions with much interest.....can we continue to excuse them? At least we here on FR won’t.....
I’m sick to my stomach over all of this. And now the communist in chief wants to “spur” us to buy more. Why doesn’t he just close the borders, take over the rest of the production of the country and make us all wards of the state.
Just put your hand on the television screen over mine.... Heeeaaaalllll.....
Zer0 is firing auto execs?
Chavez.
During Election 2008 someone had a great photoshop of Obamao with the words
“Vork Macht Frei”
This is what it appears to be, Fascism on the Potamic.
What big company is next?? Anybody know?
People in this country think it is too civilized and too 'democratic,'and too protected by law to go the way of the Nazis, Maoists, Stalin and Mussolini's Italy. Obama is systematically dismantling the Constitution, aided by his rabid-liberal House and Senate and he is forming his own 'enforcement' force ostensibly disguised as a youth 'service' organization. People need to wake up lest we repeat the holocaust of the Jews.
He, Bush, Paulson have pulled trillions from the taxpayer.
Where did it go?
You mean to tell me people aren’t getting rich?
Pluuueeze.
In another twenty years we will be serfs on wealthy patron’s plantations.
If you want a vision of the future, imagine a boot stamping on a human face - forever.
--- George Orwell
From the standpoint of-if I were a corporate executive I’d never, after this, consider taking any government bailout funding-this could be a good thing. Let them work their way through their problems without government intervention, or go bankrupt. I’ll bet many are second guessing their recent decisions to go after bailout funds...
And if I were an inventor, entrepreneur or just anyone wanting to start a new business, I’d sure think twice after today. If I didn’t have the funds myself, and other than government sources (non-banking...who themselves could be now government controlled), I’d be waiting until I could develop those funds myself. No way do I want Uncle Sugar to be a partner.
http://www.redstate.com/blackhedd/2009/03/30/general-motors-hurtles-toward-bankruptcy/
General Motors Hurtles Toward Bankruptcy
And then there’s the UAW. They are in fact the beginning and the end of the government’s interest in General Motors. They will come out of this as the big winners. Never mind that the average automaker earns half again as much in wages and benefits as the average American. UAW boss Ron Gettelfinger, with CEO Obama at his side, will announce “deep, painful concessions” to be suffered by the union membership.
But don’t believe a word of it. The union will come out of this nearly untouched, with their exorbitant compensation packages basically intact, and minor changes in work and seniority rules. And you the taxpayers will be paying for every penny of this, because they won’t be earning all that pay in the market. GM in bankruptcy will force every one of its stakeholders to take major pain except the UAW membership
The sheer arrogance of this gasbag is positively frightening.
It’s time to take back the country. The precedents being set by the anointed one are clearly outside the bounds of the US Constitution. His agenda is most decidedly Marxist and his goal socialism.
Develop a product that doesn’t need to be regulated, an accessory. A gunsite, a hot-rod front suspension. Something that you can do out of your mom and pop shop. under the radar screen.....
O’s arrogance is stunning!
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