Obama fires GM CEO

Okay, admittedly the headline is a bit provocative, but on the other hand, I believe it's correct. As a condition for the government to loan billions more to General Motors, the Obama administration made it clear that GM CEO Rick Wagoner had to go. So he resigned.

This is very disturbing news. Not that Wagoner was given a pink slip, perhaps he deserves it. But we have a government that does not govern well, and the businesses it operates, the US Postal Service and Amtrak, are not highly regarded going concerns.

Disturbing.

From the Detroit Free Press:

Not since President Franklin Roosevelt considered taking control of Ford Motor Co. in 1943 from a failing Henry Ford has the federal government pushed for such sway in the management of Detroit's automakers.

In an editorial, the Lawrence (Kansas) Journal-World scolds the Obama administration for its vision of change. The op-ed was written before Wagoner was set adrift:

How long will the public allow Obama and his congressional henchmen and henchwomen to take away freedoms and exert greater control over America? At first, many of his defenders tried to soft-pedal his "changes," but now, even some of his most ardent supporters are starting to urge him to slow down, with some saying they intend to start voting against some of his efforts.

More...

What is to limit the president and his government from taking control of any business in the country if he judges it is too large to fail?

If he and the government have the power to take over a particular business, what is to keep him from taking over businesses and/or telling all kinds of businesses what they can pay employees? How about telling Americans how to set their thermostats or what color of car they can buy?

It's reaching a dangerous stage that will change America for decades, in domestic matters as well as in America's position and stature abroad.

Here's some more disturbing news, courtesy of AP:

Treasury Secretary Timothy Geithner defended his approach to fixing the country's economic mess Sunday, saying "the market will not solve this" while disclosing a bailout fund for battered banks has $135 billion left and might need more.

Freedom--and capitalism--is what made America great. Geithner is wrong.

So is Obama.

GM should declare bankruptcy. Time for a fresh start. Time for change.

Related post:

McCain: GM bankruptcy not so bad

Technorati tags: economy business automobiles cars auto industry general motors Obama politics Barack Obama