Huzzah! Huzzah! We’re Saved! WE’RE SAVED! The Great and Powerful Lord Obama has deigned to Rescue us from the Evil Capitalist Warlord at General Motors!!!
And, for the Record, I’m a Ford guy, but even I think this is Waaayyyyy over the line:
On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler.
The surprise announcement about the classically iconic American corporation is perhaps the most vivid sign yet of the tectonic change in the relationship between business and government in this era of subsidies and bailouts.
Industry sources had said the White House planned very tough medicine in Monday’s announcement, which turned out to be an understatement. And it went to the very top. The measures to be imposed by the government will have a dramatic effect on workers, unions, suppliers, bondholders, shareholders, retirees and the communities where plants are located, the sources said.
GM and Chrysler first requested billions in federal aid in November, warning that they could run out of cash in a matter of months if they didn’t receive it. In December, President Bush agreed to loan $9.4 billion to GM and $4 billion to Chrysler. Last month, GM asked for $16.6 billion more and Chrysler requested an additional $5 billion.
Earlier this month, Obama agreed to loan $5 billion to American auto parts manufacturers to help them weather the steep drop in new vehicle orders and the financial uncertainty at the Big Three.
Obama and his aides may have honed in on Wagoner for two reasons. First, his company is asking for the most in total federal aid: $26 billion, a figure administration officials fear could grow even larger. Second, the GM chief was tied more directly to the ill-fated decisions that that brought much of the American auto industry to the brink of collapse. Wagoner joined GM in 1977, has had a senior role in GM management since 1992, and became CEO of the company in 2000. He is considered responsible for increasing GM’s focus on trucks and SUVs—at the expense of the hybrids and fuel efficient cars that have become more popular in the last couple of years.
So, he’s being fired for giving the peole what they wanted to buy, really. The second-guessers in the White House are pissed GM didn’t make enough fuel-efficient cars, and By God, THEY’RE GOING TO MAKE SURE WE GET THEM NOW!!!, so let’s toss the S.O.B.
This, most certainly, will have a paralyzing effect on any future industry even remotely considering a government bailout. Once this die has been cast, there is no re-do; no “reset button.” Businesses will choose to go out of business rather than have the arrogant bastards in government who have never worked an actual day in their lives telling them what to do.
And if you don’t think THAT is one of the most arrogant, elitist, boneheaded decisions you’ve ever heard of, Take a gander at THIS, which even the Brits are laughing out loud at:
Britain will get its first chance to see Barack Obama this week when a White House cavalcade – complete with armoured limousines, helicopters, 200 US secret service staff and a six-doctor medical team – sweeps into the UK.
More than 500 officials and staff will accompany the president on his tour this week – along with a mass of high-tech security equipment, including the $300,000 presidential limousine, known as The Beast. Fitted with night-vision camera, reinforced steel plating, tear- gas cannon and oxygen tanks, the vehicle is the ultimate in heavy armoured transport.
Obama will start his first presidential visit to Europe when he steps down from the US presidential jet, Air Force One, at Stansted airport on Tuesday. The Boeing 747-200B is fitted with its own gym, electronic defence units and shielding to protect its complex communication devices from radiation from nuclear blasts.
Obama will then be flown to central London in a VH-3D helicopter known as Marine One. Again, high-tech security will dominate his journey. Marine One is fitted with flares that can be fired to confuse heat-seeking missiles and always flies in groups containing several identical decoy helicopters.
While in town, the president will be guarded by more than 200 US secret servicemen – easily identifiable by their shirt-cuff radios and Ray-Ban sunglasses.
And should anything befall the President, a White House medical unit will be at hand to provide emergency care. The team consists of surgeons, nurses and other medical personnel and carries supplies of blood of the type AB, the president’s blood group. At the same time, Obama will be constantly minded by his personal aide Reggie Love, who dials his BlackBerry, fetches his jacket and tie and supplies him with snacks. First Lady Michelle Obama will also have a coterie of assistants, including a secretary, a press officer and several bodyguards.
And, granted, these are all precautions and perks that were afforded his predecessor as well; but just don’t look good on the guy calling capitalists “greedy” and demonizing AIG executives for their bonuses.
The word is “hypocrite”, I believe.
Hat Tip: The Drudge Report