Monday, March 30, 2009

Why GE???

by David Sirota
So here's the question: Can anyone explain the differing treatment of auto companies and Wall Street firms? Is it just that there are far more Wall Street worshipers like Tim Geithner and Larry Summers in the Obama administration than auto industry representatives? Or is it something else?

The Associated Press reports that "General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, U.S. administration officials said Sunday." I'm not sure that's a good or bad thing, but I am curious about why the White House would make such a bold demand of a car company the federal government is lending to, but not a similar demand of the banks the federal government partially owns?

What I mean is - how is it that the White House is requesting the resignation of GM's CEO while not doing the same of, say, Bank of America's CEO? In fact, not only is the president not demanding the resignation of bank CEOs, he's actually hosting them for photo ops at the White House. Sure, I know some bank CEOs resigned a few months ago under shareholder pressure, but the Obama administration has never publicly demanded such resignations of the current management that is making the problems worse, nor the resignation of management at the biggest firms (Goldman Sachs, BofA, etc.) that are still in place.

Working Class Democrat comments:

I'm beginning to concede that Obama is worrisome. While it is too early to judge him on his actions, it is not too early to begin to see a pattern. There is a part of me that fears a Manchurian Candidate. There has been precious little for the working man up to this point and Obama may be looking to Kent Conrad to get him out of his campaign promise to bring us a National Health Care program. It's worrisome.

Obama doesn't care anything about working class Americans. Remember how he and Biden turned up their noses and snarled through clenched teeth; "He's a plumber". As if there were nothing worse than plumbers. When in truth, any honest work is to be admired. I daresay none of the elites in DC can fix a toilet or anything else, these days. Janet Crain

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1 comment:

KurtP said...

I think it's alot less complicated than that.
GM makes SUV's and gas guzzlers that America wanted to buy.
Now he can punish them for 'causing' AWG.