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.

http://open.salon.com/blog/david_sirota/2009/03/30/why_not_bank_ceos

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.

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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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Big Three Not So Big Now

Big Three Fight for Their Lives

By Daniel Politi
Posted Wednesday, Dec. 3, 2008, at 6:31 AM ET

The New York Times, Washington Post, Los Angeles Times, and Wall Street Journal lead with the restructuring plans that Detroit's Big Three presented to lawmakers yesterday in hopes that they will help garner support for billions of dollars in government assistance. On the same day as new industry-wide figures revealed that November was the worst sales month in 26 years, two of Detroit's giants made it clear they're hanging on by a string. General Motors could collapse by the end of the year and said it needs an immediate injection of $4 billion and will need as much as $18 billion in loans over the next year. Chrysler could suffer a similar fate and asked for a $7 billion loan before the end of the year, and Ford asked for a $9 billion line of credit but took pains to emphasize that it might not need it. The automakers will make their case to lawmakers this week, and Democratic leaders said they hope to have a bill ready by next Friday.

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