GM CEO resigns — at Obama’s behest

posted at 6:18 pm on March 29, 2009 by Allahpundit

If you want taxpayer money, you’re going to have to do things The One’s way. And if you don’t want taxpayer money, TurboTax Tim might swoop in and make sure you do things The One’s way anyway.

The era of economic Hopenchange has officially begun.

Wagoner’s departure is one of the remarkable strings attached to a new aid package the administration plans to offer GM.

The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason…

Industry sources had said the White House planned very tough medicine, 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, retirees and the communities where plants are located, the sources said.

Oddly enough, when Rasmussen polled the public in December, only 14 percent thought a GM run by the feds would outperform a GM run by the private sector. Exit question: Ever get the feeling that Obama’s not quite the centrist pragmatist Christopher Buckley thought he’d be?


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 8 9 10

<blockquoteClassicCon on March 30, 2009 at 12:50 PM

Day ain’t over yet.

Dow -302.51-3.89% 7,473.67
Nasdaq -53.03-3.43% 1,492.17
S&P -32.31-3.96% 783.63

Kai on March 30, 2009 at 1:59 PM

Let me list the consequences of insolvency and liquidation

1 Tata buys them and they go non union.
a 20,000 suits moved to India

b 80,000 laid off and unwemployed plus loss of 300,000 supplier jobs

c Loss of pensions and retirement health insurance. requirs 40 billion of federal dollars to replace

2 Loss of jobs and more imports make up difference. That means more foreign built labor in cars

3 Obama does keep his promise of going green. If you stop buying cars, you will stop driving and burning gas.

seven on March 30, 2009 at 9:22 AM

LETS CONTINUE THE SCENARIO ALL THE WAY OUT.


4. Tata is not the lone bidder in the insolvency process, GM has many buyer from many places, including companies that make fully electric cars right now.

5. 380,000 previously laid-off and displaced employeed are sought out in new automobile manufacturing jobs that are non-union, yet profitable companies making cars that are built in the US , but labor doesn’t cost 80.00/hr. Workers seem to be happy to move out of Detroit to a new place where Unemployment,Crime, and ghettos are NOT a way of life. Ron Middlefinger has to move to India to unsuccessfully try and start a union over there.

6. 40 billion is a mere pittance compared to what this idiotic administration has spent, nobody will notice this in the next porkapaloosa Obama Nancy Pelosi rams through congress, all the retired UAW workers are safe.

7. Has anyone looked to see how much forign labor is already on sale over at General Motors? Before you “buy american” check the label on that brand-spanking-new Chevy Aveo or other GM product. Bet it’s hard to find a car made entirely in the US ! Lots of Toyotas and Hondas are made right here in the USA, by happy people making a quality product, because they are actually concerned about what happens when the car leaves the assembly line, not concerned about how their boss asked them to do something that is “not part of my job” and getting their union involved over a broom handle or something else that is tremendously frivolous.

8. Less GM = more innovation in the marketplace.

9. Obama not re-elected in next election, economy gets up and running.

UNREPENTANT CONSERVATIVE CAPITOLIST on March 30, 2009 at 2:00 PM

GM was being bailed out by taxpayers, if GM wanted to keep Waggoner they should have given the bailout money back. Once they accepted the money all bets were off.Do you people think the bigwigs that played the American people for suckers are gonna fix their own house? Wall Street and bigtime CEO’S like Waggoner can’t be trusted.Didn’t see the gop coming up with any suggestions how to fix this mess. Don’t cry because Obama is doing something. Didn’t hear any crying when Bush let big business run wild for 8 years. So save me the tears now.

athensboy on March 30, 2009 at 2:51 PM

A$$BOY, your an idiot. The GOP’s suggestion was to let the market take care of itself. Oh, that’s right. Your one of those “Government will cure it” dolts.

PappaMac on March 30, 2009 at 3:12 PM

Oh my goodness. This topic just gets better and better. You leftists deserve socialism. The Conservative solution is the free market. If the big bad boys can’t negotiate with the badder boys of the union, let the union tank the car companies, period.
Big dumb Obama can not save this day because the problem is still the union.
You guys deserve socialism.

ORconservative on March 30, 2009 at 3:37 PM

Once again, with feeling, if the conservative solution is the free market, why does the idea of the government attaching conditions to a loan get your panties in such a wad?!?! Shouldn’t there be some negative consequences for asking for a government handout?!?!

Mal Carne on March 30, 2009 at 5:01 PM

athensboy on March 30, 2009 at 2:51 PM

You pathetic & worthless shit for brains idiot; you will never hear any alternate plan proposed by the GOP or any other organization unless you pull yourself away from MSNBC long enough to actually research something.

The Republican solution was very simple and has been out there for at least (6) weeks now… In a free market society, businesses must be allowed to file for bankruptcy, and the market will correct itself. I personally know men who have had to file bankruptcy, learned some things, and came back stronger than before. Most people focus on success, but failure also has a place in the process.

Keemo on March 30, 2009 at 5:09 PM

Mal Carne on March 30, 2009 at 5:01 PM

Well, yeah, which is why many of us think GM would’ve been better off going the Chapter 11 route. However, the administration has already said that any company having a major impact on the economy is ripe for takeover, whether they took government money or not.

ddrintn on March 30, 2009 at 5:10 PM

Next up on the Obama agenda; Big Oil…

Remember Maxine Waters telling the Exxon exec that she was going to Socialize the oil industry….

Soon, oil will be back up to 100 a barrel.
Soon, Obama will go after the oil industry.
Don’t know what angle he will take, simply know it’s coming.

$5.00 a gallon gas will be here again soon, and the athensboy-getalife-sethstorm tools will be trying their best to tell us how this is a good thing.

Keemo on March 30, 2009 at 5:22 PM

Next up on the Obama agenda; Big Oil…

If he doesn’t go after Big Pharma first. As an evil pharmaceutical rep peddling life-saving drugs to unsuspecting, innocent doctors, my job might be next on the chopping block.

You see, we’re in the way of universal health care. My company spent billions upon billions of dollars bringing new drugs to market, and in our unadulterated greed we try to make back as much as we can before the patents expire and the freeloading generic manufacturers swoop in. WE ARE KEEPING CHEAP GENERICS FROM THE POOR!

TheMightyMonarch on March 30, 2009 at 5:52 PM

I don’t suppose that The One will resign at our behest? No? Just wondering.

Dr. ZhivBlago on March 30, 2009 at 6:01 PM

Don’t know what angle he will take, simply know it’s coming.

It will be for the “good of the environment”. The idea is to manufacture a forced shortage through restrictive environmental legislation and the continued refusal to exploit our own natural resources, in order to drive up prices. As always we’re at the mercy of OPEC.

There will inevitably be another natural disaster to hit the U.S. in the next few years that will be exploited for political gain. Remember the moonbats who pinned Katrina on Bush’s “lax” environmental policy?

As Rahmboy said, never let a good crisis go to waste. The next major flood or hurricane will hit, they’ll trot out the usual gang of faux-scientists to pin it on carbon emissions, and you’ll start seeing the propaganda leaking out from Newsweek and the NYT, “Are We Doing Enough to Fight Climate Change?”

Meanwhile oil prices are skyrocketing, the MSM keeps pumping out “Accusations of Price-Gouging” stories, and the populace has had enough anger sufficiently misdirected to oil companies to accept even more restrictive environmental legislation. Heating oil shortages are blamed on greedy oil companies instead of who really caused them.

I’ve only been paying real attention to the MSM and the libs for ten years or so, and I can already call their tired old plays.

What I want to know is how Maxine Waters, possibly the stupidest person ever to hold public office, plans to nationalize multi-national corporations.

TheMightyMonarch on March 30, 2009 at 6:09 PM

I don’t suppose that The One will resign at our behest? No? Just wondering.

Here’s a talking point:

Nixon resigned over a hell of a lot less than what Obama’s done, or plans to do.

TheMightyMonarch on March 30, 2009 at 6:22 PM

Well, yeah, which is why many of us think GM would’ve been better off going the Chapter 11 route.

And if they fail to meet the 60-day deadline, that’s exactly what will happen. (In actuality, it’ll probably be something other than raw Chapter 11. GM’s argument to date about why it should be bailed out has been that it would ultimately be more expensive to the taxpayer to pay for Chapter 11. Note that Obama’s been announcing things like, say, support for parts manufacturers under TARP – exactly the people would be harmed by a bankruptcy. Both scenarios are being prepared for, I think.)

As for “nationalization…” why? I mean, seriously, just why? GM won’t make anyone any money any time soon, let alone the government. Fancy low-mileage cars? Toyota makes them far better already. What’s to take over? Stop hyperventilating already and show me something remotely resembling a rational scenario where the U.S. government makes cars at a profit using the worst car maker in the US as a backbone.

Mal Carne on March 30, 2009 at 11:26 PM

And you wonder why you keep losing.

getalife on March 30, 2009 at 10:09 AM

Ah, the liberal mind. Where one election is a trend, and two elections is the end of history.

ThereGoesTheNeighborhood on March 31, 2009 at 12:31 AM

UNREPENTANT CONSERVATIVE CAPITOLIST on March 30, 2009 at 2:00 PM

The Aveo is something called a “captive import” from Korea. Note that it doesn’t look like something Detroit would design. Nor would it be something I’d drive.

Those Toyotas and Hondas are only assembled in the US from largely Japanese designs.

I’d hope national security laws come into mind and actually come into play(unlike the sale of IBM’s PCD to Lenovo).

Tata makes junk, and that doesn’t change with them holding Jaguar.

Keemo on March 30, 2009 at 5:22 PM

It isn’t a good thing to have $5.00 gas. I’m not an environmentalist at all; but feel free to believe a lie if it makes you happy. If anything, I’d not mind seeing things cut back to the point where we could have more than just oversized golfcarts, but affordable muscle – where Detroit does well.

sethstorm on March 31, 2009 at 3:14 AM

Mal Carne on March 30, 2009 at 11:26 PM

Only if you want a 4-cylinder, oversized golfcart.

sethstorm on March 31, 2009 at 3:15 AM

…what on earth makes you think that’s what Chrysler is going to end up building? Who would buy it in America? Especially when there reliable, cheap, efficient small cars that work perfectly well on American roads that are already being built by Toyota, Huyndai, Kia, and their cousins?

Mal Carne on March 31, 2009 at 7:55 AM

Mal Carne on March 31, 2009 at 7:55 AM

Fiat’s current lineup and design philosophy.

Welcome back to seeing European designed K cars.

sethstorm on March 31, 2009 at 11:28 AM

The CEO has set an example for Obama to follow, perhaps he should resign now to save the country.

workingforpigs on March 31, 2009 at 11:29 AM

Comment pages: 1 8 9 10