General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
I understand the argument that, for national security reasons, we need a domestic car industry. I'm still mulling over whether or not I agree with that argument, but let's accept it for a moment.
Why should we believe that Washington can run a car company better than a car company?
Who is the US President to tell a private company who its President should be? That should be the job of the Board of Directors.
From whence does this authority come; was it one of the strings attached to the bailout money? If so, my first question remains unanswered.
The President seems to want to nationalize a lot of companies, and have even stricter regulations on even more. That strict regulation and heavy taxation hasn't shielded Europe or the Far East from the effects of this recession; that tells me that alleviating the effects of the recession is not what these changes are all about. The recession is only an excuse for the government to usurp private property and increase its own authority.
George, Tom, Ben, and the rest of the Founders would not be pleased.