I won’t by buying one of their cars in the near future (maybe after 2012 — if he hasn’t run them into the ground by then). Way to kill the auto industry, dude!

GM got assurances of 60 days’ worth of federal financing to try and revise its turnaround plan under new management with heavy government participation. That would involve concessions from its union workers and bondholders. The administration engineered the ouster of longtime CEO Rick Wagoner over the weekend, an indication of its deep involvement in an industry that once stood as a symbol of American capitalism.

If I were Wagoner, I probably would have jumped at the chance to jump ship. Who needs the headache of being dragged in front of the tribunal congressional hearings when the company continues to tank? Better to go into retirement and enjoy your 20 mil. I bet the Ford CEO is doing cartwheels over the bullet he dodged not taking the bailout money. He still has a job!
I’ve got mixed feelings about this move by Obama, on the one hand I’m appalled that a president can just take over a company without even consulting Congress. If Bush had done this, the press and Congress would have had a cow (you know I’m right, lefties). It seems like something they do in third world countries (you know the ones with the tinhorn dictators) and places like Venezuela and Russia. But on the other hand, I bet corporations won’t make the mistake of going to the government with their hand out in the future. Especially after they see the mess Obama makes of GM.