Eminently Outrageous

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We got a chicken
in every pot from FDR.
We’ll get a moped with 110 year payback
in every garage from Obama.

General Motors CEO Rick Wagoner has been told to “resign” by Obama administration. Mr. Wagoner has served in that position for about eight years. The GM Board of Directors appointed him; GM shareholders like me accepted him.

NBC reports that a senior Obama administration official told the network that Wagoner was “asked to step down by the White House.” The Obama administration will announce the automaker’s request for additional government rescue loans, two people familiar with the matter said.

One of my correspondents has shouted that, “This…. is … an…. OUTRAGE!!!”

He’s right.

Apparently Mr. Wagoner is out because he failed to gain the concessions from the UAW that government officials had set as targets to justify further loans. Obviously, the administration has forgotten the UAW strikes that crippled GM just a year ago and the ongoing rancor the union projects.

Mr. Wagoner has a lot of faults — mostly that he is a bean counter, not a car guy — but this drive by the administration to take over GM is a backdoor attempt at eminent domain. They think by sneaking in the backdoor, they can nationalize the company without buying any land.

The legal doctrine of eminent domain allows a government to expropriate property within the law. Without the doctrine, taking property — whether your house or your farm or your business — is either a criminal or a revolutionary act.

Here’s my bottom line; if the Obamanation wants my GM stock, they can indeed buy it. Tanking the business then taking it over from behind is not just plain theft; it is cowardly theft.

Be warned.

If you own a small bank, or a farm, or a restaurant on Main Street, you could very well be next.

Oh, yeah. And rumor has it that the government-run GM new product line-up includes a license to build the Tata.

5 thoughts on “Eminently Outrageous”

  2. It’s not just a joke that GM could someday stand for Government Motors. How do I know this?

    When a socialist democrat gets on TV and says something, you can believe the opposite. Obama said (paraphrased), We don’t want to own GM, we just want to make sure that the money they receive will be used properly.

    What that means is that he wants to make sure every cent of every dollar will be used to weaken GM’s capitalist business methods, strenthen the UAW and thereby promote socialism. That is this administration’s agenda.

    The government WILL soon own GM, first in principle by ensuring that all members of the board and the government chosen CEO will be lock step with the socialist agenda of the administration. And since the money loaned will never be paid back, the government will hold the paper on GM’s assets. That’s trustee ownership. (By the way it is not the government’s money, but yours and mine)

    Why is that so difficult for liberals to understand?

    Does Obama really want GM to go bankrupt? I dunno. I just know that if I owned GM stock I would hold onto it. With the way the print medium is going out of business I could use it down the road to train my puppy.

    –George

  3. Seems like they “asked (the wrong guy) to step down.”

    My EZ choice would have been UAW President Ron Gettelfinger (however you spell that.) But I guess expecting a Destructocrat Administration to do that, after all those years of hard-dollar campaign support from the UAW, is a bit too much.

    Today’s news (last night’s, really) is that the Government will back GM and Chrysler warranties. Yeah, right. That is a message to the UAW and Mutual Funds: “Deal now while you have a contract, or you will be dealing with a bankrupt company WITHOUT a contract.” My guess is that Wagoner was bound and determined to deal in good faith with people he had made deals with… and that wasn’t going to get it done. But I am certain that there is NO intention that they will have to follow through on this “committment.”

    I just hope the incentives and rebates the GOVERNMENT is now likely to trot out apply to all of 2009, since I bought my new GMC last Saturday. And they will provide incentives, now that the mess is out of hand on a world scale. I just wish they would have put them in the StimPak like various people (me!) were pleading — to deaf ears — back in January.

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