Congratulations America ... What 40+ years of the Cold War couldn't accomplish, President Obama did within the first 100 days of his Reign. We have now socialized a good portion of our economy. First our financial institutions, and now a major portion of our manufacturing sector. Next on the list ... Health Care.
Now, the President was well within his rights to fire the CEO of General Motors. Think of this as a "de-facto" bankruptcy, and our new Car-Dealer-N-Chief as the Bankruptcy judge. He is simply ordering the restructuring of the company. He got that "right" when GM got tax-payer money.
The President has given Government Motors 60 days to wring concessions from the UAW (United Auto Workers Union) to ensure the company's viability. I guess a "worker's paradise" will have to be put on hold for a while. At the end of the 60 days, I guess GM will have to go into bankruptcy so that they can void their contracts with the unions, suppliers and dealers. Because, does anyone think the union will actually voluntarily give up anything?
It is my opinion, that this has put the President in a bad position. He has staked so much political capital on GM succeeding, he is going to have to continue to pour billions of dollars into the company. If GM goes down, it will be seen as a failure by the President.
The big question is ... How much pressure is the President going to put on the Unions, they are the ones that brought him to the dance after all.
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