This morning I saw a nice headline on The Drudge Report that I borrowed, and a link to this article at The Wall Street Journal. Click here to read the article in its entirety. The article addresses yesterday's news that GM CEO Rick Wagoner will be stepping down effective immediately at President Obama's request.
This is sort of scary to me. President Obama didn't go to Congress to intercede, and didn't seek any other legal avenue, but instead, he just called Ricky up and let the axe drop. It's not a good precedent to set, that's for sure! I am still a little confused as to how what Obama did is legal, but I'm no expert so all I can do is just say that it makes me worry when the President of the United States can fire the CEO of a car company, whether they were "loaned" tax-payer's dollars or not. Does anyone else think that this is one step closer to Totalitarianism?
If you have a few minutes, feel free to watch a nice little video spoof of where we're headed.
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My guess is BO gave him an ultimatum, "Step down or we'll make you step down." Personally, I wouldn't have caved in. I would have stuck around and made a circus of what BO was trying to do, but I think Wagoner was probably trying to do what was best for GM in his opinion. He probably was told if he stepped down GM would get the money, which they didn't. This whole administration becomes more of a joke everyday.
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