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Bold move or socialism?
The ax has fallen on GM chief Rick Wagoner’s neck. With one swing, President Obama put an end to Wagoner’s reign at the helm of the struggling auto giant. GM had asked the government for another bailout amounting to a further $16 billion in loans. Instead, the Obama administration pledged only to fund GM’s operations for another 60 days while it develops a sweeping restructuring plan.
Obama’s team also took aim at Chrysler, pushing it toward a merger, and threatened bankruptcy for both Detroit giants.
What do you think? Is it about time the government took forceful action or do the moves smack of socialism? And why go after the automakers but leave the management at failing banks in place?
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Resident Ask... Expert
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The so-called logic of the socialist comments defies belief. The company is not a person, it is a legal entity owned by thousands if not millions of people. If you think the company is making so-called outrageous profits then go buy some shares in it and you can share that profit. As for making a so-called decent living, you make FIVE times at the UAW what your job is REALLY worth in the open marketplace. From another perspective, your monopoly on an input cost, labor, is actually ripping off the company, and me the shareholder, as well as the consumer. Worse, the socialist imposition of seniority at the UAW prohibits hard working, smart employees from getting ahead — which goes completely against the core values of our society. As noted in another post — Wake up America!!