A warranty we can believe in
Today marks an historic event for us here in the U.S.A., The federal government is now in the business of car warranties. That’s right, from this day forward should your GM car break down you’ll have the full fledged backing of Barack Obama to get her fixed.
President Obama wasn’t happy with the plan for restructuring GMs top brass put together so he demanded that they go back to the drawing board. He also wasn’t pleased with CEO Rick Wagoner so he axed him and proclaimed a new day and a new way of doing business in America.
This new way is much like the hostile takeovers used by mobsters and loan sharks and it is not so new. Give a loan to someone under the guise of a bailout and then beat them over the head with it, take majority stock and make all the rules. The recipient can do very little just trying to stay alive and the public is none the wiser. In fact most believe this is what’s good for America and damn those CEO’s anyway because they’re rich and don’t deserve anything in the way of bonuses let alone should the company profit.
In a bit of irony Obama did mention the possibility of GM having to go bankrupt and start again. This seems like quite a waste since we’ve spent billions in taxpayer money and should have done this from the start. Bankruptcy wouldn’t mean the end of a Silverado in your driveway or a Chevy Impala on the lot. What most likely would occur would be the restructuring of union contracts so that the heavy burden of health care pay outs and the ‘golden parachute’ retirement plans which are somehow ‘OK’ would be brought down to a reasonable level. This may be too much of sacrifice however and I’m sure they’ll make their voices heard.
There seems to be no end to the hats Obama’s wearing these days. He’s had a bankers visor, stock brokers cap, military, gas station attendant, mortgage broker, NCAA football helmet and now a Mr. Good wrench ball cap. Unfortunately for us none of these hats have been a good fit and apparently are covering his eyes, because nobody with good vision could possibly be this bad at fixing things.
I miss ‘W’, don’t you?
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