For those who see President Barack Obama as a socialist, today’s words and actions refute that view. The White House request for General Motors CEO Rick Wagoner’s resignation is an indicator that there is limited patience for non-performing companies. This morning on Face the Nation the president said “They’re not quite there yet. … And that’s gonna mean a set of sacrifices from all parties involved, management, labor, shareholders, creditors, suppliers, dealers. Everybody’s gonna have to come to the table and say it’s important for us to take serious restructuring steps now in order to preserve a brighter future down the road.”
The deadlines being given to GM and Chrysler are further indicators supporting the view that socialized business is not on the president’s agenda. My column Make The U.S. Auto Industry Competitive was on target. Perhaps the banking and finance industry ought to be looking over its shoulder. Some of those bailed out financial companies could be the next to feel the impact of White House pain. I believe that “too big to fail” is too big to exist. I hope the president agrees.
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