I was planning on taking the day off from posting. I played the Subway 3-Point Play game, checked my e-mails took a look at my Amazon account all while watching the NCAA basketball games. All in all it was a pretty good evening.
As I was getting ready to shut down my system, a headline caught my eye:
GM CEO Wagoner to step down at White House request
President Barack Obama has requested that the Chief Executive Officer of a private, American resign! The President of the United States has inserted himself into the workings of a publicly traded company! Will Obama also “hire” the new CEO? What are the Administration’s qualifications to run an auto manufacturing company?
THAT IS CHILLING! I cannot help but keep using exclamation points as I write this. The Wall Street Journal had the best coverage of the story.
Some will argue that since General Motors took bailout money, they are getting what they deserved. There may be some truth to that, but it seems like another example of unconstitutional activities by this Administration. What may be more chilling is that a corporate CEO acquiesces to Obama’s request. Where are the captains of industry? Where is the outrage? Where is John Galt?
Combine this story with the testimony from Treasury Secretary that he wants more power to sieze companies that may be failing and you should feel a REAL CHILL!
“Treasury Secretary Timothy F. Geithner today told Congress the administration will seek unprecedented power to seize non-bank financial companies whose collapse could jeopardize the economy, a move Geithner said would have allowed the government to bail out insurance giant American International Group at a far lower cost to taxpayers. “
Their power will not be limited to those companies who took bailout money. THE PRESIDENT AND TREASURY SECRETARY WANT THE POWER TO SEIZE COMPANIES WHOSE COLLAPSE COULD JEOPARDIZE THE ECONOMY! I would not look for the power grab to stop at “non-bank financial” institutions.
This seems too much like Venezuela. Maybe there will be some as this story just broke. I certainly hope there will be a lot of furor over this. Stay tuned.
Who is John Galt?