Posted by
Eric Jay on Wednesday, April 01, 2009 6:00:00 AM
If you visit my site often (well, if I were true to myself, there aren't many who visit 'often,' I won't delude myself) you will know that there are rarely if ever just one question, so this post is no exception! One leads to another, and on it goes. The only regret that I have is that there are so few that comment. I enjoy reading the responses from fellow bloggers, it makes me feel not so alone in my convictions and, well, my utter conservatism. Actually, my wife calls me a blind partisan, maybe not in so many words, but her tone says it all*.
That being said, I cannot be but surprised by the sheer magnitude of current events. Are the indelible fingerprints of the Obama Administration going to be around for a decade, two, fourscore and...? The very fact that the profligate spending by this president and his step-in-line Congress and Senate, we can be assured that unwinding the damage will take at least four score. One Trillion in debt, who would have thought, huh. (The saying, a trillion there, another there, another here and we are now talikng about real money! couldn't be more true.)(Another scary tidbit: the debt rung up by the Obama Administration is greater than all, that's ALL, other presidents COMBINED.)
Big deep breath here. In, out. Fill the lungs, clear the mind...
Okay, okay, I will get to the question now (okay, after the set up). From the Investor's Business Daily, dated 3/31/09, are some disquieting words. Those words should resound from roof-top to roof-top, coast to coast. This president has taken the unheard of action of firing a CEO from a major corporation, replaced him with, presumably, his pick to run the company:
Meet The New Boss (Access may be only by subscription)
Posted 03/30/2009 06:53 PM ET
Industrial Policy: The U.S. government dictating a major corporation's merger partner and who its CEO should be was unimaginable a year ago. Has industry sold America's free-market soul for bailout money?
A president of the United States orders the chief executive officer of General Motors to resign. The same president is further ordering Chrysler to merge with Fiat, the Italian firm specializing in flimsy cardboard boxes on wheels.
This new reality should send a chill down the spines of all Americans. The federal government has begun to run U.S. companies.
President Obama said Monday, "
my team (emphasis mine) will be working closely with GM to produce a better business plan."
Here it comes, the question, soon...
Who would have thought that a major American corporation, a mainstay in American manufacturing, would forfeit their decision making to the government. We're not talking about regulating this auto company. What we see is a full fledged corporate coup de'tat! The head of the automobile company of Chevy, GMC, Pontiac, Cadillac has been dismissed. I don't believe there has been a president who has wielded such authority.
Scared yet? Oh, that wasn't the question, sorry. My point in all of this, is that General Motors is now, for all intents and purposes, run by the government of the United States. President Obama had more to say, qualifying his statement that he and his team were now making decisions, continuing in IBD:
"They must ask themselves: Have they consolidated enough unprofitable brands? Have they cleaned up their balance sheets, or are they still saddled with so much debt that they can't make future investments? Above all, have they created a credible model for how not only to survive, but to succeed in this competitive global market?"
Scared yet? A shiver running down your back? Me? I am personally curled up beneath my Snuggie- a product no doubt the creation of some small business owner that truly is quaking in his or her boots. Wondering when and if the big bad Sheriff Obama is ready to come and fire him, take his business away and then adding injury to insult taxes her, retroactively, at an ungodly rate of 95% of receipts (yes, that is a qualification of some consequence...) not profit, not gross profit. Yep, you guessed it, we have not gotten to my initial question, but it is next. There is no question that President Obama has taken over General Motors, lock, stock, and barrel. Drum roll please...
- Now that GM is no longer a private entity, and
decisions are made solely at the whim and mercy
of President Obama, what happens when GM fails?
- What business is next? Airlines? Oil Companies? Package delivery (FEDEX, UPS)
- Let the new GM CEO go?
- Or, fire Obama/Biden?
I will give you one example, now that I think of it there are two great examples of businesses run by the government. I am sure you can them instantly, if you haven't already made the leap. United States Postal Service and Amtrak. Fannie and Freddie are, certainly, other entities that are run by the government, too. They are not full fledged, operated solely by the government, but the reality is they are.
Now we have, and I mean no disrespect, a lawyer, a community organizer, Chicago pol running what used to be one of the largest companies in the world. I don't know about you, but the track record of government run businesses foes not bode well for our economy.
In addition let us throw in HealthCare reform! Convert, what some estimate to be as much as 20% of GDP, into another government run entity.
If you are not scared now, your name must be George Soros. He sits blissfully in Davos, counting his coin, and talking mano-y-mano with Treasury Secretary Geithner on how to create a new world currency reserve. Now you should be really scared!!!
In retrospect, knowing what you know, would you still vote for Obama/Biden? Would you be likely to vote for another 4 years?
Comments open
*Come on guys, you know what I mean. I am not a blinded or a blinkered partisan Republican. By nature I am a big 'C' conservative. A little right of Hugh Hewitt, and somewhat left of Rush. If you were travelling with those directions you'd become disoriented. I think that is what separates we thinking Republican's versus liberals; when confronted virtually all liberals fall back upon their scripted talking points, whereas a died in the wool Conservative will stray, sometimes greatly, from "the party line." A few of my heroes are Ronald W. Reagan and his partner in crime PM Margaret Thatcher, that might give you a little insight into my thinking...