Today Obama forced GM head , Rick Wagoner, to step down. Of course it was couched as a request -- but not really. The understanding was that GM would only get additional monies from the Fed if the CEO stepped down -- and GM needs it. The march towards government controlled monopoly of the economy took another fateful step with this move.
The ouster of the iconic automaker's CEO is one of the most dramatic signs yet of how strong a role the government is now playing in the private sector.
GM is asking for another $16.6 billion, while Chrysler wants an additional $5 billion. So far Ford has not asked for handouts from Washington.And if Ford is wise, they'll keep federal dollars out of their budget. Alone out of the Big 3, Ford has been able to drive their own deal to keep afloat.
The United Auto Workers Union says its members working for Ford Motor Co. have approved contract changes that include freezing wages and cutting other benefits in a move to aimed at helping the automaker remain competitive.While not out of the woods financially, Ford is making a good faith effort to right its listing ship on its own terms. Ford gives us a powerful example of industry's ability to dig itself out of its own mess; government "assistance" is neither mandatory nor inevitable -- a lesson we would all do well to heed.