Last Thursday we asked, "Are we in Cuba yet?"
This morning the first headline seen was: Obama Ousts Head of General Motors
Yep, we're in Cuba. Or Venezuela.
99% of the talk I'm hearing on business TV this AM revolves around GM, Chrysler, and their leadership. The bigger issue, and the main reason the futures plunged across-the-board overnight, is that it's now clear that Lord Obama and his minions believe they are fully in charge of private enterprise in the US. Now you might point out that there is taxpayer money in GM thanks to the "bailout" (which we opposed) and so the administration must look out for our collective interests. I would simply point out that last week in testimony in front of Barney Franks' committee Faithful Finance Elf Timmy asserted that the executive branch should be able to take over any private enterprise if they so choose. When it was pointed out to him by a Republican representative from Illinois that seizing private companies was a "radical proposal" Secretary Geithner interrupted saying that it wasn't radical at all. Holy Hugo, T-Man!
The federal government intends to abrogate contracts and seize private businesses at will. They are telling private businesses who will run their company and the limit of the compensation. This morning we're hearing that the Treasury Department is to be involved in overseeing GM & Chrysler-- in addition to running hundreds of banks and the biggest insurance company in the world. Since most of the senior staff surrounding Timmy over at Treasury currently consists of empty chairs I guess we should be very happy that Geithner wasn't kept from his duties by that pesky tax problem. Clearly he is the indispensable man. We are so blessed to have men of such stature to take over the levers of (formerly) private enterprise in America. How silly to think that there were hundreds and hundreds executives working at these firms when all that was needed was Tim Geithner. With an assist from Joe Biden, no doubt.