March 30, 2009

Obama's "Restructuring Plans"

The news stations around here have the "restructuring plans" on their websites, but looking over them they don't really give any specifics on what the Obama administration is really is going to do.

Read for yourself

Alot of people around here are pissed about two things, forcing GM's CEO Rick Wagoner to resign and that they are holding the auto companies to higher standards then they are the banking industry.

I am sure nobody outside the auto industry really knows what Wagoner has done for GM, if you listen to Obama you would think he has done nothing but lead GM down the tubes.

He sold off Hughes Electronics and Direct TV, sold off 51% of GMAC, got Delphi spun off, and got hourly retiree health care removed from GM's books by 2012. Besides buying out tens of thousands of employees and closing plants.

Yep, sure sounds like Wagoner really did a job on GM. A good job.

Also, Chrysler is as good as gone. And to me it looks like something Obama and his administration orchestrated. They are only giving Chrysler and Fiat 30 days to complete a merger deal, a timeline that is impossible to meet.

Mark my words, the auto industry as a whole (domestic, foreign and suppliers) are going to be a horrible mess within 6 months.

Posted by Quality Weenie at March 30, 2009 10:38 AM | TrackBack