Quote of the Day: The Wizard of GM Edition
I know I’m bit of a dog with a bone on this one. But the President Himself has assured bailout-weary taxpayers, both satirically and earnestly, that he doesn’t want to be GM’s CEO. His Presidential Task Force on Automobiles (PTFOA) has repeated the “hands-off GM” meme ad nauseam—even as they tighten their stranglehold on the bankrupt automaker, fail to fend off Congressional interference and prepare for the company’s nationalization. So when ex-CarConnection TTAC nemesis Paul A. Eisenstein asked GM’s CEO how long it will take the PTFOA to shit-can his ass after New GM’s formation [paraphrasing], I expected Fritz to keep his answer suitably vague. But OH NO. Fritz is so concerned about not appearing to be what he is—a bureaucracy-born GM slacker—that he had to get readers to pay attention to the man behind the curtain. “I have to prove myself. I’m on a short leash, but I’m not worried.” Oxymoron. Which is EXACTLY the problem with GM’s management and the government’s control thereof. [thanks to TMcA for the link]
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Idunno, if I had been salting away Fritz' salary over the years I might not worry either. Bunter
Methinks thou dost protest too much. There ain't no there, there. If the Obama administration took the same kind of hands off approach that Bush and Paulson took with the original TARP, you would be the first in line to scream bloody murder. You would be saying 'they aren't doing enough to safeguard the investment.' Your problem is that you just can't get over the fact that Obama had the balls to save GM, even though it was an unpopular move. But Obama is going to surprise and anger you much more in years to come. Watch your blood pressure.
It's pretty easy to tell what the President is going going to do because he often prefaces it with "The last thing I want to do is blah blah blah." The next thing we know, "blah blah blah" is being implemented. Buckle up and hold onto your shorts, the ride has just begun!
carlos.negros If you scan TTAC's archives, I think you'll see I've always maintained a "hands-off" position on bailing out GM. My coverage of the 11th hour Bush bailout---for it was he who got this $50 billion ball rolling---was unsparing in every regard. This "investment" should never have been made. And once it was, we should have never thrown good, freshly printed money after bad. I know from personal experience that testosterone (the product of the balls in question) makes you do stupid things. Things you regret. But let's hope President Obama used his nads for this one. I'd hate to think he thought this thing all the way through and came to the conclusion that nationalizing GM was a good idea.