Today President Obama said he has "no intention" of running GM...as he announced that he had demanded and received the resignation of GM's CEO, Rick Wagoner, and as he let Fiat and Chrysler know that they were being given 30 days to get their affairs in order and up to his administrations satisfaction.
I hope it goes without saying, that the President of the United States of America, has no constitutional power whatsoever, to demand the resignation of any employee, of any business, in any industry, anywhere in the nation.
None. Zero. Nada.
With this, he has announced that he has discarded the rule of law. The principle is out the window.
Prior to today's bracing announcement, last week Geithner announced his intention that,
"Firms that are deemed to be systemically important large institutions must be able to give the government a comprehensive report on their aggregate counterparty risks exposures "within a matter of hours."
If business's spend bunch's of money to lobby and persuade legislators to alter prepositions, verbs and nouns in legislation now, in order to get a little bit more favorable of an angle on their business, can you imagine what is going to happen, when the favorable view of legislators, and their staff, have the ability to determine whether or not your business is a "systemically important large institution", and whether or not those staff members, legislators or even the President himself, considers your current decisions to be politically useful for sending a message that "... it will take a new vision and new direction..." to influence the market and his polls?
Oh. My. God.
Do you realize the sheer political power that each and every bureaucrat involved in this process, is going to have and command? As I said in my previous post, this has little or nothing to do with 'fixing' GM or any other business, this is about seizing power, pure and simple.
Ladies and Gentlemen, I hate to borrow a phrase from our non-representing-representatives, but we've got to do something, and do it fast! I don't know if these Tax Day Tea Parties are promising or not, but it's something while we're trying to figure out a worthwhile plan to counteract this madness!
Oh... wait a minute. Maybe too late there too... "A tea party to protest government spending and taxing is canceled. Canceled by the government."
Ladies and Gent's, you've heard of 'Tipping Points'? Which way are you going to let the nation tip towards, Freedom or Tyranny?