Above, Obama's vision of the future, a Yugo (only made in the USA).Barack Obama says he has no intention of having the government run GM or Chrysler, but he forced GM CEO Rick Wagoner to immediately resign. This led to a big drop in the Dow Jones Industrials.
"We cannot, we must not, and we will not let our auto industry simply vanish," President Obama said.
"What we are asking is difficult," he said. "It will require hard choices by companies. It will require unions and workers who have already made painful concessions to make even more. It will require creditors to recognize that they cannot hold out for the prospect of endless government bailouts."
This comes from a man whose remedy for gasoline conservation is to properly inflate tires! He and his fellow government hacks know nothing about running the auto industry or any industry, for that matter. We might as well rename GM "Government Motors" or "Yugo Motors." (The former Yugoslavia, while under communist rule, produced a poorly-made car called the Yugo. It was a colossal flop.)
Obama claims that the government has no interest in running the auto industry, but what he's doing is nothing less than the beginnings of a government takeover of the industry. He has crossed the line of how much and how far the government will go in taking over private industries and making them government entities. Capitalism, as we've known it, is over!
Looks like that the U.S. auto industry will resemble the Yugo before it's all over.
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