Wagoner Resigns From GM At Obama's Request

I just read an article the GM CEO Rick Wagoner is stepping down immediately at the request of the Obama Administration. Now I don't have a particular fondness for Rick Wagoner, and the auto giant has made some mistakes during his watch, but this bothers the hell out of me.

It bothers me for a number of reasons, first what are the shareholders wishes in this matter? Isn't this a decision that should be made by them and the Board of Directors?

Secondly, I guess it irks me that a politician would sit there and say you have to step down because you're not doing a good job. If this is the precedent then should we expect our politicians that have over taxed, over spent, and over regulated this nation into a second class economic power to step down as well?

Third, at least Wagoner recognized that he was part of the problem and relinquished his salary until the company was turned around, would Mr. Obama and the Republicans and Democrats do the same? I doubt it.

Now, I fully realize that the auto industry has come to our government, and hence the taxpayers, with their hand out asking for assistance. In doing so they left themselves open for regulation and strings that go along with the money, but in reality isn't the hardship being felt in a auto industry a problem our government created?

I laugh when I hear fools, who obviously don't have a basic understanding of the industry, stand there before the cameras and spout off about the auto industries failed business plan. The American auto industry was the largest producer of automobiles in the world until last year and they were viable until the "financial" industry went in the tank due to a lack of government oversight. So, how does that make the auto industries business plan flawed?

You and I can't borrow money to buy a car and this is the automakers fault how? When can we expect the heads of AIG, Citibank, and Wells Fargo to step down?

I'm trying to give our new President the benefit of the doubt but the more he does the more it goes against not only what he promised in his campaign, but against basic common sense. This do everything now approach remind me of the old fable about the "Tortoise and the Hare".

Fast isn't always the best. Sometimes fast means sloppy and right now that's the last thing we need.