Hi DT:
1) By what right does the federal government take it upon itself to fire the head of a private company? There's no statute that allows the President to do that. His aides were talking about remaking the board of GM. Again, what gives them the right? Who else is eligible to be fired by the President? What gives the President the right to dictate mergers?
Well said Lilo. My feelings exactly. Slippery Slope!
While I do understand that certain measures need to be taken in an economic time of crisis like the one we are going through, there is a fine line bordering what the federal government and the President are allowed and / or should be allowed to do.
I understand that there needs to be some kind of guidelines and criteria set if we, the taxpayers, are going to give money to these corporations to keep them afloat. But part of me feels that so far this administration has given money somewhat unconditionally to the white collar Banks and Brokerage firms without any kind of guidelines and then telling the blue collar companies that they have to do this, make that kind of deal, fire this person, etc. before they are given any money.
Is that a bad thing? Absolutely not. But at least be consistant and make it a level playing field for all companies and corporations involved be they from the white collar Wall Street companies or the blue collar Detroit factories.
Ohhh, and before approving ANY bailout bills and proposals, the President needs to make sure that his own house is in order by making it a point to congress that they MUST READ these bills BEFORE voting on them either way!
