GM is going into bankruptcy and Obama and his 535 car czars in Congress will dictate how proceeding should be conducted. This is a blatant abuse that has detrimental effects to this economy. It is bad enough that Obama gave $20 billion to GM to get out of their predicament, which was wasted and flushed down the toilet, but for Congress to meddle in the bankruptcy proceeding is a bit of a stretch.
Even though Obama claims to have no vest interest in running GM (Government Motors), he is willing to give 100% warranties on all GM cars back by the Federal Government and put his choice cronies on the board of director. It doesn’t stop there. Congress and their 535 car czar members are going to make GM life a living nightmare. With “not in my backyard mentality,” Congressman Barney Frank (D-Mass) appointed himself as car czar of his district. He intervened to save a GM parts distribution center in Norton, Massachusetts from closing and temporarily saved 70 jobs. This will be interesting when all 535 car czars in Congress will call GM and do the same thing like Barney Frank with the dealerships and warehouses of their respective districts.
I wonder if GM’s restructuring plans will ever go on as planned because of the multitude of cry babies in Washington not wanting to allow a failed automobile business to start from scratch. We are seeing the same crap given to Chrysler President Jim Press at a Senate hearing for his plans to close 3,400 car dealerships. It’s a no win scenario. The government wants so dearly to intervene and decide which dealership will close their doors. Probably, those dealerships heavily supporting a Republican candidate will end up closing their doors. Yes, you heard me right. There is an investigation if Obama had something to do with the plans of the closure of those dealerships that didn’t support his candidacy.
I wish the government get the hell out of the way and allow bankruptcy proceeding to move in a judicious manner. The only way GM can rise from the burning ashes is for the politicians to stop looking for favors so they may look good for their constituents. These idiotic car czars need to show some restraint. They have ruined this economy already.