Sunday, March 29, 2009

GM Honcho Wagoner Forced Out By Gvt - The Same Gvt He Panhandled

Rick Wagoner is finally leaving General Motors and we couldn’t be happier. His poor performance over the past 18 months befits his rather graceless departure, and his ineptitude was on display almost monthly.
A quick visit to the Wagoner Hall of Shame includes some choice comments:
5/8/07: “You see, the global auto industry is beginning to revolutionize the way that autos are powered… and the source of the energy used… and it promises to be the biggest change to hit our industry since, well, the invention of the internal combustion engine. Why is this happening now?
Well, for a number of reasons, it has become increasingly clear in recent years that oil alone will not be able to supply all of the world’s rapidly growing automotive energy requirements.
For the auto industry, this means that we must develop alternative sources of propulsion, based on diverse sources of energy, in order to meet the world’s growing demand for our cars and trucks.”

2/10/05: “Now, some people might have thought of American manufacturing as dying... but I prefer to paraphrase Mark Twain's famous quote: accounts of our death have been greatly exaggerated. In fact, the comeback of American manufacturing in the last two decades has been a remarkable story. In the early 1980's, American business, and particularly American manufacturing, was described by many as inefficient and ineffective... in a word, uncompetitive. The U.S. was losing its credibility as an industrial power. But American business and American manufacturers worked hard to fix what was wrong. And the U.S. has emerged, once again, as the most productive and competitive economy in the world.”
6/12/03: Speaking of one of the ways GM has taken a chance and come up looking good, “by investing more than half a billion dollars in this facility, the Renaissance Center, because we have a responsibility to make sure this city has a very bright future...”
Yes, Rick has been quite the star. But who will ever forget his shining moment, his last grasp as he begged for public money on Cap Hill after flying in on his private jet.
GM has declined to comment on the move. But we are sure there is some major glee among the troops. Tomorrow’s question is of his successor. Will it be an Obama appointee or will the administration change course and allow the free market to work?

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