I've cringed listening to some defend Rick Wagoner today. I think that his leadership at GM was marked by desperate attempts to pull demand forward with unsustainable incentive schemes and desperate attempts to push losses back through accounting tricks. There is plenty of blame to go around for GM's current state, and he owns his fair share.
Just the same, today's the day GM died. It is now the government's car company, President Obama's car company. Technically, it is still alive, but the day the federal government shunted aside share owners to depose the head of the company and possibly the board of directors will be remembered as the day the company went brain dead. I don't think Wagoner deserved to remain as the head of that company, but that decision wasn't rightfully mine and it wasn't the government's. But this government feels that there are no limits on its power. Unless the American people come to their senses and pull back the reigns on this government, it is only going to get much, much worse.