The Name is Nationalization

Let me ask you a simple question. I don't mean to belittle or embarrass you. It's important. Can you read and understand plain English?

As Mr. Rogers, weirdly entertaining rug rats in his TV home each afternoon, would say, "I knew that you could..."

So, read this:

A Rose By Any Other Name

Can you come to any other conclusion than this is the nationalization of Chrysler and GM? There are no relevant stockholders any more. There is no authority for the Board of Directors at any level. It's sort of "Outer Limits"..."we will control the horizontal, we will control the vertical..."

The President summarily fired the GM CEO to start the week. He's now mandating a recovery plan which will suit the administration, not company management. If he likes it he will dole out, in amounts he sees fit, the necessary operating funds to nurse them along.

But he and his crack staff of automotive engineers...errr, politicians, will judge the economic health of the enterprise. He fairly clearly mandated bankruptcy for the pair of car companies. He didn't ask for a vote or input on a merger for Chrysler and Fiat. He simply issued an order. I wonder how Fiat feels about that part of the negotiations?

On top of it all, he urges you to keep buying GM cars because the (drum-roll please,) the Federal Gubmint will now be your warranty service. That's right, when your transmission goes ker-klunk on a dark winding road at night, simply call the White House and he'll send Rahm out with a tow-truck to take care of things.

Call it what you wish, but if you can read English then you can see that this is quite clearly nationalization of the two car manufacturers. It is seizure of corporate assets without any sort of due process.

Oh yeah, this is going to get good...