Rick Wagoner's Ousting Was About Politics: Well, at least now we know who's running General Motors. The Obama White House, in an extraordinary expansion of the government's reach, Sunday demanded and got the head of Rick Wagoner, the automaker's embattled chief executive. In doing so, the president brushed aside GM's board of directors, selected by shareholders and entrusted with the power to hire and fire executives, and assumed that role for himself.
Cap and Trade War: One of President Obama's applause lines is that his climate tax policies will create new green jobs "that can't be outsourced." But if that's true, why is his main energy adviser floating a new carbon tariff on imports? Welcome to the coming cap and trade war.
The G20 Obama Gift Round Up: As Obama prepares to jet off to the G20 summit in London this Thursday, we've decided to help the President out by preparing a list of tactful and diplomatically sensitive gifts he ought to consider giving to some of the other world leaders who've yet to receive their DVDs or fake “overcharged” buttons.
'The Road to Serfdom' Revisited: There is blame on both sides of the political aisle for our current economic mess. But the siren call of socializing failing sectors of the economy - whether in banking, housing, health care or in Detroit - leads to a wrong and dangerous course that undermines the renewing and self-correcting nature of market forces.
A New Order Rises: After failing to return to profitability—as ALG News predicted they would—GM and Chrysler have been “granted” 60 and 30 days respectively to present “acceptable” plans. GM Chairman, Rick Wagoner, has been forced out as a condition to receive more federal bailout money, and Chrysler has 30 days to complete a merger with Italian automaker, Fiat.
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