12 Comments

1. khughes1963  •  Mar 29, 2009 @9:16 pm
   

   Maha, the Simon Johnson article at the Atlantic is an excellent account of the financial debacle and a must-read.

2. moonbat  •  Mar 29, 2009 @10:04 pm
   

   I’m glad you picked up on the Atlantic article, I thought about writing about it (I don’t have the time right now). In a nutshell, the former chief economist of the IMF – who wrote the article – sees what is happening in the US as being very similar to the many “bailouts” the IMF had to arrange for various countries around the world, in particular how business oligarchs become intertwined with government, taking on ever bigger risks to the point where both become insolvent. The IMF is the last chance resource to bail out these countries and force them into austerities. I second khuges1963 – it’s a must-read article.

3. c u n d gulag  •  Mar 29, 2009 @10:20 pm
   

   moonbat,
   Is it any wonder that that which we created, becomes that which we must follow… Oh, good God, not to destroy!

   maha,
   As we all know, the firing of the GM CEO, will be looked upon as the greatest evil of the New Century.

   Sorry, kid’s, I’m going to say what I want to say:

   This dimwit will be made to be Ford, FDR and GOD!

4. William Teach  •  Mar 29, 2009 @10:38 pm
   

   On one hand, considering what Wagoner has done with GM, he should have stepped down a long time ago. On the other, isn’t it slightly disturbing that the President of the USA is asking a private citizen of a private company to resign? Image if this was Bush. Y’all on the left would be castigating him.

   On the flip side, Obama is asking a big shot with AIG to be part of his tax reform task force, after laying in to AIG several times. Is that a good thing?

5. maha  •  Mar 29, 2009 @11:49 pm
   

   Teach — In a perfect world, big corporations wouldn’t be bailed out by government, either. However, as I said, I’m reserving judgment for now until I learn more about this.

   Image if this was Bush. Y’all on the left would be castigating him.

   That would depend on why he was doing it.

   On the flip side, Obama is asking a big shot with AIG to be part of his tax reform task force, after laying in to AIG several times. Is that a good thing?

   No, I don’t think so. I’m not at all happy about this and many other things about the Obama financial team.

6. biggerbox  •  Mar 30, 2009 @1:17 am
   

   If Bush were still in charge, Wagoner wouldn’t have been asked to step down. GM would have gotten a bailout and Wagoner a Presidential Medal, like Tenant and the other failures.

   It does seem a bit strange that the State would come to own the Means Of Production by virtue of a ‘going out of business’ sale. It’s been a while since I read my Marx, but I dont’ think that’s how he said it would happen.

7. joanr16  •  Mar 30, 2009 @1:09 pm
   

   Teach,

   Two words: Valerie Plame.

   That’s how Bushco dealt with its “problems.” How quickly you’ve forgotten!

   As for this poor martyr, Wagoner (Rightie martyrs are incompetent CEOs! Wow!), everything I’ve heard indicates the decision to resign came as the result of negotiations, a word not in the Bushco dictionary. But it is in Webster’s, and you may look it up if you wish to correct your understanding.

8. Swami  •  Mar 30, 2009 @1:36 pm
   

   I would bet that Wagoner left dragging behind him a pretty hefty parachute. Well, maybe not that hefty.. just a few measly million. After all, the bible says.. a working man is due his wages.

9. joanr16  •  Mar 30, 2009 @6:29 pm
   

   Rick Wagoner walks away with $20 mil, according to ABC News:

   http://www.abcnews.go.com/Blotter/story?id=7208201&page=1

   His family may have to tighten their belts, but I expect they’ll get by.

10. Swami  •  Mar 30, 2009 @6:48 pm
    

    Ha, Wagoner is a piker..small potato. What kind of a CEO only gets 20 million in severance?.
    No wonder Obama told him to pack it up. He couldn’t run with the big dogs to get over the 100 million mark… so he ends up with chump change. I guess the Wagoner’s better get used to eating Rice-a-Roni and hamburger helper from here on out.

11. JerseyJeffersonian  •  Mar 30, 2009 @8:13 pm
    

    Maha, and All,

    Here is a link to the report originated by two scholars from Cambridge University on the cyberspying operation apparently being run by the Chinese government that is referenced at the end of this post.

    http://www.cl.cam.ac.uk/techreports/UCAM-CL-TR-746.pdf

    Ominous stuff. What is it about Tibetan autonomy that so sticks in the craw of the Chinese government? Is it indicative of their belief that a new version of the Great Game, this time centering on access to energy and mineral resources, is in play, and that control of Tibet is vital to their perceived interests? Is it anger at those who would postulate an alternative worldview to that of dialectical materialism (or just materialism in general)?

12. erinyes  •  Mar 30, 2009 @9:08 pm
    

    JerseyJeffersonian, pick up a copy of “War At The Top Of The World” by Eric Margolis to find out about the “New Great Game” and the roll of the PRC and Tibet, India,Pakistan, Afghanistan, Kashmir, etc.
    The game is on, also, Google “TAPI”.