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President Obama kills 1,600 Michigan jobs, sends stocks plummetingBy Nick, Section News
A month into President Obama's leadership of Michigan manufacturing giant General Motors and the results just keep getting uglier.
The administration's inside men, a CEO and a Board of Directors they hand picked and put in place to run the ship per the administration's specific and explicit guidelines made a series of announcements yesterday and none of them were pretty. Ugliest was the news that 1,600 white collar workers right here in Michigan would be losing their jobs in the next few days. The Detroit News reports:
"This is part of really restructuring the company to a smaller, leaner company, one that can, as the (Obama) administration requested, be profitable on an ongoing basis," Wilkinson said. It is like Donald Trump meets Meg Ryan. "You've got mail... you're fired." And all courtesy of the President of the United States. Of course, this is only the tip of the iceberg. 47,000 mostly Michigan jobs are expected to be whacked on the President's say-so, because apparently that's less damaging to the man politically than forcing his special interest pals at the UAW to negotiate down from that $50+ an hour all-in pay scale. And the alternatives aren't particularly pretty. President Obama has made it clear... it is his way or the highway. GM's new leadership team are killing Michigan jobs on his orders and with the threat of forced bankruptcy hanging over their heads. The Ivory Tower opines about Obama's threat:
Probably why, as we find out this morning, the company poured millions of dollars into lobbying the Democrats in DC in just the last three months. All told, the last nine months have seen GM lobbyists spend $8.8 million to wine and dine and bribe... errr... influence... errr... cajole the power players on the Left into being less hostile. And hey, I'm not saying there's a direct connection to the $13.4 BILLION in free TARP money the President and Congressional Democrats gave GM, but making a key Senator or three feel like $8.8 million bucks couldn't have hurt. Maybe they could spend a few of those TARP dollars bribing... errr... lobbying stock holders next. The Associated Press reports that shares of GM stock plummeted 11 percent yesterday on news of the President's plan to kill those 1,600 jobs. That's a move even John Cherry wouldn't be proud of. Who am I kidding. That man is so tone deaf to the problems of real Michiganders he'll probably send a campaign email embracing the administration's job killing plans.
President Obama kills 1,600 Michigan jobs, sends stocks plummeting | 5 comments (5 topical, 0 hidden)
President Obama kills 1,600 Michigan jobs, sends stocks plummeting | 5 comments (5 topical, 0 hidden)
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