"In an extraordinary move, the administration forced the departure of Rick Wagoner as CEO of General Motors over the weekend, and implicit in Obama's remarks was that the government holds the ability to pull the plug on that company or Chrysler."
So who's next? Wall Street executives? And just what gives Obama, a man with no prior economic knowledge, the idea that he can suddenly make business decisions? Arrogance. GM and Chrysler don't need bailouts or other intervention. They are not "too big to fail" and could've easily declared Chapter 11 and reorganized. By the looks of things, it may come to that anyway, but now it'll be under the terms Obama and Congress deem appropriate.