Howard Rich's Blog

March 31, 2009

Obama’s Chilling Effect on Capitalism

Filed under: Uncategorized — howierich @ 5:36 pm
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By Howie Rich
The tombstone for General Motors really should have read 1908-2008.

That’s because December 2008 is when the bell finally tolled for GM – when the marketplace determined that a combination of poor management decisions, union pressures and a slumping economy had made the automotive giant’s continued existence mathematically impossible.

Of course, that was also precisely when the administration of former President George W. Bush stepped in with a $17.4 billion bailout for GM and Chrysler, with further funds contingent on the two companies creating a “path to profitability…”

Obama’s Chilling Effect on Capitalism


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