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  1. #1
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    Default Bush fires CEO of a former private company

    *I'm going to experiment with replacing names.*

    Yes, now the administration is firing people. Today, Bush asked the CEO of GM to step down. Once a private company, but no longer since taking the poison of government bailouts. I suppose the government has that much influence on these companies. Scary. What may be scarier are the possible motivations for the administration asking him to step down, as I'm hearing media outlets throw around the possibility that it was done to show the G-20 that Bush is taking charge (in other words, it may have been a purely political move).

    washingtonpost.com - nation, world, technology and Washington area news and headlines



    Reuters
    Sunday, March 29, 2009; 10:44 PM

    GM CEO forced out as U.S. readies more auto aid

    WASHINGTON (Reuters) - General Motors Corp Chief Executive Rick Wagoner resigned under pressure from the Obama administration on Sunday as the government prepared to announce a second bailout for the company and its smaller rival Chrysler LLC. Wagoner, a career GM executive and CEO since 2000, is stepping down as the top U.S. automaker struggles with a recession-fueled sales implosion that has pushed GM and many of its suppliers and dealers to the brink of failure.

    Geithner won't say if more bailout money needed

    WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Sunday the government will have about $135 billion left after banks give back some bailout money and declined to say whether he will ask Congress for more. Treasury expects the banks this year to return about $25 billion of money that they received from the government, because they were able to replace it with private capital or decided that they do not want money with strings attached.
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    Obama seeks strong message of unity at G20: report

    WASHINGTON (Reuters) - President Barack Obama said in an interview published on Sunday that leaders of the G20 major global economies should send "a strong message of unity" on confronting the world financial crisis when they meet this week. The U.S. leader, in an interview with the Financial Times newspaper, also said he saw signs of improvement in the slumping world economies, including areas of the American housing market where the crisis began.

    U.S. school swamped by flood river, weather helps

    FARGO, North Dakota (Reuters) - A dike holding back the swollen Red River failed early on Sunday and swamped a school in Fargo, North Dakota, but a backup dike contained the spill as cold weather favored flood fighting and evacuation efforts. No one was injured when the earth dike near the private Oak Grove Lutheran School gave way, and other barriers have held, U.S. Army Corps of Engineers spokesman Frank Worley said.

    U.S. deploys anti-missile ships before N.Korea launch

    SEOUL (Reuters) - The United States plans to deploy two missile-interceptor ships from South Korea on Monday, a military spokesman said, days ahead of a North Korean rocket launch seen by many as a test of its longest-range missile. The launch presents the first significant challenge by the prickly state to U.S. President Barack Obama, who makes his first major international appearance this week at the G-20 summit where he will discuss Pyongyang's intentions with global leaders including Chinese President Hu Jintao.

    Gunman at North Carolina nursing home kills eight

    WILMINGTON, North Carolina (Reuters) - A gunman opened fire inside a nursing home in a small North Carolina town on Sunday, killing eight people, including elderly patients in wheelchairs, local authorities said. A 45-year-old local man was arrested and faced eight counts of first-degree murder after the shooting at the retirement care home in Carthage, about 60 miles southwest of Raleigh.

    U.S. seeks support on Afghan plans at Hague forum

    THE HAGUE (Reuters) - The United States is expected to seek international support for its renewed commitment to defeat Islamist militants in Afghanistan and Pakistan at a U.N. conference in the Netherlands on Tuesday. Washington is hoping to enlist support from Iran, Russia, China and India amongst others for a new strategy to end a stalemate in Afghanistan and undercut an Islamist insurgency spilling increasingly into neighboring Pakistan.

    Double-digit unemployment looms, OECD tells G8

    ROME (Reuters) - The global economic crisis will hit jobs hard, with unemployment set to reach double digits in many developing and advanced countries, the Organization for Economic Cooperation and Development (OECD) said on Sunday. "By the end of 2010 the unemployment rate could be approaching double digit figures in all G8 countries with the sole exception of Japan, as well as in the OECD area as a whole," the OECD forecast in a background paper to G8 labor and employment ministers gathering in Rome.
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    Pregnancy hormone shows promise in heart failure

    CHICAGO (Reuters) - A pregnancy hormone that relaxes blood vessels appeared to reduce symptoms of acute heart failure and improve survival, according to a preliminary study released by U.S. researchers on Sunday. They said the hormone relaxin, which is being developed by privately held Corthera Inc of California, was safe, and showed signs of reducing the risk of death from heart problems during the study.

    U.S. to push for UN climate deal but no "magic wand"

    BONN, Germany (Reuters) - U.S. President Barack Obama's administration promised to push for a new United Nations climate treaty on Sunday but said Washington had no magic wand and that all countries had to help. "The United States is going to be powerfully and fully engaged," U.S. special envoy for climate change Todd Stern said at the opening of 175-nation U.N. talks in Bonn, the first since Obama took office in January speaking of a "planet in peril."


  2. #2
    Habitual Fi LineStepper JocktheMotie's Avatar
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    Good. Now it should be dissolved and the assets sold.

    Once any entity buys a company's debt, I don't see how they shouldn't be allowed to make staffing decisions. Replacing staff and making company decisions is what they should have done with AIG as well. You can't go halfway. You either have to completely nationalize something, or let capitalism do it's thing and let the company fail. Can't juggle and expect companies that were run poorly to sort it all out by themselves.



  3. #3
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    Quote Originally Posted by JocktheMotie View Post
    Good. Now it should be dissolved and the assets sold.

    Once any entity buys a company's debt, I don't see how they shouldn't be allowed to make staffing decisions. Replacing staff and making company decisions is what they should have done with AIG as well. You can't go halfway. You either have to completely nationalize something, or let capitalism do it's thing and let the company fail. Can't juggle and expect companies that were run poorly to sort it all out by themselves.
    My issue is that they shouldn't have been bailed out in the first place, because having an auto company run by a government who can't even keep control of its own budget seems like it has the great potential to make things worse than they were before.

    Another thing that seems to be happening is that wall street and the banks aren't getting their heads chopped off, while the private businesses are the ones who are getting cut up. Sure we had the hoopla about AIG execs and their bonuses, but there was not a damn thing done against the top CEOs. They're getting off scott free.

  4. #4
    Per Ardua Metamorphosis's Avatar
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    You could also argue, however, that automotive companies in the U.S. have only existed this long because they've been propped up by the government. While I don't like the idea of massive government intervention in private business, no one complained when it was helping them.
    "You will always be fond of me. I represent to you all the sins you never had the courage to commit."

    Reason is, and ought only to be the slave of the passions, and can never pretend to any other office
    than to serve and obey them. - David Hume

  5. #5
    Order Now! pure_mercury's Avatar
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    Shouldn't this say Obama everywhere? I am pretty sure that he's the POTUS now.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  6. #6
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by Metamorphosis View Post
    You could also argue, however, that automotive companies in the U.S. have only existed this long because they've been propped up by the government. While I don't like the idea of massive government intervention in private business, no one complained when it was helping them.

    I did, damn it!
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  7. #7
    Per Ardua Metamorphosis's Avatar
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    also, a lot of that quote isn't relevant
    "You will always be fond of me. I represent to you all the sins you never had the courage to commit."

    Reason is, and ought only to be the slave of the passions, and can never pretend to any other office
    than to serve and obey them. - David Hume

  8. #8
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    Quote Originally Posted by pure_mercury View Post
    Shouldn't this say Obama everywhere? I am pretty sure that he's the POTUS now.
    Well I'm getting tired of having to mention Obama's name, and I'm getting tired of people holding a strong mental bias for the current POTUS, so I decided to change things up a bit to give people a few seconds' opportunity to look at it differently...

  9. #9
    Senior Member Anonymous's Avatar
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    Good for Bush, about time that guy did something right.

  10. #10
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by Risen View Post
    Well I'm getting tired of having to mention Obama's name, and I'm getting tired of people holding a strong mental bias for the current POTUS, so I decided to change things up a bit to give people a few seconds' opportunity to look at it differently...

    I don't think it matters. I think that the people who believe that presidents shouldn't have a say in hiring or firing of CEOs (and that the government shouldn't be bailing out private companies with public) probably don't have much overlap with people who are super-biased one way or the other with Bush/Obama.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

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