Obama FIRED the head of GM

UPDATE: I've just added a snap poll on this in the column to the right. You can select multiple answer. Poll closes tonight at 8pm Eastern. Just curious what folks think, since the comments tend to be quite active and mixed.

I don't think Chris' earlier story has quite sunk in. Obama basically just fired the head of GM.

And good for him.

This is the kind of leadership on the economy that people have been demanding. And considering the public's ire over the AIG bonuses, I think Obama will get big props for this one from the American people.

Of course, the Dow just dropped 200 points as a result of Obama's actions. Why? Because Wall Street is now scared to death that President Barack Obama will actually hold them responsible for their actions. I doubt the public will lose a wink of sleep over that one.

But the Republicans? Just wait for the cries of "socialism!" to come screaming from GOP leaders Limbaugh and Palin and Bachmann and Beck. How dare a US president fire the head of a PRIVATE company?! Of course, Obama didn't really "fire" the GM exec - he simply told him that in order to get more bailout money, he needs to go. Same diff.

But do watch the Republicans closely on this one. They dusted off their faux populism during the AIG bonus debate, when only months before their leaders (e.g., McConnell and Cantor) were irate over the notion that the government might try to rein in executive compensation. So get ready for the GOP to attack the notion that the federal government is telling a private business what to do, when just two weeks ago the GOP argued that the federal government should tell a private business what to do.

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