Barack Obama, President and CEO, Creates a New Business Order

“Let me be clear: The United States has no interest or intention of running GM,” President Obama has announced.

Yet that is exactly what he is doing. He has fired General Motors CEO Rick Wagoner, imposed terms and deadlines on GM (and Chrysler), suggested that the company consider bankruptcy — which, at this point, may be the best option — and inserted the himself in the company’s operations to the point that he is guaranteeing to service and repair GM cars and back their warranties.

“My team will be working closely with GM to produce a better business plan,” the president informed us.

Given that the government has no ownership stake in the company — these steps are not only unprecedented, they are precedent-setting. It puts the government on a slippery slope of dictating to business without the passage of any statute. He has created a New Business Order.