The goverment rejected the automaker restructuring plan, asked for GM CEO to resign and better terms with unions. This is exactly what should have been done with banks. Get rid of their lousy management, reduce the ridiculous pay that financial folks get and not just dump money at them.
I’m glad the administration is talking a tough stand this time. Hopefully no more of your and my money and our children’s money gets thrown at problems that shouldn’t be solved. If there is a need, somebody will come forward and fill the need. We don’t require government intervention in everything everywhere unless it is a good plan that we know will work.
Inspite of today’s downturn, it looks like 2009 has the potential to be a positive year for stocks. Fingers crossed.