Days after GM’s CEO Rick Wagoner was forced out by the Obama administration, Treasury Secretary Timothy Geithner left open the possibility that such moves could happen again.
In an interview with CBS Evening News anchor Katie Couric, Geithner acknowledged the government has had to do “exceptional things” â€“ citing AIG as well as Fannie Mae and Freddie Mac.
“We have changed management aboard,” he said. “And where we’ve done that, we’ve done it because we thought that was necessary to make sure these institutions emerge stronger in the future.”
The federal government should just stop monkeying around with the private business sector. If the business is failing get out of the way and let it fail.
Don’t bail out the business and then micromanage it from the Treasury Department.
Obama and the Democrats in Congress have failed to stem unemployment since the iunauguration with their tax and spend policies. What makes anyone think they can run the automotive industry or any business sector?
The number of people filing initial claims for unemployment benefits unexpectedly rose last week, while those filing continuing claims hit an all-time high for the 10th straight week, according to a government report released Thursday.
In the week ended March 28, 669,000 people filed initial jobless claims, up 12,000 from the previous week’s upwardly revised figure of 657,000, the Labor Department reported.
It was the largest weekly increase since October 1982, and it surprised economists surveyed by Briefing.com, who had forecast initial claims to decline to 650,000.
The number of people continuing to file for jobless benefits rose 161,000 to 5.7 million in the week ended March 21, the latest week for which data was available. It was the highest number since the government began keeping records in 1967, and the 10th consecutive week that continuing claims rose to a record high.
This move by Geithner and Obama is unprecedented and should be stopped cold by the Congress by a rejection of Obama’s budget.
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