In a move that took even long-time observers of the auto industry by surprise, Fritz Henderson resigned from the job of CEO of General Motors yesterday. Daniel Howes has a good look at what he sees as the reason for the departure – a push for speedy resolution to GM’s problems.
“I was totally shocked,” a ranking GM executive told me, calling Henderson’s dismissal a “destabilizing event. This is the second time this year a superb problem-solver has been asked to leave the company. We are making progress on so many fronts. I wonder if the pace of expectations … is realistic.”
Will this make the company’s targets of bailout repayment and a new stock offering easier or more difficult? Time will tell.
The Politico takes a look at focus group results that show a clear disconnect between the Democrats’ legislative agenda and the American people’s priorities. Citing health care and Afghanistan as low-priority issues compared to jobs and the economy, the participants placed the blame for America’s problems squarely on the backs of the Democrat controlled Congress.
When asked to write down one name that represents the face of Congress, Bill Kelly, an independent who backed Obama, had a ready answer.
“Satan,” he wrote, “because I wasn’t sure of the correct spelling of Beelzebub.”
His frustration, shared by the other participants, stemmed from many factors: A conviction that Congress is dominated by career politicians, weariness over partisan bickering, and a sense that Washington isn’t focused on what’s important to ordinary people.
The one clear attempt at addressing the issue most Americans are concerned with – jobs – is drawing fire for its lack of diverse opinions. The heavily promoted “Jobs Summit” taking place tomorrow at the White House features “liberal economists credited with shaping the $787 billion stimulus package, union leaders, environmental advocates and executives from Google and other blue-chip firms.” What it doesn’t include is people who disagree with the White House’s approach so far.
“He’s going to get lots of recommendations to spend more money,” said Peter Morici, a professor at the University of Maryland’s Robert H. Smith School of Business. “These are the very same people who gave us the stimulus package. My feeling is we’re not going to get what we need, and that’s a complete change in direction on economic policy.” …
“My chief concern is that the list features no serious and prominent labor economist, which seems essential to offering a sound, long-run policy to put us on a path of lower unemployment,” said John Coleman, an economics professor at Duke University’s Fuqua School of Business.
Plans for more spending, but nobody who can speak to actually creating jobs? Sounds like more of the same, and that’s not putting Michigan’s people back to work.
