Categories:
Political Economy
Watchdo excoriates execution of TARP.
Of course, in the case of GM, the CEO was fired.
Watchdo excoriates execution of TARP.
Of course, in the case of GM, the CEO was fired.
Oct 22 2009
Contrary to popular belief, the elderly financially support their kids, rather than the other way around. This was true in hunter-gatherer and peasant societies. A neat piece in the JEP shows that it was also true in the U.S. in the 1980s. Using the Survey of Consumer Finances for 1983-5, the authors ...
Oct 21 2009
Yves Smith writes, Now you could in theory go back to having much more on balance sheet intermediation (finance speak for "dial the clock back 35 years and have banks keep pretty much all their loans"). Conceptually, that is a tidy solution, but it has a massive flaw: it would take a simply enormous amount of equity t...
Oct 21 2009
Car Czar says GM mismanaged. Watchdo excoriates execution of TARP. Of course, in the case of GM, the CEO was fired.
READER COMMENTS
Jeremy, Alabama
Oct 21 2009 at 4:23pm
IIRC the CEO of GM was fired at government, or should I say Obama’s, insistence.
Arnold Kling
Oct 21 2009 at 6:23pm
If the government had not gotten involved, GM would have gone bankrupt. The CEO would have not been spared in that instance.
In any event, the CEO of TARP will never be fired.
Yancey Ward
Oct 21 2009 at 8:51pm
You can be sure of two things:
1. GM will continue to be mismanaged.
2. No government official will ever make such a proclamation again.
max
Oct 22 2009 at 11:58am
Who is the CEO of TARP? Liz Warren?
Jeremy, Alabama
Oct 22 2009 at 2:07pm
My observation was intended to enhance the irony: government fires private sector CEOs it doesnt like, while retaining its own total losers.
Jim Glass
Oct 22 2009 at 2:33pm
I really enjoy Rattner’s tale here of how he had to get rid of GM’s CEO Rick Wagoner because of how shockingly incompetent he discovered GM’s top management to be, through and through.
Driving Rattner to so bravely take the unprecedented step of inciting no less than a cultural revolution with GM’s management by replacing Wagoner with Wagoner’s own #2 man, Fritz Henderson (!)… following Wagoner’s recommendation.
Has such radical heroism in industrial policy ever been seen before?
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