Daniel Howes, business columnist for the Detroit News, has a worthy read this morning about the present operational status of General Motors.
He takes on the assertion by President Obama and his automotive industry restructuring team that the federal government is not in the auto business.
Howes writes that it's time to settle this fiction. General Motors has been nationalized by the federal government. We--the taxpayers--are in the car business.
The White House, key members of Congress and the president's investment-banker agents on the auto task force are undeniably in the car business, calling shots on plants, products, restructuring, a new chairman and a carefully selected slate of would-be directors for a reconstituted board.