Finally, the government is doing the right thing.  First, it was Wagner being fired and now either GM makes real changes, or proposes real changes over the next 60 days, or they will be forced into bankruptcy. 

Hopefully, this will wake up all the banks and Wall Street firms who have been taking advantage of government bailouts for far too long.  The need for real change in the finance industry still exits.

By the way, don’t pay attention to the gloom and doom about GM’s potential bankruptcy (CNN Money article, “Auto Bankruptcy:  What it means”).  It’s not that the article is incorrect, but that the bad things it lists are also good things:

• Remove excess capacity from the market
• Make not only our auto manufacturer’s more efficient, but our auto industry (dealers, parts suppliers, etc.) more efficient
• Make our auto industry stable for the long haul, which will really help the economy
• Eliminate welfare jobs provided by the auto unions
• Reduce the wages for jobs that require little skill

If none of this happens, all of the people who say we don’t make anything will actually be correct.  And, none of this happens without giving GM the chance to succeed or fail.  This will be rocky over the short-term, but it is nice someone is waking up and looking further ahead than the next quarterly report or the next election.