Stock market sentiment was hit by a combination of factors on Monday, with automakers under particular pressure after the White House rejected the turnaround plans from General Motors Corp. and Chrysler. The Obama administration also replaced GM’s CEO Rick Wagoner with the company’s chief operating officer Fritz Henderson.
Banking stocks were also sold off heavily after U.S. Treasury Secretary Tim Geithner failed to rule out in a weekend interview the possibility that some of the U.S. banks may need more government funds to get them lending again. A bailout fund for battered banks still has $135 billion left in it, although Geithner said a second batch of money might be needed, despite public frustration with the already allocated money. Read More
Seem that Obama is wanting to design and build cars himself and not leave anything to the American companies! Do you want the government building your autos? The government can not run social Security or medicare so how do you expect it to do on running big auto companies? I see a dictator takeover!