Obama and GM -------- New Evolution?
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10 Second Club
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From: S of Sugarland, TX
The long version........story of the totally inexperienced 31 yr old that will dismantle GM.
By DAVID E. SANGER
Published: May 31, 2009
WASHINGTON — It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.
Stephen Crowley/The New York Times
Brian Deese, who interrupted his law school career, is the little-seen force behind the revamping of the American auto industry.
But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.
Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.
“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”
But now, according to those who joined him in the middle of his crash course about the automakers’ downward spiral, he has emerged as one of the most influential voices in what may become President Obama’s biggest experiment yet in federal economic intervention.
While far more prominent members of the administration are making the big decisions about Detroit, it is Mr. Deese who is often narrowing their options.
A month ago, when the administration was divided over whether to support Fiat’s bid to take over much of Chrysler, it was Mr. Deese who spoke out strongly against simply letting the company go into liquidation, according to several people who were present for the debate.
“Brian grasps both the economics and the politics about as quickly as I’ve seen anyone do this,” said Lawrence H. Summers, the head of the National Economic Council who is not known for being patient whenever he believes an analysis is sub-par — or disagrees with his own. “And there he was in the Roosevelt Room, speaking up vigorously to make the point that the costs we were going to incur giving Fiat a chance were no greater than some of the hidden costs of liquidation.”
Mr. Deese was not the only one favoring the Fiat deal, but his lengthy memorandum on how liquidation would increase Medicaid costs, unemployment insurance and municipal bankruptcies ended the debate. The administration supported the deal, and it seems likely to become a reality on Monday, if a federal judge handling the high-speed bankruptcy proceeding approves the sale of Chrysler’s best assets to the Italian carmaker.
Mr. Deese’s role is unusual for someone who is neither a formally trained economist nor a business school graduate, and who never spent much time flipping through the endless studies about the future of the American and Japanese auto industries.
He lives a dual life these days. He starts the day at a desk wedged just outside of Mr. Summers’s office, where he can hear what young members of the economic team have come to know as “the Summers bellow.” From there, he can make it quickly to the press office to help devise explanations for why taxpayers are spending more than $50 billion on what polls show is a very unpopular bailout of the auto industry.
Several times a day he speed-walks to Treasury, taking a shortcut through the tunnel under the colonnade, near the kitchens. The other day he talked about how sharply perceptions of the industry’s future changed after Mr. Obama’s election.
“At the first meeting with Rick Wagoner,” he said, referring to G.M.’s recently deposed chief executive, “they were in a very different place. He said publicly that bankruptcy was not a viable option. It’s been a long process getting everyone to look at the options differently.”
In fact, from before Inauguration Day, few in Mr. Obama’s circle saw any other choice. Every time Mr. Deese ran the numbers on G.M. and Chrysler, he came back with the now-obvious conclusion that neither was a viable business, and that their plans to revive themselves did not address the erosion of their revenues. But it took the support of Mr. Rattner and Ron Bloom, senior advisers to the task force charged with restructuring the automobile industry, to help turn Mr. Deese’s positions into policy.
“The president’s instruction to us was that we had to come up with a solution that would work on a commercial basis, that didn’t involve indefinite federal financing,” Mr. Deese said. “But we didn’t want liquidation, which would have even worse effects. So the question was how do you design a very substantial restructuring, and do it fast.”
Mr. Deese’s route to the auto table at the White House was anything but a straight line. He is the son of a political science professor at Boston College (his father) and an engineer who works in renewable energy (his mother). He grew up in the Boston suburb of Belmont and attended Middlebury College in Vermont. He went to Washington to work on aid issues and was quickly hired by Nancy Birdsall, a widely respected authority on the effectiveness of international aid and the founder of the Center for Global Development.
But he wanted to learn domestic issues as well, and soon ended up working as an assistant for Gene Sperling, who 17 years ago in the Clinton White House played a similar role as economic policy prodigy. Eventually, Mr. Deese headed to Yale for his law degree. But his e-mail box was constantly filled with messages from friends in Washington who were signing up to work for the Obama or Hillary Rodham Clinton campaigns. Mr. Deese chose Senator Clinton’s.
“He was pretty quickly functioning as the top economic policy staffer through her campaign,” Mr. Sperling said. “He could blend the policy needs and the political needs pretty seamlessly.” On the day that the Clinton campaign ended, Mr. Deese left her concession speech and received a message on his BlackBerry from a friend in the Obama campaign urging him to sign on immediately to Mr. Obama’s team.
He resumed his policy work there, and found himself stuck in Chicago — unable to fly to Washington with his dog — as the economic crisis deepened. Finally, one night, he decided to get into his car with his dog and just started driving back to Washington. Tired, he pulled over to catch some sleep in the car.
“I slept in the parking lot of the G. M. plant in Lordstown, Ohio,” he recalled. The giant plant, opened during G.M.’s heyday in the mid-1960s, is where the Pontiac G5 is produced. Under the plan Mr. Deese worked on when he arrived in Washington, Pontiac will disappear.
“I guess that was prophetic,” he said, shaking his head.
By DAVID E. SANGER
Published: May 31, 2009
WASHINGTON — It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.
Stephen Crowley/The New York Times
Brian Deese, who interrupted his law school career, is the little-seen force behind the revamping of the American auto industry.
But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.
Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.
“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”
But now, according to those who joined him in the middle of his crash course about the automakers’ downward spiral, he has emerged as one of the most influential voices in what may become President Obama’s biggest experiment yet in federal economic intervention.
While far more prominent members of the administration are making the big decisions about Detroit, it is Mr. Deese who is often narrowing their options.
A month ago, when the administration was divided over whether to support Fiat’s bid to take over much of Chrysler, it was Mr. Deese who spoke out strongly against simply letting the company go into liquidation, according to several people who were present for the debate.
“Brian grasps both the economics and the politics about as quickly as I’ve seen anyone do this,” said Lawrence H. Summers, the head of the National Economic Council who is not known for being patient whenever he believes an analysis is sub-par — or disagrees with his own. “And there he was in the Roosevelt Room, speaking up vigorously to make the point that the costs we were going to incur giving Fiat a chance were no greater than some of the hidden costs of liquidation.”
Mr. Deese was not the only one favoring the Fiat deal, but his lengthy memorandum on how liquidation would increase Medicaid costs, unemployment insurance and municipal bankruptcies ended the debate. The administration supported the deal, and it seems likely to become a reality on Monday, if a federal judge handling the high-speed bankruptcy proceeding approves the sale of Chrysler’s best assets to the Italian carmaker.
Mr. Deese’s role is unusual for someone who is neither a formally trained economist nor a business school graduate, and who never spent much time flipping through the endless studies about the future of the American and Japanese auto industries.
He lives a dual life these days. He starts the day at a desk wedged just outside of Mr. Summers’s office, where he can hear what young members of the economic team have come to know as “the Summers bellow.” From there, he can make it quickly to the press office to help devise explanations for why taxpayers are spending more than $50 billion on what polls show is a very unpopular bailout of the auto industry.
Several times a day he speed-walks to Treasury, taking a shortcut through the tunnel under the colonnade, near the kitchens. The other day he talked about how sharply perceptions of the industry’s future changed after Mr. Obama’s election.
“At the first meeting with Rick Wagoner,” he said, referring to G.M.’s recently deposed chief executive, “they were in a very different place. He said publicly that bankruptcy was not a viable option. It’s been a long process getting everyone to look at the options differently.”
In fact, from before Inauguration Day, few in Mr. Obama’s circle saw any other choice. Every time Mr. Deese ran the numbers on G.M. and Chrysler, he came back with the now-obvious conclusion that neither was a viable business, and that their plans to revive themselves did not address the erosion of their revenues. But it took the support of Mr. Rattner and Ron Bloom, senior advisers to the task force charged with restructuring the automobile industry, to help turn Mr. Deese’s positions into policy.
“The president’s instruction to us was that we had to come up with a solution that would work on a commercial basis, that didn’t involve indefinite federal financing,” Mr. Deese said. “But we didn’t want liquidation, which would have even worse effects. So the question was how do you design a very substantial restructuring, and do it fast.”
Mr. Deese’s route to the auto table at the White House was anything but a straight line. He is the son of a political science professor at Boston College (his father) and an engineer who works in renewable energy (his mother). He grew up in the Boston suburb of Belmont and attended Middlebury College in Vermont. He went to Washington to work on aid issues and was quickly hired by Nancy Birdsall, a widely respected authority on the effectiveness of international aid and the founder of the Center for Global Development.
But he wanted to learn domestic issues as well, and soon ended up working as an assistant for Gene Sperling, who 17 years ago in the Clinton White House played a similar role as economic policy prodigy. Eventually, Mr. Deese headed to Yale for his law degree. But his e-mail box was constantly filled with messages from friends in Washington who were signing up to work for the Obama or Hillary Rodham Clinton campaigns. Mr. Deese chose Senator Clinton’s.
“He was pretty quickly functioning as the top economic policy staffer through her campaign,” Mr. Sperling said. “He could blend the policy needs and the political needs pretty seamlessly.” On the day that the Clinton campaign ended, Mr. Deese left her concession speech and received a message on his BlackBerry from a friend in the Obama campaign urging him to sign on immediately to Mr. Obama’s team.
He resumed his policy work there, and found himself stuck in Chicago — unable to fly to Washington with his dog — as the economic crisis deepened. Finally, one night, he decided to get into his car with his dog and just started driving back to Washington. Tired, he pulled over to catch some sleep in the car.
“I slept in the parking lot of the G. M. plant in Lordstown, Ohio,” he recalled. The giant plant, opened during G.M.’s heyday in the mid-1960s, is where the Pontiac G5 is produced. Under the plan Mr. Deese worked on when he arrived in Washington, Pontiac will disappear.
“I guess that was prophetic,” he said, shaking his head.
12 Second Club
Joined: Nov 2005
Posts: 407
Likes: 1
From: Rockwall, TX
Government should not invest in private industry!
If a company makes bad decisions and can no longer make a profit it should perish. If there is room in the economy for another car maker in the future, one will be born.
I agree with "vette". Now that the government owns GM: I think the GM cars will be cheaper initially. Raise the gov. subsidies, make buying a new fuel efficient GM car tax free, etc. Then, tax/embargo the non US gov owned auto makers making their cars too expensive to own.
It sounds ridiculous, but isn't that how East Germany wound up with the Trabant? Eventually the government mandated that it was the only car you could buy and waiting lists were 11-15 years long. When I was an exchange student in East Germany, they made 26hp, and the bodies were made of compressed paper. I remember one time having 4 people in one and when we got to a steep hill, 2 of us had to get out and walk! All the while West Germans are tooling around in BMWs Porsches, Mercedes, and Alfa Romeo.
(At the risking of sounding like a conspiracy theorist...) The easiest way to control what Americans buy is to control what they can buy. You can't constitutionally ban guns in this country, but have you tried to buy ammo lately?
As far as bailouts go just remember:
"The government of the United States is a definite government, confined to specified objects. It is not like state governments, whose powers are more general. Charity is no part of the legislative duty of the government."
-- James Madison
In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme.”
--Aristotle
“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”
--Thomas Jefferson
“Democracy is the road to socialism”
--Karl Marx
Meaning that once people realize that they can vote to have government “step in” and fix their woes democracy is doomed. The majority will vote to take from the few (rich) and give to the many (poor) and eventually the government will own everything.
If a company makes bad decisions and can no longer make a profit it should perish. If there is room in the economy for another car maker in the future, one will be born.
I agree with "vette". Now that the government owns GM: I think the GM cars will be cheaper initially. Raise the gov. subsidies, make buying a new fuel efficient GM car tax free, etc. Then, tax/embargo the non US gov owned auto makers making their cars too expensive to own.
It sounds ridiculous, but isn't that how East Germany wound up with the Trabant? Eventually the government mandated that it was the only car you could buy and waiting lists were 11-15 years long. When I was an exchange student in East Germany, they made 26hp, and the bodies were made of compressed paper. I remember one time having 4 people in one and when we got to a steep hill, 2 of us had to get out and walk! All the while West Germans are tooling around in BMWs Porsches, Mercedes, and Alfa Romeo.
(At the risking of sounding like a conspiracy theorist...) The easiest way to control what Americans buy is to control what they can buy. You can't constitutionally ban guns in this country, but have you tried to buy ammo lately?
As far as bailouts go just remember:
"The government of the United States is a definite government, confined to specified objects. It is not like state governments, whose powers are more general. Charity is no part of the legislative duty of the government."
-- James Madison
In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme.”
--Aristotle
“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”
--Thomas Jefferson
“Democracy is the road to socialism”
--Karl Marx
Meaning that once people realize that they can vote to have government “step in” and fix their woes democracy is doomed. The majority will vote to take from the few (rich) and give to the many (poor) and eventually the government will own everything.
12 Second Club
Joined: Nov 2005
Posts: 407
Likes: 1
From: Rockwall, TX
What part? Bailing out and buying of companies, or the sub prime mortgage crisis?
Bill Clinton and The Financial Crisis: US Democratic Administration Encouraged High-Risk Mortgages
The Clinton Administration incouraged sub-prime lending and repealed the Glass-Staegall Act that was inacted after The Great Depression to protect people from preditory banks. The result, we are back in the depression.
What polititians want people to think is that presidents have imediate results on the economy. The fact is that our economy is huge and it takes years to decades for actions to have thier full effect.
Bill Clinton and The Financial Crisis: US Democratic Administration Encouraged High-Risk Mortgages
The Clinton Administration incouraged sub-prime lending and repealed the Glass-Staegall Act that was inacted after The Great Depression to protect people from preditory banks. The result, we are back in the depression.
What polititians want people to think is that presidents have imediate results on the economy. The fact is that our economy is huge and it takes years to decades for actions to have thier full effect.
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Socialism at work here, our government just nationalized GM. Just look at the commie's in Venezuela, they own a 60% stake in most of that countries economic sectors. Comrade Barrack Hussein Obama is just running a play right out of Hugo Chavez's commie playbook. The US government will own at least 60% of GM, not to mention the financial institutions in this country.
Before anyone states Bush started this by approving 350 billion in TARP last year. That was done to stem the carnage on wallstreet, not take over those institutions. Democrats at the time screamed bloody murder then, stating it was a bad idea, and I agree it was and still is a bad idea. However Barry and the Dems now have no qualms in bailing out and nationalizing key economic sectors when it suits them politically. Welcome to the revolution Komrades!
Before anyone states Bush started this by approving 350 billion in TARP last year. That was done to stem the carnage on wallstreet, not take over those institutions. Democrats at the time screamed bloody murder then, stating it was a bad idea, and I agree it was and still is a bad idea. However Barry and the Dems now have no qualms in bailing out and nationalizing key economic sectors when it suits them politically. Welcome to the revolution Komrades!
For those of you that don't like to jump to conclusions....... Turn on C-Span right now and watch the auto execs from GM and Chrysler get drilled by senators on how and why they are running such a shitty business and that the gov't needed to get involved. And yes, Republicans are joining in.
This is not just an Obama thing. The president didn't decide one day that he wanted to take over GM. If you guys want to keep on believing that hey thats cool. People once thought the earth was flat and you were crazy if you believed otherwise.
Actually, you guys getting all pissed off at Obama... What should of happened to GM then? Should they of just continued to drive the entire company into the ground and continually ask for loans from the gov't? I want to know that all you anti Obama people think would of been a better course of action. FYI, this was the first election I chose not to vote cause I thought I was choosing between the lesser of two evils. So by no means am I supporting this but I would like to know what other great ideas people have.
This is not just an Obama thing. The president didn't decide one day that he wanted to take over GM. If you guys want to keep on believing that hey thats cool. People once thought the earth was flat and you were crazy if you believed otherwise.
Actually, you guys getting all pissed off at Obama... What should of happened to GM then? Should they of just continued to drive the entire company into the ground and continually ask for loans from the gov't? I want to know that all you anti Obama people think would of been a better course of action. FYI, this was the first election I chose not to vote cause I thought I was choosing between the lesser of two evils. So by no means am I supporting this but I would like to know what other great ideas people have.
I agree, letting GM fall on its face with no help would have hurt more than it helped. As someone who has seen a bit deeper into the "food chain" of the auto industry, I cringe at the thought of GM closing its doors. It isn't just GM employees affected!
And although I'm not Obama's #1 fan and supporter, I think this was a needed step in getting the country headed back in the right direction. He took over a mess, and is trying to get is cleaned up. Will it get worse before it gets better? Yes, I believe so.
And, FYI Obama has stated that the government will not run GM or make any major authoritative decisions in GM's come-back...nothing more than any regular minority share-holder would make day to day (even though they are the majority holder now). We'll see if he and the government sticks to that promise!
And although I'm not Obama's #1 fan and supporter, I think this was a needed step in getting the country headed back in the right direction. He took over a mess, and is trying to get is cleaned up. Will it get worse before it gets better? Yes, I believe so.
And, FYI Obama has stated that the government will not run GM or make any major authoritative decisions in GM's come-back...nothing more than any regular minority share-holder would make day to day (even though they are the majority holder now). We'll see if he and the government sticks to that promise!
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I agree, letting GM fall on its face with no help would have hurt more than it helped. As someone who has seen a bit deeper into the "food chain" of the auto industry, I cringe at the thought of GM closing its doors. It isn't just GM employees affected!
And although I'm not Obama's #1 fan and supporter, I think this was a needed step in getting the country headed back in the right direction. He took over a mess, and is trying to get is cleaned up. Will it get worse before it gets better? Yes, I believe so.
And, FYI Obama has stated that the government will not run GM or make any major authoritative decisions in GM's come-back...nothing more than any regular minority share-holder would make day to day (even though they are the majority holder now). We'll see if he and the government sticks to that promise!
And although I'm not Obama's #1 fan and supporter, I think this was a needed step in getting the country headed back in the right direction. He took over a mess, and is trying to get is cleaned up. Will it get worse before it gets better? Yes, I believe so.
And, FYI Obama has stated that the government will not run GM or make any major authoritative decisions in GM's come-back...nothing more than any regular minority share-holder would make day to day (even though they are the majority holder now). We'll see if he and the government sticks to that promise!
One thing I've learned is that emotions always trump facts when it comes to 90% of the population.
In the committee meeting being broadcast live one Republican senator just said that he is confused on how the 2 biggest reasons he felt GM failed, are the 2 people that are going to be calling the shots. The people still in charge, CEOs and the UAW. I know everyone keeps saying that the gov't has the majority share in the company but senators are upset that the people that got GM in trouble are the ones still making the decisions to get them out of trouble.
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POWERBOND - ASP - AND MORE!
Largest Stocking Distributor of LS-x Engines / CHECK OUT OUR NEW WEBSITE!
COMP - FAST - PACESETTER - DIAMOND RACING - EAGLE SPECIALTY PRODUCTS - CALLIES - COMETIC GASKETS
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TECH Apprentice
iTrader: (15)
Joined: Apr 2008
Posts: 305
Likes: 0
From: College Station / San Marcos
No sir.
Look to Lincoln, F.D.R, and others for that designation. Obama is just the latest in a long line.
Where else but America can you take a inexperienced and unheard of politician, and then place in him the reins of the free world (Well free in a sense). This whole debacle will not be the end of America, or the world, it will just set us back a good bit. Once China becomes the worlds superpower and the European Union solidifies into the next "Holy Roman / Ottoman / Greek / Roman / English" empire Americans will wake up, cast off the chains of socialism and once more become the most profitable, and most ideal and free place to live.
America has never really been an actual democracy, and a democracy is not what you really want. We've been a republic which is wholly different. However, with a stronger centralized government (which we are quickly becoming more centralized) a nation quickly becomes socialist, and then from socialism comes the disruption of the nation and the foundations crack.
Governments purpose is to maintain peace and protect the borders. Not intervene into business. Government run enterprises are NEVER as efficient or effective as private industries. EVER.
Look to Lincoln, F.D.R, and others for that designation. Obama is just the latest in a long line.
Where else but America can you take a inexperienced and unheard of politician, and then place in him the reins of the free world (Well free in a sense). This whole debacle will not be the end of America, or the world, it will just set us back a good bit. Once China becomes the worlds superpower and the European Union solidifies into the next "Holy Roman / Ottoman / Greek / Roman / English" empire Americans will wake up, cast off the chains of socialism and once more become the most profitable, and most ideal and free place to live.
America has never really been an actual democracy, and a democracy is not what you really want. We've been a republic which is wholly different. However, with a stronger centralized government (which we are quickly becoming more centralized) a nation quickly becomes socialist, and then from socialism comes the disruption of the nation and the foundations crack.
Governments purpose is to maintain peace and protect the borders. Not intervene into business. Government run enterprises are NEVER as efficient or effective as private industries. EVER.
