Today, I was surprised to read that the White House has asked GM CEO, Rick Wagoner to step down. Why haven’t we asked some of the banks CEO’s to step down? I think Wall Street and the banking industry is a much bigger mess then the automakers. You don’t have to be a brain surgeon to understand if people are broke, they aren’t going to be buying new cars.

Yahoo News Reports:

The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce measures to restructure GM and Chrysler LLC in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.

Wagoner’s departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM. The automaker recently promoted Fritz Henderson, its former chief financial officer, to become president and chief operating officer. Many in the company thought he would eventually succeed Wagoner.

Detroit-based GM issued a statement Sunday saying only that the company expects a decision by the administration soon but that “it would not be appropriate for us to speculate on the content of any announcement.”

David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich., said Sunday that Wagoner’s departure gives the government a rationale to provide additional aid to the automaker. He was not surprised by the move, but said he is disappointed because he considers Wagoner a capable leader.

“I think that as a condition for further government support, this helps give them a little cover with the public,” Cole said. “Essentially he’s taking one for the team.”

“They had great affection for Rick — someone that’s fair, that acts like a coach, that holds people’s feet to the fire but has a good understanding of human behavior,” Cole said.

Maybe a couple of our automakers should merge. GM is quite popular in Australia and have some really cool cars on the market. I just think the US market is changing, the automakers need to recognize that, and focus on more fuel efficient cars. Is this new CEO going to be any better?

Personally, I think our economy is messed up because of the Wall Street fiasco. Now we’re having a trickle down effect. I think it’s lame that Wagoner is being used as a scapegoat. I don’t think it’s fair to humiliate a man who has dedicated over 30 years of his life to the company.Who knows if this new CEO will make it better? Or is this a PR strategy because of the AIG outrage?

Well, the White House “task force” better hope they make the right decisions. Or they will have major doo doo on their faces. I love Obama, I’m just not sure if some of his financial team members have it together. Just my humble opinion.