GM CEO to Resign

Rick Wagoner is stepping down, apparently on White House orders.

New leadership may well be a good move for GM. But that is a decision for GM’s board and shareholders to make. They have years of auto industry experience.

They also have a vested stake in the matter. If they fail, they lose the shirts off their backs. They have all the incentive in the world to choose wisely.

President Obama and the Presidential Task Force on Autos have none of these advantages.

Their line of thinking seems to be that GM is not fit to run itself. Given GM’s recent performance, they may well be right.

But how on earth does that imply that Washington can do better? The logic just doesn’t follow.

This mindset is arrogance. It is hubris.

Worse, it is poison to an already ailing economy.