Wagoner's Out

Sundays are for sports. During the fall season I get to sit back and watch Sunday Night Football. Today it's North Carolina walking all over Oklahoma. Sundays are starting to get more interesting with big government action. From letting Lehman go to JP Morgan picking up Bear Stearns, all the action seems to happen on Sunday.

Now comes Wagoner's ouster, the CEO of GM. I have to admit, this caught me off guard for the speed and decisiveness of the government's intervention into the automakers. It wasn't too long ago when Mr.Wagoner stepped out of the Chevy Volt for that great photo opportunity after receiving much criticism for taking the private jet to the government hearings.

Chrysler's hand is also being forced to strike a deal with Italian auto maker Fiat. This could mean several things from restructuring, bankruptcy, to GM bond holders getting screwed. This is a pretty big mess that will cast some uncertainty in the markets. Time to take a step back and watch, or should I say digest.

Sunday's aren't the same anymore.