Posted on 05/01/2009 9:08:34 AM PDT by curiosity
Bondholders are legally first! Their arrangement is to be paid in full as their capital is backed by tangible assets.
Rule of Law on property rights. They should not be changed on a whim.
UAW is unsecured debt.
Obama is fulfilling a campaign promise to ‘return the wealth to those who created it.’
Happy May Day,commrade!
Obama is turning us into a banana republic. Forget rule of law. Forget legal priority of creditors. All that matters is political power.
This has got to be one of the most eggregious, and naked cases of political patronage in US history.
I just want to know when the Chrysler and GM products that are in NASCAR and other racing circuits start to wear “Property of The US Government” as a sponsor. Then you know it’s the end.....
Toyota seems to be doing good, and as long as I can get 94-95 Corolla engine parts, I’ll keep my Prizm going.....
Forget Chrysler, Forget GM. Looks like people who own boneyards are going to start making money again, for everyone who maintains their older cars, since more than likely they won’t be able to get OEM parts once these places hit the skids....
Actually, the quality has gotten a lot better in recent years. I bought a Ford Fusion recently, and I love it. My wife owns a Jeep Liberty, and it's wonderful. The Chevy Malibu is a good car, too. New management and fresh ideas have been helping things get better recently.
That's why the US auto companies could become viable if the government got out of the way and allowed the bankruptcy courts to do their work: rip up burdensome union contracts and work rules, shed dealers, eliminate useless brands.
Unfortunately, Bambi isn't going to let that happen.
This has got to be the worst, and scariest, case of presidential interference with the judicial process in history.
If Obama gets his way, we will become a banana republic. God help us all.
This is classical fascism. Have government take partial control of companies from the private sector. Ensure Government control, and have a scapegoat. I bet you could find a similar speech from Hitler about the evil “bankers”.
Quid pro quo: Unions get Zero elected, Zero gets them an
unreasonable share of the auto makers they made go bankrupt.
Obama demonizes Private investors and says they are against the everyday joe.
But it is Obama that is running up record debt on the backs of everyday Joe. They are stupid enough to buy this rhetoric? The media say nothing, just parrots what he says while he picks everyone’s pocket. Obama has taken and will take far more than any private investor from every man woman and child in this country.
The administration tried desperately to keep Chrysler out of bankruptcy court,that turned out well so much for leadership.
There are no words to describe how much I hate that man.
“UAW is unsecured debt.”
I don’t think it’s even “debt.” They haven’t defaulted on wage and benefits payments, have they?
It’s just that, in bankruptcy, they can reject the UAW contracts and lower their costs going forward.
Couple of possibilities.
Have a NASCAR race with GM and Dodge clown cars. Longest race imaginable. NONE of them will make it 500 miles.
Next case, NASCAR will run Toyotas and Nissans. Just before the announcement to start engines, there will be a loud gong sounding. Geisha girls and sake for the winner.
Sorry, been a long week under occupation of the ONE.
Fascist?
True, but no longer relevant. Even if the GM/Chrysler vehicle was a better price and better quality than a Ford or a foreign car, I would not take the GM or Chrysler. I will not support TARP companies or bailout companies, and that's a permanent boycott. I want them all dead.
Forgiveness would require that GM repay the stolen tax dollars that they wre given. Forgiveness would require that GM repay the secured debt holders who were stiffed on Obama's orders. Essentially, GM or Chrysler would have to undo all the harm that they have done - it's not happening.
Facist?
the government will be Chrysler’s biggest customer. All they have to do is get the new global company to bolt a 50 caliber machine gun to the roof of a Dodge Charger, call it a army tank....and then place an order for 7000 of them for 5 million each....
It is like a burglar condemning a homeowner for having a security system. Just bend over and take it is the perp in chief’s attitude.
Stop, THIEF!!!!
I agree with you on the Fusion and Jeep. Friends who have the cars love them... But, let’s see what they think when the car hits 70 or 80K miles...
Unfortunately it’s the perception.
Also, what kind of service do they get? My Aunt has been driving a Lincoln Mark since they came out from the same dealer. I think she bought the last model and it sits her garage with barely 10,000 miles. She’s 86. Do you think the dealer would ever consider having someone drive out to her place to pick the car up and service it for her? She’d pay for it. H*ll no!
Another thing. Why do American companies insist on radically changing the design of a car every year? Get a classic design and keep it for 5 years.
I drive a Lexus SC430. The design of the car hasn’t changed since 2002, therefore it retains it’s value longer.
With the exception of the Mustang and Corvette, US companies have this thing about a new design every year. I think it reflects the insecurity of the buying public who thinks they’re getting something no one else has.
Classic design withstands the test of time. The older Mercedes and Lexus and others are still appealing to the eye.
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