Posted on 05/19/2009 12:29:20 PM PDT by autumnraine
Edited on 05/19/2009 2:07:32 PM PDT by Admin Moderator. [history]
I am speechless. Are we Russia yet?
NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday. The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source. The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims. GM has about $6 billion in secured debt, including a secured revolving credit and bank debt. The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans. In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.
The government has given GM until June 1 to restructure its operations to lower its debt burden and employee costs.
If those talks failed, the company has said it would follow rival Chrysler LLC into bankruptcy.............
Russia backed off of a planned economy and instituted a flat tax in the last five/ten years. Even Putin advised Obama that the road he was going down economically was a bad one. Ironically, Kruschev secretly advised Nassar in Egypt with the same caution - planned economies are bad.
Russia is now basically a totalitarian system with capitalism as a rough economic system. Too bad you can’t enforce a contract there, however.
Ford. I’m getting a Ford.
Tahoe? They’ll be obsolete. Didn’t you hear, Obama is mandating what kind of cars can be made and how “green” they are.
The King has spoken doncha know?
Nissans are very nice cars.
But when you’re racing to Anderson to jump on AF1 to fly to St. Louis to get a pizza, an SUV of the likes of a Tahoe is a nice ride!
http://www.freerepublic.com/focus/f-news/2254042/posts
Related. Sickening.
This is how it started in Cuba.
Last one out, turn off the lights.
Sig heil. All bow to the new car tsar, Dear Leader Hussein.
What else could that mean? Just like the banks that were forced to lend to people who were unable to meet their mortgage obligations, and are being forced to return to that very practice.
Ever seen the movie "The Longest Yard" (the original version with Burt Reynolds, not the Adam Sandler re-make)?
There's a wince-inducing scene that goes with the line: "Worked once... should work again."
It’s our Baptism.....of COMMUNISM!!!
The fascist experience in Germany and Italy was such that only the facade of private ownership was retained - the government had indirect control of the means of production, offering perks to those in the corporatist class who did the bidding of the government without the need of much arm twisting. Every corporate decision was a government decision (although, unlike in the Soviet experience of the communist brand of totalitarianism, in fascism input from those proven to be successful in a given field was valued - the government ranks were filled with erstwhile corporate leaders).
Socialism and communism are merely rhetorical variations of fascist totalitarianism. Lots of difference on paper, no difference in practice. I use socialism and fascism as synonyms (though fascism is a term burdened with grossly inapt connotation, while socialism is a term unduly elevated by idealistic political theory).
For the first time I’m actually embarassed to be an American.
If the citizens of our country can’t see where this is heading, well. This isn’t “a little socialism”. We’re heading down a hard socialist/fascist path Lord, what I would give if even 10% of our citizens actually understood what fascism actually was, instead of just knowing it as a bad name to call someone.
Countries that have gone down that path have always, ALWAYS ended up with totalitarian government/dictatorships.
God help us.
I really like that.
Had that same conversation earlier today.
I WILL NEVER BUY A CHRYSLER OR GM PRODUCT AGAIN.
Did anyone expect anything else? No one should be surprised. If one looks at GM’s books it obviously is in an untenable situation. The irony is that I would argue that GM is worth less than Chrysler which has its Jeep and Ram lines. What does GM have besides two good models, the Malibu and the CTS? And the nameplates of Chevrolet and Cadillac. I see no real value in this company.
But I wouldn’t particularly worry. There are plenty of choices in American made vehicles. I own two, both made in Alabama and they are not any of the domestic companies. (Hyundai) There are deals to be made right now that I can hardly believe. There has never been a better time to buy a car of your choice. Forget GM. It is a lost cause. This has been a long time coming.
I can see the GM car ads now. A smiling government bureaucrat touting the Volksmobile, a tin can with an electric golf cart motor. The motto: “Close enough for government work.”
Careful, comrade, or someone will denounce you to the MGB.
From Joe Isuzu to Joe Izatu.
“Just wait until the end of Obama’s second term.... we’ll be worse off than Venezuela...”
The American people still do not want to accept that the Kenyan’s plan is to destroy the country—he more or less indicated it during his campaign, and his supporters knew damn well what he meant. They have no idea that they also destroyed their children’s future.
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