If they themselves must go, they are ready to pull the temple down with them."
From the preface to The Vampire Economy - Doing Business Under Fascism by Gunter Reiman, September 1939
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.............
I will never buy another single government-made vehicle, GM and Chrysler. From now on the rule of thumb is...non-government owned, freemarket vehicles!
Stop Socialism!
Where in the bill does it say the loans can be forgiven? How is this legal?
If they themselves must go, they are ready to pull the temple down with them."
From the preface to The Vampire Economy - Doing Business Under Fascism by Gunter Reiman, September 1939
I think you’ve got a point there. Frankly, I wouldn’t be surprised to see our auto companies go under. I don’t think Obama has a clue, and he wants to be CEO of everything.
It is chilling to realize he’s going to do the same thing to our banks and lending institutions, that he has done to our auto industry.
And abandon all their stockholders???
No decent senior executive would do that...they all would take the lesser of all evils....
Pipe dream......
But at this rate, I'm suspecting I might.
The Wikipedia page on Notre Dame University has been locked to prevent changes. Ask me how I know that!
No decent senior executive would do that...they all would take the lesser of all evils.... Given that the new president is a socialist/fascist, and given the great treatment that the GM shareholders have gotten from the administration, the lesser of all evils would be to utilize a scorched earth policy. The shareholders will get hosed by the government anyway, so it would be best if the government gets nothing as well.
I can't believe that there are still people here that don't realize that we're in the beginning stages of a war here. Don't give the enemy anything.
Who in their right mind would buy a car made by Government Motors?
Third generation GM buyer here. I’ve bought the last one.
Funny you mention that because some of the biggest business entities in Russia currently--namely Gazprom, Rosneft, Channel 1 Russia, and VGTRK--have extensive Russian government ownership.
I moved from a Chrysler (Jeep) that I had had for several years and lots of miles to a Highlander in 07. It is a great car. Safety and style were the deciding factors.
It just doesn’t seem like anyone has the guts to challenge Obama to the US Supreme Court and challenge his “doings”.
Amazing, simply amazing. No guts left in this country.
AGREE !!
So ... how long will it be before the IRS tax laws are re-written to force IRAs to have such toxic assets (such as GM, bailed out banks, etc) to be part of their portfolio?
I bet not long at all ... and Obama will paint it as a benefit to the investor.
Obama will NOT get a second term; he’ll be lucky as hell to make it through his first one.
Problem solved.
Why do I fear the reverse is what will actually happen?
Just doing it before they are forced to.
I am glad my grandfather didn’t see what happened to his country.
We've got over three and a half years left... very left.
Commercial real estate. Obama wants to leave the people their feeling of freedom with home ownership, but the government will surely soon own every condo development, hotel, and commercial property that is over-leveraged or under capacity. Mark my words. That's what's next.
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