6/2 GM Goes Bankrupt, Stock Market Soars… HUH?
Posted by Editor on June 1, 2009 · 202 Comments
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202 Responses to “6/2 GM Goes Bankrupt, Stock Market Soars… HUH?”The Restoring Honor Rally August 28, 2010
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So it seems the reason the market went up was that "someone" in the government had GM removed from the NASDAQ the day of the bankruptcy thus eliminating the reported effect of GM this is what caused the market to climb, an omission of GM trading.
Direct quote from BO himself:
"We are acting as a reluctant shareholder because this is the only way to help GM succeed. … Our goal is to get GM back on its feet, take a hands off approach and get out quickly."
also:
"Difficult days lie ahead. More jobs will be lost. More plants will close. More dealerships will shut their doors and so will many parts suppliers. But I want you to know that what you're doing is making a sacrifice for the next generation."
Well, it appears that my generation and the one after it will be sacrificing for you, BHO. Thank you for handing the next generation of eager employees a deficit in the trillions, a country that relies mostly on imports to get by AND a pissed of Middle East. Thanks, man, really.
i refuse to buy anything produced by the US government or the UAW. that is why there is a shiny new acura sitting in my garage. this is coming from a life long american car buyer.
Correcting myself; not just God taken out, but satan given reign (or rein… any English professors out there?).
if the government doesn't want to be in the car business why haven't they issued options to the bondholders and stock holders to purchase the company and take control of it? it seems like this administration wants to manipulate energy prices (through cap/trade, a weak dollar) in order to artificially influence the market to buy the products that they want the american public to buy. GM and GE are 2 companies that would benefit from this. it's very disturbing.
I will be very curious to see the first Obama Auto Show, won't you? The pressure is on to come out with some dazzling new concepts and models as this will be Obama's first business enterprise…. and like everything else he does, he will hate to fail (narcissism, you know) Only problem is…. when everyone has already paid on the front side (bailouts) who's going to want to pay again on the back side? (much less have the money to anyway) Maybe that's the way they do it in other countries… but not this one!
fliped
over
rusted
dumpster
saving money that has the potential to be worthless. buy gold or silver. thay will be worth the same nomatter what the dollar does
And so, one of the first results of the stimulus package, is perhaps $50 billion dollars in to buy what is going to be a job loss of 20,000. Of course that job loss does not include the dealerships that will close with what? 20 people each? nor the UAWs claim that they have 80,000 fewer employees. So if $50 billion can buy a negative maybe 50,000 American jobs on the average, this is a test, how many job losses can the overall trillion dollar stiumulus package buy? And oh by the way, didnt someone say jobs would gain by the money instead of this loss? But if we add the job loss also by the refusal to drill for oil on US soil and the cap and trade idea and the insistence that auto makers make cars Americans hate, the job losses are just beginning.
The best part of this entire thing with Government Motors, is Brian Deese, a 31 year old, unqualified, student with no experience in business. The guy in charge of dismantling GM and restructuring it. Nobody can be surprised by this, considering we have an unqualified President and his cronies running around Washington screwing everything up for everybody. I look at the approval rating for these morons and it's baffling. Who in the hell is supporting these idiots. Why is it, I have never received a phone call from one of these polling institutions about these politicians. Let me guess. Obama has taken those over as well and has a list of persons who support him. Those are the people they call. Everybody, I mean everybody that I come into contact throughout each and every day, can't stand what is happening to our country, especially the Dictator in charge. What in the world can we do to turn things around? Does anybody have any good ideas? I know, vote the next election. Do you know how much damage this administration can do. Holy cow. Look at what has happened in the last four months. When China is laughing at Tax Cheat Tim Geitner and when Russia is calling us Marxist. I have fought for this country in the Marine Corps and for my city as a police officer. I just can't sit back anymore and let what is happening to us happen. When our choices were between Obama and Mccain. What we are getting is a chocolate covered turd. It may look good on the outside, but when you take a bite, you get the drift. We need better choices, then Mccain and Obama.
I have never been called in my entire life. They must have a group they call every single time and only get new ones when recommended by people they call. That's the only thing i can figure.
The Democratic Party has been working on this for a long time. From Jimmy Carter to George H. Bush there was only one Democrat, Bill Clinton!! 20 years and only one Democrat!! Eight years of the Bush Administration boiled their blood. So after having crafted their plan and polishing it, they found a young, smart, charismatic, sweet talking face to sell to the majority of the young voters, and that's what they did. They are NOT going to give up their golden egg, they will fight tooth and nail for him, they can't help themselves, it's their political party. People can say it's not the party, but for the politicians, it IS. And they are the ones running the show, plain and simple. It's like two rival football teams that have been playing each other for two hundred years, if your team win's, we will win next time, regardless! For us, the people it's about the person in the office we voted for, or not.
We are the ones caught in the crossfire and are just hoping we survive.
The Democratic Party has been working on this for a long time. From Jimmy Carter to George H. Bush there was only one Democrat, Bill Clinton!! 20 years and only one Democrat!! Eight years of the Bush Administration boiled their blood. So after having crafted their plan they polished it and found a young, smart, charismatic, sweet talking face to sell to the majority of the young voters, and that's exactly what they did. They are NOT going to give up their golden egg, they will fight tooth and nail for him, they can't help themselves, it's their political party. People can say it's not the party, but for the politicians, it IS. And they are the ones running the show, plain and simple. It's like two rival football teams that have been playing each other for two hundred years, if your team win's, we will win next time, regardless! For us, the people, it's about the person in the office we voted for, or not. We are the ones caught in the crossfire and are just hoping we survive. What are we the people going to do? The only thing we can do, counter the democratic president with a republican congress. It's the only le gal recourse I know of??
If gay marriage should be accepted because it is the choice of consenting adults; why should not it be acceptable for brother and sister to marry? This question always flusters liberals and throws them off message. The fact is, incestuous relationships are more frequent in nature than those are of the same sex, but they frequently overlook that fact. Why too, should not pluaristic relationships be given equal prominence with heterosexuals? Once the component of "feelings" is removed, the answer is evident. I will not give the politicians answer so as to not offend someone, I believe it to be wrong and homosexuality should not be encouraged by society as being on par with traditional marriage.
Does that mean a Chinese company is now going to own the company that produces vehicles for our military???!!!
Wow! That would not be good *~*
I'm hoping that Ford is able to tread water as the house of cards begins to fall. I don't know if they will be able to, but I hold out hope for them. If they are not able to, I hope they have the decency to not hold their hands out to the government.
Actually Ford is in big trouble. They are treading water desperately trying to stay out of government hands. The thing a lot of people forget is that the far left in congress came out and flat out said they would not allow GM etc to go bankupt. That how the whole thing started. The far left was afraid GM would go bankrupt, and get out of all the union contracts. The UAW having spent 400 million to get Obama elected would lose a ton of power. The way around that was for Obama to just take over the process and violate the secured debt holders rights in the process. It's much the same thing with a lot of the banks. They were forced to take money whether they needed it or not, and they are disallowed from even returning the money still to this day so the government can keep a thumb on them. I imagine I don't have to tell anyone how bad all of that is, and what it could possibly portend for our future.
Actually Ford may be pushed into a GM style restructuring. The thing a lot of people forget is that the far left in congress came out and flat out said they would not allow GM etc to go bankupt. That how the whole thing started. The far left was afraid GM would go bankrupt, and get out of all the union contracts. The UAW having spent 400 million to get Obama elected would lose a ton of power. The way around that was for Obama to just take over the process and violate the secured debt holders rights in the process. It's much the same thing with a lot of the banks. They were forced to take money whether they needed it or not, and they are disallowed from even returning the money still to this day so the government can keep a thumb on them. I imagine I don't have to tell anyone how bad all of that is, and what it could possibly portend for our future.
Let me get this straight, we give them billions in bailout money then they file for bankruptcy. They now will restructure and the government will get 60% of the shares, the Canadians get 12% of the shares and the unions get 18% of the shares, so that leaves 10% for private shareholders and they are last in line to receive dividends if there are any. Now just who will invest in GM? I don't know much about the market as I'm sure you can tell but something sure doesn't smell right to me. The big question is who will buy a GM product now that the feds are in charge? Not me. Aren't they the same ones who are in charge of maintaining the infrastruture that we drive our vehicles on. That sure isn't working out so well.
5
It doesn't matter to B.O. he can break it up and sell it in pieces, at a discount!!! What matters is that he paid the unions back for getting him elected.
Very similar to the early moves in germany 29,30,31 we are headed for very hard times .
Just one more block in place in the creation of dictator Obama. Read about how in the Chrysler deal that 99.9% of the dealerships being closed were contributors to the GOP Party. http://directorblue.blogspot.com/2009/05/red-aler... Wow! It’s his way or the highway. What in the constitution gives these power’s to the president and the Treasury? Lessons: Don’t purchase bonds from a company that has organized labor or has received government funding.
Is this the Change that people voted for?
If both Chysler and General Motors are going bankrupt why have we sunk Billions of dollars into them to prevent just that? Wouldn't it have been better if we let it happen months ago? How much would we have saved? How much more will be spent to "protect us" from ourselves? I have no genius answers, but I just hope we as a nation find someone that does before we resemble Darfur.
I need only say one word….. SOCIALISM! This guy does not care what we think, he does no care about the constitution or any other thing. He arrogantly defies the constitution when we need to know absolutely that he is even a citizen. What makes you think our outrage even registers with him? Isn't he the one who claimed he didn't even know Tea Parties were taking place ACROSS THE STREET? He gave Billions to GM and took control because he believes in the New World Order. That is, that the world should be dictated by one man and he sees himself as that "Savior". Now, I am not saying that he isn't really American born. But, isn't it creepy that he won't even settle that question? He see's this matter as every other before him. It doesn't matter because he can just hit the mute button on anyone who disagrees with him. I say we should remove him from office on any of the many constitutional screw overs he has done in his short time in the white house. But, the reality is we will probably have to vote him out in 4 years. that is unless he suspends voting for his socialist regime by then.
I hate to be a conspiracy theorist (which I'm not), but there's too many thing's lining up here that I cannot figure out. Not letting them go bankrupt month's ago, a CHICAGO mob style take over, unions getting the best deal of everyone, a chinese company buying hummer, the list can go on and on. Can we find out somehow what is really going on here? This is facism, it's in our face, and we cannot do anything about it? This is getting ridiculous and how the dem's who worship the fake messiah cannot see this is beyond me.
GM at it's "height" was only worth 50 Billion. BO has put way more tax dollars into them than that. I think we can forget about getting any of that money back for many years, if ever.
It was right here, I made a comparison between govt run car factory shrinking like a hemeroid and getting dumped off the dow-30, then replaced by a real company that PRODUCES…
Little wonder why the market was happy yesterday… Do YOU bet on losers?? Other than politicians…
So all I got for effort was a dump job from the proletariat…
=
Got my messages bounced 3 times for typing the 'S' word… Whudda thunk this???
Maybe I shoudda used the word 'scitology'… You know, when a woods animule takes a dump on another's dump…
Enjoy the gulak and emperor jones, ye limited and lowly serfs of byte'sville…
I wonder if Glenn knows about this?? BUMMER!!!
"681K members and shrinking"…
Call me when you have no class…
My husband and I have purchased GM vehicles for over 50 years as did our parents before us. NO MORE! We are boycotting government run/owned companies. We will drive our current vehicles as many years as we can keep them running and then, sadly, go with Toyota.
I think GM makes ugly cars and I would be embarrassed to purchase one and have to drive it.
However, I would buy a good hybrid or other form of green care from them. I understand they have some good technology – when is this stuff going to finally roll out?
The fact that they are such laggards into this space is rather embarrassing as well. And to tell you the truth makes me angry. I hope they finally get their act together and get with the times and stop tryig to buy government officials to create an artificial market for them.
The reason some of them are ugly is because they try and copy those Ugly european styeing crud , even thou you also have to think that some japanise cars are freakin ugly ,look at that rolling box of a so called suv.
…well the news is starting to flow about who is buying Hummer. It is a Chinese Company (they have not released the name yet). The Chinese are going to own us, lock, stock and barrel!
I'm telling you…this administration will be the ruin of the USA. Although they try to sell that they are NOT interested in running GM, all evidence is to the contrary. Does TOTUS really think the American people are so stupid as to not "get" that they are appointing the majority of the board. Therefore, the government will be the puppet masters behind their handpicked board members. They are bilking the American public out of their hard-earned dollars.\\
I've always been a firm believer that if you are telling the truth, there is no need for an explanation. How many times has this administration "explained" they do not want to run the car companies. Someone is lieing………………
I just can't wrap myself around the fact the market is going back up. Our fellow Americans are out of work! This market jump I really dont think will last too long because who will have a job left to go to the store to buy anything never mind a new car. Something isnt right with all of this.
Spot on. What is it, the immediate impact will be 20,000 and 2,600 dealerships closed? How many thousands more is that out of work? Let's say on average 100 people work at each dealer. You will see a lot more stories like this one before it's through.
http://mylastshredsofsanity.blogspot.com/2009/06/...
I just don't get it. It's like they are "cooking the books". I bet BO has something to do with the stock market acting so not normal.
The consequence of widespread ignorance of the Constitution and its history is the following. The voters don't understand that Obama doesn't have the constitutional authority to interfere with GM.
Well since I now own a car company, I get sent out a few mass emails with the specs for my new company car. I do hope they have it to me by the end of the week, otherwise cant do all the company work that I need to do now being an owner…whooo Im going to be real busy now…better start reading books since I have no clue how to run a car company, but I know I can do it.
It does not mean the dog is going to run any better…He may just have a bellyache…
Have some faith people. GM may someday be back to it's glorious self.
I look at VW when I say this.
Hitler and Ferdanand Porche designed the Beetle, and I read somewhere recently that Voltswagen is now the number one producer in the world. Hitler had this vision of a Beetle in every driveway in Germany. In fact Volkswagen means "people's car" in German. Although I don't know if they are still stated owned or not.
Nobody wants a piece of crap Beetle. or "smart" car. How can we have faith in anything the government gets it's little hands on, ie. Post office, Amtrak, social security, medicare, medical, etc. all of them bankrupt and they have no solution to fix it other then tax those of us who actually pay taxes.
what I meant was that someday GM may not be under the governments thumb and then only then can it be a viable company again.
I only used VW as an example, they were government controlled once and now they are a good company. (I dont want that smart car tiny tin can crap, I'm a Ford man!)
I agree that we are late on allowing the companies go through bankruptcy, but there is no reason that the DOW should be back over 10,000. There is still too much debt outstanding, the housing crisis has not corrected itself yet and there is inflation kreeping in with gas prices, food prices, etc rising as people have stop spending.
Hopefully we will get back over 10,000 points in the DOW, but I fear we are into something similar to the "lost decade for Japan in the 90's" at best or worse a 1930's style of depression with no manufacturing jobs to pull us out of the depression.
Why didn't GM and all of those insolvent banks just file bankruptcy several months ago. We would have had all
of this bad medicine behind us, it would NOT have cost the tax payers hundreds of billions of dollars AND the
stock market would probably be well over 10,000 by now.
I wonder what's going to happen to the classics like, Corvette and Camaro. If GM is no longer able to make those cars, or if they are turned into some 4cylinder eco-friendly green cars, you might as well expect GM to fail again. Those cars were what I think of when I hear GM. Also, with regards to Chrysler, what happens to the Jeep? and the Challenger? The infamous HEMI? you might as well kiss them goodbye! At least we still have Ford..but for how long?
GM will fall along with Obama. Obama is intent on destroying the USA and some of the people cant see it. He ownes the banks,GM,Chrysler he is on his way to delivering USA to his ISLAM brothers.
I was a life long GM owner, I've never purchased from another company. No longer!! I've NEVER buy another GM product as long as the government is running it. Say good buy to our taxpayer bailout money, we'll never see it again. GM will fail………very sad times for our great country!
I thnk a lot of people are being a bit coy about some things.
first, sure, i will never buy one of this companies cars, if they end up getting back to business, which may never happen.
BUT, what makes you think any other company will ever make another federal car ever again? that contract is locked.
what makes you think that the state cars won't be locked in with this based on getting federal money back or even the sales tax deals that the fed has with states? that'll be locked. thems a lot of cars so far, just police and fire alone. and we haven't even gotten into GM's new division of making ambulances for every state
and the last peice of the puzzle, what makes you think there will not be "the wellfare car"? i eman we taxpayers are going to have to buy them for the lazy …. but what makes you think that won't happen. wellfare cars are already happening with refurbished cars … what makes you think this won't be the next step?
oh boy time to buy FORD! this Obama Motors will be a fiasco that obama will blame on Obama motors management!
In all of Obama's calculations, I don't think he factured in the anger people have about the government taking over GM. There is real anger about this the government take-over. Anger, which will translate into people refusing to buy Obama Cars.
Fox News just ran a scroll saying that the GM bailout is costing taxpayers $458,000 a day. I didn't want to own a car company. Let Obama and his supporters pay for the thing.
When asked to step up how many will step up? Yes I'm talking to you.
Not me… I would walk everywhere I had to go rather than to support this pile of you know what!
What are you talking about. I' am in.
I've been wondering the same for many weeks now
That would depend on what I was stepping up for I would imagine, and the circumstances. A lot of us are vets, and one time didn't have to be asked. We volunteered. However, we had at least a vague idea of what we were volunteering for.
GM Goes Bankrupt, Stock Market Soars… HUH?
Why not?
Replacing a deadbeat, failed biz with a winner in the top 30 DJ picks proves more confidence in the market.
Only confiscated bux sent to fail biz dilutes our bux…
( I had to reword this for mentioning skocialism tinkering ) Some free speech, eh?? What's with this place??
Perspective from someone who is dependent on GM's survival.
I am a small S-corp. (Just ME!). My business is 100% dependent on the US auto industry. My lovely wife of 27 years is a salaried employee of GM. I provide control technology for the machining processes that produce the engine parts, such as, heads, cranks, camshafts, etc. I subcontract myself to the machine builders. I and thousands of people who are in my position plead with all America' DO NOT PUNISH GM. The government is the biggest contributor to the failure of GM. Yes management and UAW both are guilty as well, but GM, in partnership with the UAW, were turning the corner until the financial meltdown occurred. It sickens me to listen to the BS that GM makes rotten cars nobody wants. You don't hear from the media that GM makes more cars that get 30 plus miles per gallon than ANY other car company. If American manufacturing is to succeed, GM needs to be strong and healthy. BUY GM and get them out from under the crushing hold of the federal government!
I'm sorry sir but for myself I have two GM trucks that will be replaced with Fords. I stand on my principles that the government is too big and I will not support their habbit. You may be one that pays the price for GM getting into bed with the government and for that I am sorry. My reasons are for this country, We cannot continue to allow the government to run our daily lives and I have drawn the line in the sand and I don't think that I am alone. Government and Unions one relying on the other, where does the common man stand, to be continued….2010…
I'm sorry for your troubles. that being said, please understand that we are not punishing GM, per se, but rather are refusing to participate in or support the rape of a private company by a socialist dictator who lies thru his teeth when he says he doesn't want to be in the business.It's all about control and it's control of everything by Obama. I will not support the giving of a company to a union while the real owners (stock and bond holders) are told to pound sand. I will purchase my next car from a manufacturer in the US who uses reasonably priced labor to build the type of vehicle I want, not a union built POS shoebox. It's one of the few ways we have left to protest the union backed thug community organizer from Chicago. Again, sir, I'm sorry for your particular troubles, but be assured it is not personal, it's all we have to fight with at the moment. God bless you and your family.
Have you ever said that UAW was killing GM or did you just smile when the pay check came? Gm should fold and all UAW fired. GM CEO was fired by Obama,why has the UAW not been fired or put on notice that the mafia will no longer be tolerated? I used to buy Chev. every 5 years not anymore,Toyota or even a KIA. Rest in peace GM.
I have always been a big fan of GM but as long as the Government aka Obama is in charge I will wait until he is voted out and we the taxpayers are off the hook! He has been spending our money as if it is his own to spend with no end in sight! It is a crime what Obama is doing to our private companies!
I posted this about four weeks ago. As you can see I am no fan of the UAW. New hires will come in at $14/hr versus the $28/hr paid to existing employees. This was negotiated BEFORE any bailout was asked for and could have kept GM afloat if Chris Dodd and Barney Frank had done their jobs!!!!!
There are many reasons for the trouble the U.S. auto industry finds itself in. Allow me to tell you that the UAW can be directly blamed for the big three's continuing to rely heavily on SUV's and trucks. Through strike threats and actual strikes the UAW has held the Big Three hostage. The UAW wages are out of step with the actual worth of the jobs they perform. One example. A UAW assembly line worker makes approximately 28 dollars per hour. What does the UAW do for this exhorbitant rate? Every 14 to 25 seconds a UAW worker puts an oil dipstick in the engine. 28 dollars an hour for a job that a 3rd grader could do! These out of step wages make small, fuel efficient car profit margins lower and, in some cases, the smaller cars are sold at a loss because of cafe standards. Hence the reliance on bigger cars to offset these wages.
I am a small S-corp. I have no employees and do all the work myself. I am a controls engineer and install, debug, and program machinery used in the manufacturing of engine parts at the big three. The skilled trades at these plants are 3 to 1 either incompetent or "I've worked here long enough. They owe me" attitude
Job Example: I need to adjust a gripper closed switch on a robotic gripper for part pickup and delivery to the next station. This is what I have to go through. This is not an illustration, I have run into this on many occasions. It takes three trades to perform what should be a fifteen minute job. A pipefitter to adjust the airflow to control how fast the gripper opens and closes. An electrician to adjust the switch to come on at the correct time. And Finally, a machine repair to adjust the open and close travel of the gripper to correctly pickup the part. All three trades have to be present. One trade will not work if the other two trades are not present. I have waited up to 2 days for an opening when all three trades can be present at the same time. When they finally get there (8:30am), they look at the job and at least one of the trades says "I need to go get my tools." Come to a job without tools! Give me a break. Another 20 minutes shot *(8:50am.) The pipefitter saays it is too close to break time to start. Starts his 9:00am break at 8:50am. Work stops for 30 minutes while he takes his 15 minute break. He returns at 9:30am. Now the electrician and the machine repair take ther 30 minute 15 minute break. Work stops. The electrician begins to adjust the switch (10:00am. He needs to be told how the switch works and continuously supervised to make the correct adjustment (20 minutes 10:20). The pipefitter needs to adjusts the flow switches for correct open and close speeds 15 minutes (10:35am) Machine repair begins to adjust the mechanincal open and close stops. The electrician gets called off the job. (10:45am) Work stops. All three trades not represented. At 11:00am the remaining trades take a 1 hour 15 minute 30 minute lunch break. 12:15 amazingly all three trades return. Machine repair finishes the adjustments at 12:30. The UAW finished a job I could have completed in fifteen minutes in 4 hours!!!
I have seen machine operators on a camshaft line receive 4 days worth of production on a Monday morning. They drag their feet, leave machines down for over an hour at a time so they can get weekend overtime, They finish their 4 days worth of production on Sunday afternoon.
You can't fire a UAW worker for any reason other than theft, insubordination or repeated safety violations. The UAW requires a ninety day probationary period before full union protection is afforded the new worker. I believe the UAW needs to increase the probationary period to one year. I can't tell you how many new employees I've seen who turn into instant jerks on day 91. A longer probationary time would allow the company AND THE UAW to weed out unproductive, undesireable employees. The UAW needs to help the big three. They have fed at the trough and won huge wages not supported by the knowledge or expertise required by these jobs.
that is really sad and too far fetched not to be true.
Thanks UAW. In fact thank you all unions. Teachers unions are no better. A school can't fire a teacher they know is bad. Just like GM and others can't fire an employee who milks out a job all day like that.
God Bless you and your Family sir, I hope the best for you
Jeesh ,What a waste, No wonder they are broke. And those unions say their people are such hard workers, I am in a right to work state ,thank god. I work to keep my own job not depending on a shop agent or what every they are called. even though they can let me go for any reason also. make me a better employee i believe.
Been there, done that on a smaller scale. Unions were good in there time. Now they mostly keep lazy worthless people getting a paycheck just for showing up.
I am so sorry to hear what this is going to do to you and yours, I must tell you though… it is already too late. The Gov has thier claws into it and there is no way they are ever going to let them out! I would find a new kind of business were I you…
SurroundSound,
I own a GM. Yes I love my car, and I am sorry to see yet another American company go down in smoke. I agree the Feds are pulling the strings and I had high hopes they would not take any money from our Government for the very reason we are seeing. My husband worked for the Auto Industry and lost his job a few years back when cuts started, so I do understand what you are saying. However, please understand that most here, on principle, will not support a Government owned company. This is only the beginning and unfortuntely I do not forsee the feds giving up GM easily. It will be a way for them to manipulate the market & the people.
All the best to you and your family.
"GM Goes Bankrupt, Stock Market Soars… HUH?"
Why not?
Replacing a sick and failed biz with one that is a winner on the top 30 DJ picks should add value.
Only our dollars suffer when WE back deadbeat biz and socialist tinkering…
Have you driven a Ford lately?
I've got a Freestyle and a F250 Deisel truck. Love both.
I drive one every day.
yes, every day. Ford Escape…love it.
All the debt that GM, and Crysler owe…Does anyone stop to think about who they owe it to? It seems like media wants to spin this like it's some major corporation that the auto company's owe $$ to, when in reality it is the small businesses that are taking the biggest hit. There are several fairly small businesses here in Indiana that are owed millions and will not see a dime. This is who Obama says he is fighting for…the little guy…But not THAT kind of little guy. Not the little guy who supplies the big guy, or fixes his air conditioner on contract, or maintains his servers, or fills his vending machines, or removes his waste. These business will be the ones who will eat the debt. It's all an illusion. The market is in a bubble, and when more businesses fail, and unemployment rises that bubble will burst.
All the debt that GM, and Crysler owe…Does anyone stop to think about who they owe it to? It seems like media wants to spinn this like it's some major corporation that the auto company's owe $$ to, when in reality it is the small businesses that are taking the biggest hit. There are several fairly small businesses here in Indiana that are owed millions and will not see a dime. This is who Obama says he is fighting for…the little guy…But not THAT kind of little guy. Not the little guy who supplies the big guy, or fixes his air conditioner on contract, or maintains his servers, or fills his vending machines, or removes his waste. These business will be the ones who will eat the debt. It's all an illusion. The market is in a bubble, and when more businesses fail, and unemployment rises that bubble will burst.
You are exactly right. No one is seeing that the layoffs and the unemployment is just going to rise over the summer along with gas prices, food prices, and the basic cost of living and we have not even passed the Cap and Trade bill. There should be no reason that the market was up over 200 points yesterday and close near 9,000 points. Gold and Oil are jumping through the roof right now as the dollar is losing its value and will continue as the only way to ring the spending back in is by raising the interest rates and taxing the people. This is just priming the pump again, and the market is going to burst even bigger than before in 1991, 2000, and 2008.
Good news for Indy is that an independent buyer is purchasing Hummer which will help save some jobs. This should have been done last year to save the American tax payers close to $100 billion dollars
Remember what Mr. Dent said. Stock market reaches 9000 and sell. It will drop to 3000. We are almost there and he thought it would be late summer early fall. It might be sooner. I hope everyone is ready for it and able to survive this economical demise. We will all lose weight for sure:) maybe more, but we will survive, and come back stronger.
Must be all the UAW members celebrating their new status as government workers and going out on a spending spree with our money.
or maybe your left hand knows more than your right hand and you are prepaired for what is to come
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Funny how the market rises, despite the bad news, the same day Geithner is trying to calm China's fears of our financial weakness. Does that seem a bit too coincidental to anyone else?
Drink your kool-aid and be happy…. nuttin to see here kids! LMAO
Well I'm sure China will think everything is fine and dandy now! ; )
I think Uncle George Soros just poured in some of his petty cash so that Obama looks like a hero instead of the despot that he is. Others follow suit to profiteer like sharks smelling fresh blood. I cannot imagine working for GM anymore. Must be really tough to stand around looking busy all day while shoving Uncle Sam's and the UAW checks and kick backs into your pockets. The only American car company with ANY integrity at all is FORD MOTORS. They'll have my future business.
Byboozian; In response to your comment about a small couple, I am assuming they are retired, invested $240,000 in GM bonds was to live off the Interest of those bonds, and have security, because General Motors was the largest car company in the world. But when this couple bought these bonds, they knew that if GM went bankrupt, the Bondholders were, by law, the first to be repaid, before the stock holders. All the Union members should have gotten was a severance package!
But then came along Obama, in all his arrogance, said the Bondholders only get 29 cents for every dollar they had Invested, this old couple are the ones that really got screwed by Obama! the shareholders are getting essentialy nothing, But the UAW union gets the guarantees!
As for the UAW members, they should have had other options to Invest their 401k funds, other than just General Motors Stock. They did not have to hold just GM stock, and if they did, they were not very smart!
Many of the UAW members will still have their jobs, maybe about 100,000 thanks for Obama manipulating, and manuvering toward the Union that supported him in the Election!
Yeah, you said it better than I did. When you really think about it, this is as unamerican as you can get. It completely goes against the principals this country was founded and thrived on. What a sad day in our countries history.
What a feeling of relief… now that the recession is finally over!!!
I feel like such an idiot for attempting to pay down my debt, burying cash in my back yard, converting my stocks to bonds, buying gold and stocking up on ammo. What a fool I was for thinking anything could go wrong…after all, I live in a State that has the worlds 7th largest economy!!!
You can always have an 'overstock' sale on the ammo and sell the gold to the nearest drug pusher/hip hop king for his pimpin'.
LOL… now that is the Nancy I like! good one girl!
And besides, you were being VERY un-American when you didn't keep borrowing money to spend on stuff you didn't need. Shame on you and all of us right wing'ers!
I have always been a "glass half empty" guy, but I suppose my preparedness is what allows me to keep a light-hearted approach to hard times.
Same here…. gosh darn .. what in the world am I going to do with all of that stupid canned food! I should have just gotten a new credit card and bought a new car and maybe refinanced my house and taken a trip … Guess all of that life is going to be abck to normal before you know it… I still think I will keep that buried money for now.. I being Un-Amerikan have a funny feeling about the banksters…. i am sure I am just being over the top again.. guess I will go get my tinfoil hat and sit in a corner…
guess I will have to join you I have been stocking up on can goods for over 6 months now monies are all in a safe deposit box instead of bank account a freezer full of flour, oats and corn meal so that they won't get bugs ammo locked up in the gun cabinet (and still collecting more when I can find it) 2 plastic storage cabinets on deck filled with paper products growing all my own herbs and some vegetables tomatoes, peppers, eggplant, and cucumbers will freeze and can the extras only thing I can't store is fuel for the furnace credit cards are zero mobile home paid for (only have to pay monthly lot rent which is like having to pay property tax) and my left hand is telling me to keep it up don't let down my guard
I'm sorry. I hate to even say this, but although I feel for the people who will be losing their jobs, they brought it upon themselves. It was the employees of this company who didn't rise up and take a stand against the auto unions. It was their personal greed that got them the $70/hour job to make my 2004 Chevy truck that has already had 4 recalls issued on it by 2008 for crappy workmanship (that's an average of 1 per year for all you democrats out there). I feel sorry for the families, but let this be a lesson to all liberals who think big overment and big unions are the answer.
And 99% of them voted for this lier
The investors are nuts right now and they do not know what to do. Look at what Jeff Macke did on CNBC! He was asked a financial question by Dennis Knealey, and (I'll Paraphrase) Macke said,'I'll talk to you like a two year old, not if you are with me.' What he meant by that is that the answer to Knealey's question doesn't look good if people are looking at it from Jeff Macke's viewpoint.
Now that the bondholders of Chrysler and GM have been screwed into the ground 6 feet deep, I wonder how long it will be before NO ONE will buy those type of bonds ever again. I sure wouldn't! They are no longer secure in any way, shape or form!
The Market is being manipulated by the Treasury and the Fed to give people the impression that Obama's economic plans are working. The Dow was 9,015 on Jan. 6 when obama took office, it fell steadily until Mar. 9
when it hit 6,547. Obama's poll numbers were falling and critizism was rising. Ever since March 9 the dow has risen, even though unemployment continues to rise, the economy has shrunk 5.7 % in the first Quarter, 2 of the Big Three have filed Chapter 11, and turmoil overseas with NoKo & Iran. Any of these factors would be enough to cause the markets to fall IF they were not being artificially propped up.
I would have bet that the FED was buying a lot of the treasuries issued last week to keep the prices from skyrocketing. I'm really interested to see if anyone knows who actually was buying them.
I'm sure they did, however, the Fed only answers to the Fed. We may never know how many shady dealings this administration has pulled. One thing IS certain, Obama is a narcissist, he can not take any criticism at all, nor will he ever accept any blame.
Not just by the FED but by the hedge investors and those who'd LOVE to see America on its knees. I will be voting for the first candidate that DEMANDS that all Federal agencies and entities PUBLISH their balance sheets and allow an IG audit; who signs into law a decree that foreign investors cannot own American real property or stock. Any foreign business must be LEASEHOLDS. And then pay China back NOW, even if it means that I don't receive Social Security.
Let's see if I understand this, the largest automaker in the U.S. and the world has just gone bankrupt and the stock market soars? Its like Glenn says something in my gut tells me somethings wrong here! Its like cleaning out a plugged black water tank on an RV. When you first start its slow going and only a little trickle comes out but then all of a sudden… it all comes out at you in one nasty glop!!! Is our economy slow going and a little trickle? Watch out for the nasty glop!!!
<a href=”http://www.resistnet.com/group/wethepeoplemarchon…” target=”_blank”>http://www.resistnet.com/group/wethepeoplemarchon…
We have over 660,000 members here, and I've seen several ask what are we doing, just chatting? Well this is everybody's opportunity to actually do something. If Martin Luther King could have a march on Washington in the 1960's, and the 'million' man march, there is no reason the people in the forum cannot make a showing for this event.
You're absolutely right — but we better get to doing it before they figure out a way to make such an event illegal, which might be sooner than we think.
It's kinda like betting on the Greyhound at the track when it takes a big crap before the race…
The Dow just dumped a load…
I don't know what this says about me, but that explanation totally made sense lol! Thanks Dusty!
LOL…..good one! : )
that'd be the one I bet on, too! (Thanks for the laugh, the mental image was terrible, but that was funny!)
My Grandpa used to tell me "bet on the dog that takes a crap before the race". His logic was it was more relaxed and ready to run.
Once again, we're sending the message that when we don't make good decisions, don't run your company effectively, there are no consequences. It's a sad day.
In addition, over time, the stock will suffer.
I dont want to run GM… So this is how I am going to run it.
The government will not exercise its voting rights except to vital issues. The hand picked croney I placed as CEO will make all those decisions without any interference from me.
Oh yeah I am feeling so confident in the future now.
The amazing magic show going on right now where the only real slight of hand is on the part of the media outlets who wont challenge any of this is beyond description. A total melt down is about to come our way and the President of the United States of America seems entertained by it.
So my question now is: Has he started to play his fiddle yet?
Now our idiot in charge wants to screw with Healthcare. My God the ego of this guy. China laughed at Tax Cheat Timmy and Obama does not get the message. We are headed into real trouble and Obama still has over 3.5 years left.
Is it legal to short the US economy?
Obsama needs GM to become somewhat successful so Obsama ca save face now. He is going to pull every trick he can to MAKE YOU & I BUY GM cars. —— But millions of people will not touch a government & union motors car now with a ten foot pole. —— I don't care what Obsama does or says, I will never buy GM again.
Obama does not measure success in dollars, but in jobs and what he gets for the unions. I hope enough people buy Fords to keep them going. We need one real car company.
I still can't believe that Chrysler is being given to Fiat. I mean we are paying them to take it.
Me either. Ford Motors has my business from here on out. To me, anyone buying the GM brand fro here on out is a TRAITOR.
I've always been a GM person and I will no longer buy a GM product. I have an 05 and 07 and I'm thinking about trading them in on Fords but I don't believe they would trade with me. Nancy I thought anyone who would buy Citgo gas was a traiter also but I still see them at the pump. It's sad how un loyal the US has become but big money hasn't helped at all. they have run to the cheapest manufacturer and carried a lot of our strength out of this country. A user nation will not survive, you have to produce something besides war and we are close to becoming a user nation. nuff said
I'll be the first to tell you that I do not understand bankrupcy. That being said. I heard on the news today that GM was in debt 172 bill. dollars. And they wouldn't owe that money after this was over. So what happens to that debt???
Poof!
Its magic.
Seriously the whole point to this mess is creating a situation where the Gov. could just seize an industry. The point of the bankruptcy is to eliminate the debt and start over. The people who are owed the money are the bond holders. They are getting a pittance for the amount of money invested and getting the shaft. The government now owns this sucker and the bond holders also get to hold the bag.
What was said by Illustrus is accurate but does not clearly state the situation that happened to the GM bond holders. Legally the bond holders are supposed to be considered secured investors, like the people who loan you money for a car, if you stop paying they repo the car. Well for GM they are supposed to get the most for their investment. Obama, broke that contract and took a larger share for him and the UAW than the bond holders got who were legally entitled to more than either.
This will cause real investors to rethink thier investments and will drive people's money overseas, where laws are upheld. I cannot believe that I just said that, I feel like I am talking about some 3rd world dictator. Another Sad day for the US. God bless you all. This may be my last post. I fear our government way to much to assume privacy, I canceled my Twitter account now that Google is taking over.
They've been 'restructured' old owners and shareholders OUT and Uncle Obama and Tiny Tim Geithner IN. Obama thinks he can just charm and smooze his way into production. He just bought a shell of a company with no hope of actually selling a thing, except to a bunch of nincompoop college kids. I think I'd rather buy a VW. At least we KNOW Uncle Adolf was a better engineer than Uncle Obama's Krewe from ACORN. Maybe that should be the name of the first 'US Govt' state produced vehicle—the ACORN. Just produce a BUG and put ACORN decals on the side and viola! An ACORN!
The business that GM owes money to…suppliers, contractors, merchants….they eat it. We have several fairly small businesses here in Indiana that are owed a LOT OF MONEY and will never see a dime of it. So much so that thier business will probably collapse.
basically everyone who has done business with them will eat it.. that means more bancrupcies to come from all sorts of place and then of course we will suck up the rest.
I read all the above with great interest. I am afraid that many people are confusing Bondholders with Stockholders. My understanding is that the Stockholders will get nothing. I am a stockholder. I bought 2000 Shares on the advice of three different brokers in 1969 for $41 per share. It was to be my retirement nestegg and I left it intact and untouched for thirty years, as I was advised. It subsequently split 2 for 1 on three different occasions and grew back to $49 a little over a year ago, at the same time I chose to retire. The stock I paid $82,000 plus commissions for in 1969 was worth $392,000 a little over a year ago, today it closed with a value of $6,000. When the bankrupcy is finalized it will be worth zero. GM spent 75 years as a blue chip stock that was considered to be the safest and the best and now gone with the wind. I also bought Wachovia in 1969 and held it till today. Anyone in need of cheap stock advice.
I've heard, and I tend to believe (based on my own perception, not on any knowledge of what went on "behind the scenes" in the 70s), that coming inflation will make the 70s look really tame. Buckle up.
What an interesting post, Mark. So what will this mean, looking back?
It means he's got his, screw you (and I)!
The full effects haven't been felt yet. "Hang it's going to be a bumpy ride"
tell me I have to sacrifice. haven’t I already done that. Hugh. This does not seem real. Seems like I am reading a fictional book.
Welcome to the world of Atlas Shrugged.
It gets worse from here.
Ford apparently is in the same place now that GM was in in 2005. They are barely staying afloat as they desperately try to stay out of the government's hands. This market is building on a house of cards. The positive estimates on our economy show an uptick by the end of the year, but all indicators show high inflation at the very least mimicking that of the '70's. I think we will see a profoundly longer and deeper recession in a couple years. I hope I am wrong. All I can say is people, please pay down your debts. Things have the potential of getting so very much worse, and most likely will. Some emergency planning for your family now might also save them later if things get really bad in the event of financial collapse or another 9-11 type event. I don't want to be alarmist, but it doesn't hurt anything to be as prepared as posssible on all fronts going forward. Maybe at least you good people can at least come out the other end of this thing in 5 – 10 years somewhat intact. God bless all of you. Pray for our nation, we will need it.
The good news, if there is such a thing anymore, is that people are beginning to save more and spend less while paying off their debts. I just read that personal savings rate has risen to over 5% recently as people are trying to prepare for the grim future under the thumb of "Dear Leader". (He'll be jetting off on "date nights", so don't look for him to be bothered by anything us commoners say or do. The narcisstic arrogance is unbelieveable!)
We are planning to buy a Ford as soon as possible. I will continue to support companies that will not take taxpayers money!
Carole-
I've always owned a Ford vehicle. (since age 16). I'm 51 now and have never had any problems with any of the cars/trucks that Ford makes.
Carole-
I've always owned a Ford vehicle. (since age 16). I'm 51 now and have never had any problems with any of the Ford cars/trucks that I've owned.
Thanks for the good advice. We need to stick together and make it through the other side of this.
…the Chinese were floored when they realized that we were PRINTING money to buy our own debt! This does not bode well for US Treasury Bonds. No takers which means higher interest! This is just the beginning.
This "false" recovery is as serious a threat to US security as Kim Jong Il. Has anyone here actually thought about the fallout of all that is happening. You're right…Jimmy Carter will look like a genius next to these inexperienced fools pretending they know what they are doing. I have a feeling this is going to end VERY badly…for all of us!
I wonder………will they print money without telling anyone. They don't seem to be accountable for anything, so what's a couple of million printed on a daily basis when nobody is around? Did you find it humorous that they actually laughed at Geithner? I almost laughed up my spleen. Even they know he's clueless.
What a disgrace. Obama dictated everything General Motors must do. He fired the CEO, He forced the Bond holders to take pennies on the dollar, the shareholders lose almost everything But the UAW employees make out like a bandit. The Union members are guarenteed their jobs, their retirement, and they own a chunk of the company now. Obama really repaid his UAW union supporters. But after $50Billion of taxpayer money ensuring the union survival, with much more taxpayer money thrown in this rate hole, with a poor chance GM will ever survive, due to who Obama is picking to run the company!
I watched a program on FBN last night that had a small couple that invested $240,000 in GM bonds and a UAW worker that claims he was getting the short end of the stick. The worker didn't seem to have a grasp on economics or investment strategies. Not to mention bankruptcy laws.
The UAW workers were invested in stock in the company they worked for. The number one thing they tell you when investing is don't put all your eggs in one basket. They were dependant on GM for not only their jobs, but their retirement as well. Not smart.
And when folks realize that the next time they are going down the road 120 mph with bald tires and have a 'roll over' they will not be able to sue Uncle Sam (or the UAW, either for that matter) will we understand who lost what in this fiasco.
I'm not smart about this stuff, but isn't there ANY recourse thru the courts for the screwing the bondholders got?
Obama is the first president of the modern age to NOT place his personal finances in a Blind Trust so as not to have any perception of gaining from his own policies. He has a compulsive need to be able to manipulate every last thing. He's a control freak.
What this means is that Obama will be able to purchase stocks in companies that will receive Porkulus funds,
such as all these "Green" projects he wants. AKA insider trading.
Another thing he did was 5 days before he was sworn into office, he signed a book deal with Crown Publishers to turn his book, " Dreams of My Father" into a textbook for high school students, for which he will recieve more than $50 million dollars. Most presidents become rich after leaving office, Obama doesn't want to wait.
Freakin scandalous…. oh wait… the new normal…. I don't think I'm capable of becoming any more angry or any more scandalized… I think anesthesia is setting in…. The only "answer" or rationalization I can find to all this is, to coin a phrase that is sadly becoming well-worn, apparently what happens when God is taken out of society.
Question is…. who is his father?
Where have you been, you have not been paying attention ? If you just watch the stock market everytime a corporation lays people off their stock goes up. The higher the % laid off the higher their stock goes. They see things opposite way from working people. You might say they are against American working people having jobs.
Well you get the idea.
isnt Soro's betting against the dollar?
The bottom line is that you can't pump this much money into the economy without having some kind of a bump in the market. I'm sure it'll be short term untill inflation kicks in.
And until the cardboard box cars are stacked 20 deep on remaining dealer's lots and no one is buying them. I know that the UAW wants their workers to stay on the line, but honestly folks—-if you are an auto worker at a GM plant, I think the only honorable patriotic thing to do is to quit working for the new 'boss man.'
can some one please explain again why we did not let gm go bankrupt in the first place. ….i mean before we were put on the hook for millions of dollars we will never recoup. lets see if i can't figure it out….. if we just let them fail , the Obaminator could not have used OUR money to buy a sixty percent controlling interest in the company. he could not let them fail before strong arming the bond holders into taking a back seat to the united auto workers union (one of his primary supporters) who were also given a large chunk of the pie, and he certainly could not risk a bankruptcy judge renegotiating the terms of union contracts. anyone see where i missed anything.
I've been asking the same question ever since GM announced that it might do the bankruptcy. I though Bammie's big bailout was to PREVENT GM from having to file for bankruptcy?!? They did it anyway, and now we're all stuck holding the bag for untold BILLIONS of dollars. We got screwed bigtime, and it ain't over yet!
Obama had to pay the UAW that voted for him with our money. I thought it was illegal to buy votes in this country. With all the job lost in UAW I wonder if they regret the vote for Obama? USA will become UNITED SOCIALIST Of Arrogance. I hope that the ones who voted for Obama will lose the most,like jobs,homes,families.
40% of the 60% was provided by the Bush Administration last fall. So, get your facts straight. Now, that we had bought almost half the car – why not buy the rest.
You Repuliklans are like a broken record in how you twist the facts.
margaux38, thanks for setting me straight, i wanted to get my facts right so i started by checking my voter registration card….turns out, I'm not republican..who knew
It is quite obvious. You almost answered your own question..Now that GM was given bailout money (our money) from the government, the powers that be have a controlling interest which they wouldn't have had if GM would have gone bankrupt first..I believe it is all part of the over all plan to take over and put you and I at their mercy..If you think for one moment that the bailout was an investment that we will someday receive returns on—; think again.
This is nothing but momentum imo. All the hedge funds and mutual funds that were sitting on mostly cash are worried that they are underperforming because of their relatively small stock position and are continuing to buy buy buy. Big money moves the markets whether it's right or wrong.
If you look past the stock market a lot of very smart people are saying that the United States is going to see hyperinflation in the near future. When they are asked "what are the changes of hyperinflation?" the respond with something like "The chance the USA see's hyperinflation is 100%, the only unknowns are when it will hit, how "hyper" it will be, and what the FED will do to curb it."
Most of them think the FED will do nothing which will only make matters worse.
My thoughts exactly!
It has been my experience that the market always does the opposite of what I think it should. What is bad news to common folks is good news to the market…e.g.: When you cut employees and close stores, it translates into more profit to the bottom line. Reverse psychology! That said, I don't trust the markets anymore… as I think the federal govt (plunge protection team) is a silent partner manipulating and pulling the strings behind the curtain. It feels more like Las Vegas than anything else.
If the bond holders fight the Bankruptcies, which imo they should. The market may have some stability. If they do not and UAW takes priority over the Bond holders the market should drop like a rock. All confidence, in free enterprise will be greatly diminished with the investors who generally funded the free market.
If the bondholders fight the bankruptcy and win that is. If they do end up fighting tooth and nail and get to the courts and then loose that would be horrendous.
Currently the Government is actually offering them on their first positions much less than a normal bankruptcy Judge would have approved of UAW really took first position in both Chrysler and GM., that is not good policy imo. .You could not be more accurate if they lose it would be Horrendous and very telling.
I feel it is just a hipcup, it will most likely drop tomorrow when the full impact of the GM takeover is realized. I feel when the American companies see that the President can illegally takeover one American company, they will stop and think and sell off as fast as they bought. With GM out of the picture, it will be time for profit taking.
You are right, totally illegal.
I wonder how many people in the US know that GM has gone bankrupt?
I wonder if in a 1000 years, people reading American History will wonder how we could have ever given up what we had as fledgling nation. I wonder if it will be renamed Obamaland.
As you can tell I'm a little down in the dumps today. Its getting harder to stand tall, I'm truly worried about the future of my beloved country.
You are not alone…….
I'm not so sure that the stock market has not already compensated for this senario back a couple of weeks ago when it was having its ups and downs.
The Feds took over the Rails in the 60's. Its nothing new, yet only yielded results to the inner city. the rest of the rail industry has barely existed for the past 40 years—most have closed shop or sold to foreign investors.
My hubby's buddy who was shot in the head in Vietnam has the right idea…..walk. No insurance payments—no BMV lines. No worries about gas prices. No car loan payments and no excise tax on a luxury vehicle. He's lucky to live in a small city where he can walk everywhere since he cannot drive (has not driven a vehicle since age 19).
our Capitalist markets are telling us they prefer Creative Destruction as opposed to Socialist intervention… sorry, i mean "Government intervention"…. i too was suprised today.
"Creative Destruction, A market economy will incessantly revitalize itself from within by scrapping old & failing businesses, then reallocating resources to newer, more productive ones." Alan Greenspan
Since when does the Constitution or the laws matter (common decency …NY trip) matter to BH0, if anyone challenges him, they are right wing extremist racist. Then ACORN and the othe other special "people" will march on them and TASS will destroy them.
Neither the Constitution nor the laws, particularly contract, matter to him. He is all about power and popularity. And he will do everything he can to silence the opposition. We need the 2nd amendment intact! It's the only one that can help us out with all the others!
You are right he doesn't respect, defend or follow the Constitution and I was sickened when BH0 gave his big speech at the National Archives on coddling terrorists.
Then all the pablum he spews is picked up by his lackeys I mean TASS and presented as a grand vision with no challenge.
My oh my, if only Mitt Romney were President! Remember what he said:
http://www.politicalpopcorn.com/index.php?option=...
The albatross that was Government Motors has been removed from the Dow and placed around the neck of the American taxpayer, thats all……
The market is trying to recover in spite of BH0's meddling, and it has been trying to for some time now. This is, in an analysis sense, bad for BH0 because credible arguments can be made that his 'stimulus' and takeovers were not the catalyst in recovery (if that is what it is – I think it is kind of a phantom rally), and most of the stocks driving up the market have little or nothing to do with gov't's agenda. Players in the free market and speculators are anxious to invest, and equally anxious to sell off at the first sign of a downturn. Hold on to you wallets, there will probably be another dip soon.
Looks to me like the stock market is happy to see those toxic assets gone. Maybe it's just me?
You are correct this was a relief rally due to uncertainty being gone. Anytime there is less uncertainty in the market – it performs better. This may be short lived, I see 9000 on the Dow as being resistance, we may trend sideways for a while if we can't break 9000.
Unfortunately for us even though the toxic assets are gone – we ended up paying for them and we bailed out the UAW and their inefficiencies will continue to bleed us.
This is a bubble. I would let any investments ride. I see no new spending from any of my 1000 customers. And no plans to change the Q2 or Q3 budget to increase spending.
This is due to the government cash injections. Bottom line is the offset will come soon in the form of inflation. It's coming. Say by end of July. Once this begins consumer spending will fall, creating uncertainty and falling of the dow.
Hasn't B. Hussein Obama violated anti-trust laws and isn't he colluding in that he now has ownership stakes in two of three auto companies?
In my own business I know that I can't bargain with my competitor in any respect because it would violate anti-trust laws.
Are there any Constitutional experts that can shed some light on this. Shouldn't the car dealerships that have been harmed by Mr. GoodWrench (Obama) use anti-trust laws to break up this government monopoly of the auto industry.
Are you getting this reply by e-mail, or do you have to scroll thru the comments to find it?
Good point, and what about Ford? They, I think, are the ones who have the best grounds for a lawsuit. Ford is probably trying to fly under BH0's radar for as long as possible. He probably has his sights on #3 as well. Ford still needs to make profit in order to survive, they cannot tax us like the gov't can, and the gov't is not concerned with profit, at least in the 'free market' sense.
I do get replies by email or I look at my intense debates site and is says there is a reply.
I agree Ford does have the best case. I hope Alan Mulally is thinking about being a competitor with a monopoly.
I had to re-verify my email with intense debates.
Your right about Ford I was thinking about that today during the speach by the teleprompter. He has all these good things to say about chrystler and GM but what about Ford who has decided to be true Americans about this and stuggle through on there own. Me I think they deserve an accomedation or something for the true grit they have displayed. Maybe everyone should buy Ford products and let GM and Chrystler hang out to dry.
The fact is that the constitution does not explicitly state that the gov can not own a company or any part. What it does state is that it can not just jump in and take over. GM was delivered voluntarily, exempting the constitution.
There is no legal precedent here. Sucks to be us.
No on the other hand, BHO has appointed czars that are not elected officials. If proof can be found of collusion on their part, then that is unconstitutional since they are usurping the people through usurpation of the congress.
Obama is SUPPOSED to have been a constitutional lawyer. Looks like he failed, didn't he?
Obama studied the Constitution only to learn how th get around it!!!
What do you have your e-mail account with? Many of us stopped getting notifications by e-mail on 5/19.
I'm sure he is thinking about it! His management didn't require a gov't bailout so far, and based on recent polling, Ford seems to have the lion's (or mustang's) share of American support for the product. BH0 needs to buy a whole gov't fleet from the bailed out companies. Can Ford continue to compete effectively and profitably under these circumstances?
Jerseygal do you think Obama will pay for his fleet? Who makes the fleet now? OH I so hope we wont fall for the bailout poop, and buy Obama GM.
The government has bought Chevy and GM products for years, exclusively. We used to ask about Ford, but they were not in the buying programs. You'd think with that kind of revenue history, GM would have been able to remain solvent right? Just goes to show bad business practices will hammer your bottom line
We the people will pay for his fleet! I will never buy another GM, or Chrysler for that matter.
and you know the government was paying sticker price or better for these vehicles as it does with everything else it buys. So GM should have been making hand over fist on those deals
See what happens when the gov't nose is in any way stuck in the private sector?
If private investors and investment firms don't feel safe investing in bonds of large companies that aren't in good financial shape how will those companies get money? I'd bet the government steps in to "loan" a lot more money to private companies in the coming 6 months.
History will judge him fairly. Well, if he doesn't end up re-writing history it will judge him fairly.
I want to know if the fed is buying stock to pump up the market? Audit the FED NOW!
I also want to know how much the 14 Czars are making? And why these people are not being attacked for subverting Congress and their power. No one knows who these people are.
Government is one option, not a good one. They would implement their rules, salary caps and bonus interference in addition to being in control and involved in the actual business planning. More like dealing with loan sharks or the mob! Actual investor's whom are hands off, but could start demanding higher rates and much shorter terms, increase in assets to reduce the risk on their investment is also not that great of an option but is most likely what we will see first. Either way America loses it's edge in the marketplace.
Ford is now gearing up to grab the market share.
Problem is when the new CAFE standards come into play there wont be ANY cars we want to buy anymore.
Wel he has already stated that it is an impediment.
When it calls him the greatest disaster in American history it will be judging him fairly.
Jerseygal – you are right, nobody should buy another Chrysler or GM car. I almost forgot about the 600 million in the porkulus bill to replace the govt. fleet.
Wait let me get this straight. They take 50 billion of our money to buy GM and pay off the unions. Bond holders who financed their operations that helped pay salaries get pennies on the dollar and get less equity than the unions even though their debt is greater and is senior. We are taxed to pay for the porkulus. The porkulus payoff to GM/UAW is for 600 million for overpriced cars that nobody wants except for the govt. fleet. Unfortunately, the UAW is the winner in this scenario and the taxpayer is the loser, and they just transferred 50.6 billion onto the public debt.
Where did the saying
Fix
Or
Repair
Daily
come from then? only kidding
Oats and cornmeal? I thought I was the only one!
…is there no Printing Czar??
Timothy Geithner??
Actually, I think they have. I have an idea they have parsed up what our debt is so it doesn't really show what's actually on paper. There is an amendment to a bill in congress to try and force the Fed to open up its books so we can get an actual accounting of what they are up to. I have an idea that we will see they parsed the debt into say actual debt, promised debt, intangible debt, asset-backed debt etc. We could literally find we are out of pocket for 100's of trillions of dollars. I am surprised there hasn't been more of a push for the books to be open to the American people since they seem to have so many controls on the world economy using our dollar.