Saturday, June 27, 2009

Back by Popular Demand!

Somebody forget to take their meds this week.

Warning: Graphic language!

Wallstreetpro pulls the axe out this go around! This guy just cracks me up. There are actually many good points made in this rant.

Imagine if the rest of America actually woke up and paid attention to what was going on in this country economically? We would make Iran's protests look like a gay pride parade when you consider how many wingnuts we have over here.


Keep an eye on this interesting development around the GM saga:

"June 26 (Bloomberg) -- Nebraska and at least 37 other states formed a committee to oppose General Motors Corp.’s planned sale of assets to a company controlled by the U.S. government, according to a court filing today.

The states have said they oppose GM’s use of bankruptcy law to annul contracts with unwanted auto dealers. Their informal, or ad hoc committee may call witnesses at the hearing on GM’s sale set for June 30, including GM Chief Executive Officer Frederick Henderson and Harry Wilson of the Auto Task Force, the group said in today’s filing.

Detroit-based GM filed for bankruptcy on June 1 after failing to reorganize outside of court, reporting debt of $172.8 billion, more than twice its assets. Wilson said in a court filing this week that a swift sale of its most valuable assets to U.S. Treasury-funded Vehicle Acquisition Holdings LLC is needed to help avoid a “catastrophic and expensive meltdown in GM auto sales.” GM also faces objections to the sale from bondholders, consumers and steelworkers."

Bottom Line:

It looks like its going to be much harder for the government to shove the GM bankruptcy down our throats like they did with Chrysler.

The fact that 38 states are involved this go around makes this a whole different ballgame. All I can say is its about time! I think this will embolden the GM bondholders in terms of fighting this in BK court.

The radical socialistic approach of "saving" our economy must be stopped immediately! Perhaps we are all finally waking up before its too late!

I see a glimmer of hope.


The Recaller of Deep Memories said...

This comment is about your June 26th post.

Has Itulip studied Japan's deflationary decade during the 1990's.

Japan's government threw everthing at the problem, including the monetary kitchen sink, and they still had crushing deflation. It became Japan's lost decade.

I wonder what the difference between Japan & Argentina was?

Jeff said...

The Rec

Working on it.

Japan was an export economy while we are a consumption economy.

Our debt to GDP is out of control. This could be Japan 2.

Its a VERY tough call.