GM is most likely going to be bankrupt with the US government holding 70% of the dead business. Meanwhile, Japan demanded and got to force the US to give financing for Japanese research, in Japan, on ‘green’ [sic] auto technology. Free Trade is so cool, isn’t it? I examine the dying US auto industry and how we lost WWII and how the only way we can kill competition here is to kill our own economy so badly, no one can make any money, no how, no way.My little village is very fond of their vehicles and often lavish a lot of attention on them. This business of loving their wheels is very closely associated with patriotism, waving the red-white-and-blue and support for wars with any countries that pump oil.
It is rather touching, actually. The Japanese have seen auto ownership decline steadily for the last 10 years until it is now lower than in 1982. All their might and main has been mainly aimed at building cars for motor-mad Americans.
GM is on its deathbed. We hope to get someone, anyone, who can save it for us. We know who this is. It is NOT the Japanese. It is most likely, the Chinese. The Chinese are as potentially motor-mad as the US. Gradually, year by year, the two cultures, the communist Chinese and the US capitalist cultures are merging. This is most interesting since we are becoming more like the despotic system in China while they are liberalizing rapidly. Talk about cultural exchanges! Heh. Not one that many here expected when Nixon flew to China.
It’s the End of GM as We Knew It | U.S. | Reuters
In about a week, we will witness the darkest day in American business history. That’s because on or about June 1, General Motors (GM) will likely file for Chapter 11 bankruptcy protection.
OK, it’s not like GM hasn’t been in a sort of quasi-bankruptcy for the past few months, with the government providing the billions in financing the company has required to forge deals with the UAW, the Canadian Auto Workers union, the taxpayer (who will end up owning a majority stake in the new GM), and …
Oh yeah, it’s déjà-vu all over again. We’ve got bondholders. We’ve got lots and lots of GM bondholders. Thousands, in fact, who are refusing to accept a debt-for-equity swap that would ask them to relinquish $27 billion in debt in return for a 10 percent stake in the new General. We were here last month with Chrysler’s creditors, but there were far fewer of them and, after Obama brought out the big stick of his massive approval ratings, the “rogue hedge funds” who were holding out caved and cleared the way for Chrysler to execute an alliance with Fiat.
All of our systems are bankrupt. The US is bankrupt. The only things keeping us afloat are all our trade partners studiously pretending, we are not drowning. Of course, the plan of some of these entities is to have us drown! This is why understanding people’s strategies are so very important. Not to be ignored!
For example, I squeezed a shot yesterday, waiting for the parade, which captures this neatly: a stop sign, a bankrupt Bank of America sign, Elm Street named for the extinct trees that used to line this street before a viral disease was brought in and killed all, yes, all the trees. During my childhood, no less. There is a Landmark Baptist Church sign. And the historic sign designating this as one of the very first toll roads in America. This is not a main drag, either, it is a little road that used to run all the way to Boston 100 years ago but the part over the mountains turned wild in the last 60 years. So now, it just runs past my mountain here.
The US has decided to abandon the ‘We are the worlds #1 automakers.’ Instead, it even abandoned the concept of ‘We are AUTOMAKERS.’ Instead, we are now going to be content to be the lower-tiered, non-union workers for alien powers. Whatever pittances we eke from this, we can use to buy foreign-owned production.
U.S. Expected to Own 70 Percent of Restructured G.M. – Wheels Blog – NYTimes.com
The Treasury Department will receive about 70 percent of the new G.M., while the United Automobile Workers union will hold 17.5 percent through its retiree health care fund.
That is less than half of the stock that the U.A.W. originally was slated to receive under plans drafted earlier this spring. The 17.5 percent figure was outlined to union leaders in Detroit, who met on Tuesday to consider a new agreement between the U.A.W. and G.M.
So, am I a share holder? Heh. What are my voting rights? Reminds me that I wish we had real elections in America. I still remember when I bought my first Chevy, a ’55 back in 1969. Tooled all over the USA and Mexico in it. Had many interesting adventures like the time it dropped a piston in the pan in Death Valley and I drove it downhill to Needles which is right on the Colorado River which had water and other survival stuff! As I drove into town, since we took off the hood so the flames could shoot upwards, it really was on fire! The fire department loved this as I tried to avoid hitting a gas station.
Being a hippie, this freaked them out. The police actually gave me an engine, as a gift, to get rid of me. I kid you not. I said, ‘I have no money so I might as well live here for a while.’ Maybe I should travel more.
U.S. may loan Nissan ¥100 billion
Nissan Motor Co. is likely to receive more than ¥100 billion in low-interest loans set up by the U.S. government to promote the development of and transition to electric vehicles and other fuel-efficient cars, sources said Friday.
Nissan is the first foreign automaker that is close to winning approval for the direct loans, which would enable Japans third-largest automaker to research the production of zero-emission electric vehicles in the United States.
Left out of the fierce competition between Toyota Motor Corp. and Honda Motor Co. over low-priced hybrids, Nissan apparently hopes to boost its green-car technology with financial support from the U.S. government.
So, we will go even deeper into debt so Nissan can develop vehicles to compete with the shattered remains of our own industries. And we own 70% of GM? Eh? What is ailing everyone? This happens to be the result of ‘free trade’ rules which is utterly freaky. As I never tire pointing out, free trade has been an utter, total, screaming failure for the US. It has trapped us inside a system that is disemboweling our entire nation, our ownership of ourselves and nearly everything we hail as ‘American’. Good grief, do we need more proof of this?
2009/05/27 03:12 – Mazda Delivers 1st Of New Hydrogen-Gasoline Hybrid To Iwatani
Mazda Motor Corp. (7261) said Tuesday that it has delivered the first of a new hydrogen-gasoline hybrid vehicle to industrial gas trading company Iwatani Corp. (8088).
The Premacy Hydrogen RE Hybrid is based on Premacy minivan and lets the driver switch fuels with the push of a button. The lease costs 420,000 yen a month. Mazda has been working to develop hydrogen hybrids using its proprietary rotary engine.
Obviously, there is roaring competition IN JAPAN for research and development of new technologies. Not here. Of course, we could wait passively for them to come up with solutions. Americans with engineering degrees have scant job offers here. We should package all our engineering degree requirements with ‘learn a foreign language’ requirement. Then, they might get jobs, working for aliens. Except for one immense problem: these aliens have to sell to Americans, in America!
Porsche on the financial brink – Telegraph
Porsche’s shares fell 3.1pc in Frankfurt on Monday after it emerged that the company had obtained a €700bn loan from Volkswagen as long ago as March. A Porsche spokesman said the group is negotiating bridging finance with a variety of banks, including the state lender KfW.
It is understood that Porsche is also in talks with the Bank of Tokyo for a €750m loan, and is seeking help from the regional government of Baden-Wurttemberg. The crisis is yet another headache for the German authorities as they put together a rescue deal this week for Opel, most likely with Fiat.
German Porsches are the cars of choice for the lower levels of the Manhattan Financial Computer Geek market. This market has been very hard hit by layoffs. Küss Aufwiedersehen, Porsche.
In Deal With Chinese Investors, Cavaliers Are Adding a Major Player – NYTimes.com
The deal that may give a group of Chinese investors a minority stake in the Cleveland Cavaliers and its arena signals the first significant investment in a major American sports franchise by investors from China.
If the sale is approved, it may be the most ambitious yet inan American sports landscape full of leagues, teams and players striving for a foothold in the expansive and largely untapped Chinese marketplace. The N.B.A. has been aggressively expanding its presence in China with exhibition games and a joint venture that aims to develop a Chinese basketball league and professional arenas.
HAHAHA. Next, they buy up all the NFL. Now, an editorial from the NYT yelling that we need more ‘free trade or else we will see disaster, how can the Chinese buy up all our sports teams, if we refuse to do business with them?
Editorial – Trade and Hard Times – NYTimes.com
Foreign trade has been a potent force for good over more than half a century. It propelled Japan’s emergence from the ashes of World War II and helped it become an industrial powerhouse. It is the cornerstone of development strategies from China to Brazil. It is what links countries all over the world in a network of production that underpins global prosperity….
Yes, it certainly rebuilt Japan and China and Brazil…. and left the US a wasteland. Thanks a million, NYT.
Protectionism also remains a serious danger. With voters insisting that politicians protect their own, many countries have already imposed new restrictions on imports. —God forfend, voters vote to protect their own nations! Very forbidden! Not allowed except in one glaring exception in the Middle East!—So far they have been relatively modest. But as unemployment continues to rise, the temptation — and the pressure — will grow. Yes, demand to stop the incursions of world trade will rise as people lose their jobs and homes. Duh. Earlier this year, the Global Monitoring Report by the World Bank and the International Monetary Fund noted that “a pattern is beginning to emerge of increases in import licensing, import tariffs and surcharges, and trade remedies to support industries facing difficulties early on in the crisis.”
Not only should the Federal Reserve be destroyed, ditto the IMF.
Of particular concern are attempts by governments — including in the United Kingdom, the Netherlands and Switzerland — to ensure that banks bailed out by taxpayers favor domestic borrowers. While the Obama administration has not imposed similar requirements, there is pressure from Congress and the public to make American banks that receive TARP money lend primarily, if not exclusively, to American borrowers. That would be a mistake. One of the sure ways to prolong the global recession is to create even more barriers to global trade.
OK: the apex of free trade was… 2006. Then, for the very first time, the Doha Rounds began to collapse as the world’s entire banking/monetary/trade system crashed into this huge wall called ‘popping of credit bubbles from hell’. That’s it! The end. Instead of saying, ‘Geeze, when we won all we wanted, everything evaporated into a huge mess!’ No, the NYT wants more of this.
World economy stabilizing: Krugman | U.S. | Reuters
“In some sense we may be past the worst but there is a big difference between stabilizing and actually making up the lost ground,” he said.
If this is ‘stability’ then what is a collapse? Are we lying on the ground or are things actually getting worse? It is obvious, this is not finished at all. And the shift of power from the US system to China’s system continues so this isn’t stable at all, this is a historic economic/power shift.
“We have averted utter catastrophe, but how do we get real recovery?
We poured money over a credit collapse. History is quite clear about what happens next: hyperinflation. Gold markets are betting on this, too.
“We can’t all export our way to recovery. There’s no other planet to trade with. So the road Japan took is not available to us all,” Krugman said.
Dummy. The road always was to Japan: we had to force them to TRADE, not do one-way business. Instead, they turned and bribed the President of the US and then, everyone under the sun, to get an necklock on us. So now, we can’t throw them and they control us. Trade is very much one-way in manufactured goods!
Global recovery could come about through more investment by major corporations, the emergence of a major technological innovation to match the IT revolution of the 1990s or government moves on climate change.
I wish Krugman read my blog. He might learn how the world works. But then, the Free Trade goons who own the NYT and seem addicted to hiring chiseling reporters who steal money from banks while reporting about finances or rob the Californian taxpayers of $74,000 for one goof-ball flat earth speech…yeah! Say anything that is anti-free trade or suggest…. horrors…PROTECTING America—and they kick you out. So Krugman will play stupid to the bitter end.
He is a very brilliant man. He knows, his finances depend on lying and deceiving people. So he lies about trade. No shock here. I would be rich if I supported free trade.
“Legislation that will establish a cap-and-trade system for greenhouse gases’ emissions is moving forward,” he said, referring to the U.S. Congress.
In other words, the way out of our finances is to….hang on to your Chevy keys here…..TAX ENERGY SYSTEMS! HAHAHA. But they can’t say that out loud, can they?
“When the Europeans probably follow suit, and the Japanese, and negotiations begin with developing countries to work them into the system, that will provide enormous incentive for businesses to start investing and prepare for the new regime on emissions… But that’s a hope, that’s not a certainty.”
HAHAHA. Wait until the Third World finds out, they have to use expensive systems made in Japan so they can avoid international pollution taxes? I bet they can’t wait. Wait! Maybe this is part of that super-secret Rockefeller meeting in NYC last week, the one about controlling world populations and reducing it to a lower level?
A light turns on.
More than one major transportation-based industry in America besides Detroit is on the ropes. For the fourth time in our history the ethanol industry has come undone and is quickly failing nationally. Of course it’s one thing when Detroit collapsed with the economy; after all, that is a truly free-market enterprise and the economy hasn’t been good. But the fact that the ethanol industry is going bankrupt, when the only reason we use this additive is a massive government mandate, is outrageous at best. Then again, the ethanol lobby and refiners have a solution to ethanol’s failure in America: Hire retired General Wesley Clark as your point man and lobby the government to increase the amount of ethanol in our fuel to 15%. The problems with that proposition are real—unlike ethanol’s benefits.
Third, all fuels laced with ethanol reduce the vehicle’s fuel efficiency, and the E85 blend drops gas mileage between 30% and 40%, depending on whether you use the EPA’s fuel mileage standards (fueleconomy.gov) or those of the Dept. of Energy.
I used to get nearly 50 mpg on my small cars. No more. Ethanol is not the solution. The EPA ratings on cars is for cars using gasoline, not ethanol mixes. And we have a hidden tax here, too. Not to mention, this is ruining forests as various nations cut them down to grow various grasses like sugar cane, for example, or corn, which is also a grass. Civilization is based on grass.
First, grass-eating domesticated animals going back 12,000 years. Then, cultivation of wheat, barely, corn, sugar, rice, rye, etc. We will end up with a planet covered with grass, cows and very small cars for a handful of people. Or we just might simply nuke the whole place. Then, try driving a car.
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Make checks out to ‘Elaine Supkis’
63 responses to “GM Bankrutpcy And Free Trade”
The reason Chrysler was put down first: German ownership.
US do look after its own, its just that in the case of Japan ‘us’ becomes blurred since it is a puppet state
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New World Order Update:
Alcohol is a superior fuel to gasoline! It’s 105 octane, burns much cooler with less vibration, is less flammable in case of accident, is 98% pollution-free, has lower evaporative emissions, and deposits no carbon in the engine or oil, resulting in a tripling of engine life. Specialized alcohol engines can get at least 22% better mileage than gasoline or diesel.
US needs to provide subsidies to alternate fuel auto makers, since it clearly is attempting to liberate US from often hostile alien oil exporters. US lacks the technology to develop alternate fuel cars, so it must provide subsidies to Japanese makers, which makers possess the best technology by an insurmountable margin. US right now is similar to China in the 19th century: then, races possessing superior technology divided up Chinese space denoted by Quarters (British quarter, Japanese quarter); now, races possessing superior technology divide up US markets denoted by market share (Japanese car market, German medical devices market, Korean/Chinese LCD market).
“The death of Israel”…
Once again, lunatics think that others are as crazy as they are. If Iran got a nuclear weapon produced, I really don’t believe they would use it against Israel. Not even with trying to shift the blame as represented there.
The writer once again thinks like there is no other way for Iran to get a nuke than to make one. I bet that if Iran really wanted to get a nuclear weapon, they could get one in black market somewhere and then give it to terrorists. At least I think this would be many times easier than to make one themselves. So, no nuke already going off in Israel is a proof enough that it is not going to happen at the current situation.
Besides, I tend to think that “terrorists threatening USA / Israel” are just created myth to have something to wage war against… I don’t believe most of 9/11 conspiracy theories, but I do think that at the very least the administration might have let it happen.
Threat to the USA? It is just plain silly, the strongest military claims that some tribals in the other side of the planet are a threat. Utterly stupid, but somehow, some buy it.
“Fish aren’t aware of water.”
A lot of hand wringing over government taking ownership positions in Chrysler and GM. What few realize is that government has been in the automotive transportation business for decades. Government built the “hardware” (roads), without which, the “software” (autos) could not operate. Cars without roads are like trains without rails.
Publicly built roads and privately built autos have been the mainstay of our consumption-based economy since early in the 20th century. In 1929, Thomas McDonald, Chief of the U.S. Bureau of Roads called road building “Next to the education of a child, the greatest public responsibility.”
Aldous Huxley hinted at the full-employment assurance notion in his 1932 book Brave New World: “The idea was to make them want to be going out into the countryside at every available opportunity and so compel them to consume transport.”
Charles Wilson, President of General Motors from 1941-53, said during his 1953 confirmation hearings for Secretary of Defense “what was good for the country was good for General Motors and vice versa.”
The 1956 Interstate Highway Act lead to the construction of the largest public works project in the history of the world. Our interstate system was a Nazi-inspired vision with the stated objective “to disperse our factories, our stores, our people; in short, to create a revolution in living habits.” It’s worth pointing out that not even the Nazis were cruel enough to build their autobahns through the middle of cities as we did with our interstates. Also something of an inconvenient truth that the senate champion of the Interstate Highway Bill was Al Gore, Sr.
And in his 1967 book “Radiant City”, architect Le Corbusier neatly summed up our government’s purpose to assure full employment: “The cities will be part of the country; I shall live 30 miles from my office in one direction, under a pine tree; my secretary will live 30 miles away from it too, in the other direction, under another pine tree. We shall both have our own car. We shall use up tires, wear out road surfaces and gears, consume oil and gasoline. All of which will necessitate a great deal of work… enough for all.”
We’ve plenty of examples of walk-able towns and cities here and abroad, but government strictly enforces zoning laws which outlaw their construction. Oh well, I guess walking doesn’t add much to GDP. Furthermore, walking contributes to a healthier and less sedentary lifestyle. This would undermine obesity and its related maladies, putting a dent in the sickness… errr…health care industry coffers.
Come on Elaine, get with the program! God bless the USA (United States of Automobiles)!
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OK: way long ago, I fought the destruction of the inner city where I lived first in California, also, Arizona and then, NYC, fought the highway building.
Example: I restored a 1880 house, one of the earliest houses designed by an architect, in Tucson. First, they decided to make my quiet, tree-lined street into a freeway entrance! They stole my front yard, took down ALL the trees and in Arizona, this meant, it became a hot, hellish place, and then huge semis began to roar past. Then, they told me, they were STEALING MY HOUSE to turn in to a PARKING LOT!!!
Then, the military crashed a jet there, killing everyone. great. Viva la America!
See where I get some of my cynicism? I had a dream one day, when the government and I were going to court, suing each other over this house, I saw the jet come tearing in. So the very next morning, I packed my bags, took my baby and fled, thank god for that.
The thing is, the building of the highways went hand in glove with killing our trains. I am totally furious about this exchange. I hate driving long distances, it is so much better to use trains. This is what I used, overseas. Here: awful experience.
The current state of US auto manufacturers lies primarily with its management. US carmaker management were so hot to destroy the UAW they didn’t care much about anything else. That and their bullheaded refusal to meet the foreign competition head on. GM HAD a battery car years ago, but scrapped it. The car companies would much rather bitch about CAFE standards being raised. The oil companies didn’t like battery powered cars either. The US auto companies for a long time operated on this notion that they were too important to fail. Isn’t that interesting? The US banks think they are too big to fail and other American companies think they are too important to fail. Where did they get this idea?? Smug, arrogant, fat and lazy. That describes US Auto company management.
Correct, Paul. But do not forget the role free trade played. After all, THIS IS HAPPENING TO ALL OUR INDUSTRIES.
Your house? The audacity of you is limitless. Say the house that I occupied on Tohono O’odham land after I forced the owners into a concentration camp. Let us not always calumny the Germans, who learned from your own efforts. While your present site of occupation is now on top of Mohican graveyards and the natives have been ethnically cleansed, Arizona has the second largest native population in the country. Twenty tribes are members of the Inter-Tribal Council of Arizona. So read the list and then say my house! What you had was stolen, though you want to get indignant as if it was your own property that was being repossessed. Stolen land can not have title.
* Cocopa, or Xawitt Kunyavaei
* Dilzhe’e Apache
* Havasupai, or Havasuw `Baaja
* Hualapai, or Hwal `Baaja
* Maricopa, or Piipaash
* Mohave, or Hamakhava (also spelled Mojave)
* Navajo, or Diné
* Southern Paiute
* Pima, or Akimel O’odham
* Quechan, or Yuma
* San Carlos Apache, Nné – Coyotero or Western Apaches
* Tohono O’odham, formerly Papago
* Southern Ute
* White Mountain Apache, Ndé – Coyotero or Western Apaches
* Xalychidom, or Halchidhoma
* Yaqui, or Hiakim
* Yavapai, or Kwevkepaya, Wipukepa, Tolkepaya, and Yavepé (four separate groups)
* Zuni, or A:shiwi
definitely a brave new age of transportation… the federal government cant regulate… as in cant… so the corporations slash and burn the market to suck the consumers into a fertile profiteering moronic ecosystem… imean if it were a free market ‘not free trade world conglomorate’ we would be driving more efficient cars cuz there would be less bullshit money ‘flying’ around for the last 10yrs and people would have demanded scooter technology get ported to autos ‘owait that almost happened’
if government allows the banks to speculate and hedge on a over leveraged market the big fish will just eat the little fish until the corporate culture is just one big dumb fish ‘owait that already happend’
US government 12 bucks
At AIPAC, Newt Gingrich describes what applying FDR, Churchill, Reagan, Pope John Paul II and Thatcher’s capacity to confront evil to today’s challenges would look like.
I have a hard time understanding how israel is not just throwing bombs in peoples faces, lying to us about their intentions, and propogating a hatred for a ‘shadow army’ using racist tactics as opposed to trust and alliances. Bringing to the forefront of the modern politic a real WWIII mentality without enough traction to enforce a peaceful result, creating a bulls eye of discredit in the face of US occupation armies.
incorporate a NATO force structure, let god sort them out
hell’ trust the puerto ricans
People in the third world countries are poor
This scheme will backfire just like everything else tried so far
They are neither poor nor dumb. They are hungry, a condition far beyond poor. It may seem superfluous to you here, however hunger is very real. They can only dream of soup kitchens and food stamps, or going out and killing something to eat at a whim. The story of Robin Hood is very clear on this. Hunting land is extremely valuable and access is tightly regulated. Unless the owners have been ethnically cleansed. Then it’s a free for all. Unfortunately, these concepts are not understood at all by those who claim to have moral prerogatives, while enjoying the bounty of colonial occupation.
It depends on which nation you are talking about
Self-reliant ones like Cuba do quite well
African nation stuffed to the gills with UN wheat and rice tend to do poorly
Africa is so overwhelming as a subject that a common reference is useful to have a calm discussion. Beyond subjective experiences, I go to ‘Things Fall Apart’ as my starting place with understanding sub-Saharan Africa. The pattern of decapitation of authority as well as trust has also been visited on North American natives. The dissolution and addictions that plague these people are from a common source.
Mexico has also cured hunger, as has Venezuela, by relying on crude oil sales. Mexico has tortillerias that sell the subsidized staple of the diet. Venezuela obviously has a more socialized state. The rest of Latin America, where hunger stalk the masses of impoverished, is not so fortunate.
This is all nonsense. Back it up with some links, please.
I know the world is big. I just don’t like being played. I just want real proof!
The Germans took the example of Native American reservations and decided to mass their own undesirables there. There was no other precedent until that point and the reason that the Japanese were easily interned. Note that Germans were not.
What proof? You do not believe that Arizona has a large Native American population restricted to scattered reservations? Read the list of the tribes in my post and look up the inter-tribal council in Arizona and see whose stolen lands Phoenix and Tuscon occupy. Maricopa county is a start.
ELAINE: The Boer War concentration camps pre-WWI.
The nations that have nuclear bombs will not be subjugated. I mean like Brazil, Argentina, Egypt, etc. There are now about 20 of them.
As a matter of fact, all the nations that have bio-weapons will not be pushed around much either. This basically includes all of them.
Hundreds of them could now unleash Armageddon. Too bad the Idiot Bush The Junior made this our reality.
When we attacked the only nation on earth that didn’t have them — Iraq — we created this horror. Of course, the super-rich idiots insisted on this course of madness.
The scum like Chaney will hide in their deep enclaves while we perish. Unless someone digs them out and exposes them for what they really are.
Here’s an easy guide
Those we call evil nations, tend to be self-reliant and quite solid
Those “allies” we have in the third world, are quite squalid and horrid
And I am not sure about Europe either, the effort required to keep peons in line over there: censorship and police state
What, you didn’t know that the UK had the highest number and concentration of spy cameras mounted in public places?
“Had many interesting adventures like the time it dropped a piston in the pan in Death Valley …”
Yep… that’s your Chevy. That Malibu I had in the early 70s had a Chevy 350 c.i. small-block stuffed full of other people’s parts: Holley, Edelbrock, Hooker, etc.
From earlier, one reason my mom was so keen on my lending my camshaft money was that she had had it up to there with my streetrod obsession. She got concerned when I decided the new cam was pretty much a necessity and started thinking hard about whether I really needed titanium pistons.
I loved street racing. Liked to take bets. ‘Wanna race me?’ I would ask, leaning out a window. I had a beat up body on the vehicle but a hot engine. You would be surprised, how many guys would sneer, ‘Yeah!’
‘How much you wanna bet I can beat you?’ I would ask, batting my eyelashes and looking like a blonde bimbo who doesn’t know how to park a truck.
Racing sleepers are so fun 🙂
Dick Morris is just that, a dick. But you knew that.
GM Bondholders Are People Like You and Me (May 27, 2009)
“I purchased GM bonds in 2005 and own $91,000 worth. These bonds account for a very sizeable portion of my retirement income, and so it is absolutely devastating to watch GM’s problems bring the once venerable company to the brink of failure. My standard of living is truly in jeopardy.”
I feel bad for the guy, but only fools bet on the ponies and play the markets. I’m not sure of the shock in this article as everyone knows that the stock market is rigged and the only one that wins is the house.
“I had a beat up body on the vehicle but a hot engine.”
Very best kind. Put your money in the engine and drivetrain – that’s where the performance comes from.
“Those we call evil nations, tend to be self-reliant and quite solid.”
And have relatively homogenous populations.
“What, you didn’t know that the UK had the highest number and concentration of spy cameras mounted in public places?”
Yes, I did know that. The UK has spy cameras, Iran has spies.
Ahh, just occured to me….
4 years ago, on May 24, 2005, Fitch Ratings reduced its credit rating for General Motors Corp. to junk status. S&P cuts GM, Ford credit ratings to ‘junk’ on May 6th of the same year.
Then there was another warning last September, 2008: Fitch Ratings sends GM’s rating deeper into junk status http://tinyurl.com/qdxs6r
The patient has cancer. Stop smoking!
The writer of the above linked WSJ op/ed clearly wasn’t paying attention to his “investment” and should have cashed-out. Especially when you’re a retiree holding $91,000 of, well, not much but assumed value.
Japan’s big guns prepare to rejoin global arms industry
GM Debt-Equity Swap Fails Before Bankruptcy Deadline (May 27, 2009)
“General Motors Corp. failed to get 90 percent of its bondholders to swap their claims for stock, pushing the largest U.S. automaker closer to bankruptcy.”
So much for the two lines in that WSJ op/ed:
“We are not an unreasonable group. We understand that to save GM everyone will need to endure economic pain.”
“Not only should the Federal Reserve be destroyed, ditto the IMF”. The difference being?
You’re not aware of the differences of the Fed and the IMF? You’re assuming that they are one-in-the-same?
bleeeh… when the government doesnt do their job we get corruption, bad credit, wars, secret society’s, and endless other tails wagging the dog… what a fuking joke
kind of wonder can all this catch up with us??? cuz if it can whats goin’ on rite now is just a excuse for the next wave of stupidity… hope we can be reckless pretty fast and nimble like
MSM doublespeak tripe:
U.S. existing home sales rise 2.9 percent in April (May 27, 2009)
“The pace of sales of existing homes in the United States rose 2.9 percent in April, according to an industry survey on Wednesday that supported views the three-year housing recession was near a bottom.”
How could that be when “the median national home price fell 15.4 percent from the same period a year-ago to $170,200”?
So, what “bottom”? If I’m getting my math right, you’re still down 12.5%!
I think the 2.9% rise in home sales (April 2009) is what is known as a ‘dead cat bounce’.
Yup. In so far as they are both supra-national tools (and I mean that in the coarser sense of the word). The following is a video by a very old (and French … sort of) conspiraloon. He is clearly upset as he increasingly gets confused by juxtapositioning the terms ‘Fed’ with ‘IMF’ and ‘developing countries’ with ‘US taxpayers’. Aww – bless.
more conspiraloon nonsense (if you have the stomach for it) …
Gordon Brown Spills the Beans
Tools of the Neoliberal Onslaught
Where does the IMF get its money?
Now I’m wondering if all my s will evaporate … dagnabbit.
@ Blunt Force Trauma
Yup, Dick Morris is a Dick.
OTOH Dick’s web site article on Israel posted earlier is right on the money IMHO. For confirmation see:
Like most arrogant pricks, the Lizards miscalculated. The New World Order just changed management.
Hyperrich scum like Cheney will perish, too, in their underground enclaves. Which is why WWIII must be prevented until total, global nuclear/chemical/biological disarmament is a reality.
@Pay Attention, Elaine: IIRC, the first concentration camp was on Deer Island, Mass. in the 1670s-80s to get rid of the Christianised Wampanoag indians during the indian uprising known as King Philip’s War.
Lovely Nazis, those Puritans.
We never liked the Puritans which is why we moved to the Dutch colonies which were immensely more tolerant….even to the natives.
27 May 2009
“Reject GM-government-UAW blackmail!”
“Organize rank-and-file committees to defeat concessions and defend all jobs!”…
“Stop the shutdown of Detroit!”…
Blunt Force Trauma
tio is right they are both owned by the same people…Believe Me.
You mean the “slaughter the natives and bring in African slaves to harvest spice for us” type of Dutch
And they had this moral superiority complex that cause them to look down on pirates, LOL
They were most friendly with the Petitte Pirate ancestor of mine.
Sure, sometimes you gotta hire the pirates to do the dirty work, but deep down they despised them because they are not ‘honest hardworking’ enough for the Dutch
Pirates and mercenaries…. 🙂
Today’s course is Work ethics in concentration camps 101….
Arbeit macht frei, and all that.
27 May 2009
“75th anniversary of the Toledo Auto-Lite strike”
“Historic 1934 struggle”…
“Yep… that’s your Chevy. That Malibu I had in the early 70s had a Chevy 350 c.i. small-block stuffed full of other people’s parts: Holley, Edelbrock, Hooker, etc.”
Those Chevys were the best ones for building a street racer.
The 350 with double hump casting marks on the heads came from the factory with four bolt main bearing caps and a steel crankshaft and huge valves….usually were built for high performance cars or trucks.
All you had to do was bore the cylinders about 2 thousandths oversize and fit thin ring TRW pistons and balance and polish the crank and pistons……and install a low power band Crane camshaft…and you had a screamer that would easily turn 10,000 rpm and produce around 400 horsepower at its horsepower peak….all without a turbocharger.
I built several of these, and the best thing to fit them in was the Chevy Nova…had a full frame that would withstand all of the torque but weighted around 2000 lbs.
Better still was the Chevy Monza which weighed only 1800 lbs with the engine installed….hard to hold in the road without breaking loose sideways off the line, but nearly unbeatable on the street.
We used beaters with three different color fenders or in primer too…and raced title for title since we wanted the other guy’s engine for rebuilding parts and didn’t really care much for the car itself.
Fords were too expensive to build…..they have relatively unbalanced cranks and pistons and Ford limits their high rpm by restricting fuel air flow with small intake valves….you had to start by buying after market heads and pistons and crank before you could even begin to race.
Chevys of the 60s and early 70s era were the best, and the entire shebang around Detroit went downhill from there.
Vietnam ended all of that for me, but for a short while before Vietnam, we young studs, with a girl on our arm and screaming around in our hotrod beater lived in heaven, far above the clouds.
Good post, David.
“All you had to do was bore the cylinders about 2 thousandths oversize and fit thin ring TRW pistons and balance and polish the crank and pistons…”
I recall a series of articles on rebuilding the 350 smallblock in “Hot Rod” written by an automotive genius named Smokey Yunick. That was the blueprint I was following when the family decided I needed to grow the hell up – meaning, “quit spending all your time and money on that goddamn car.”
I rebored. It was really funny. The guy who did it for me had his garage down the street. My brother, boyfriend and I loaded the engine onto this cart and dragged it over to him and then dragged it back. I used to joke, I had a real dragster. 🙂
GM stock down .30 cents or 26.79% to .82 cents and has been falling all morning.
Yes, everyone knows, they are toast.
“I loaded the engine onto this cart and dragged it over to him and then dragged it back. I used to joke, I had a real dragster.”
Elaine, I can just picture this very feminine little gal determinedly dragging this car engine on a cart to the machine shop….LOL…and chuckle too….You’re just too much….and a character after my own heart.
And you, sir, are full of amazing tidbits of information like your mention of Columbia University???? I bet, we met somewhere, sometime, back in the 60’s when I used to roam the planet, giving speeches and visiting campuses…????
“I rebored. It was really funny. The guy who did it for me had his garage down the street.”
So you didn’t rebore, you got some guy to rebore for you. Technically that would be, “I had my cylinders rebored.”
Maybe I just bored him to death. 🙂
Hello everybody, Happy Fool’s Day!
As the doctor completed an examination of the patient, he said, “I can’t find a cause for your complaint. Frankly, I think it’s due to drinking.”
“In that case,” said the patient, “I’ll come back when you’re sober”.
Happy April Fool’s Day!
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