Ex-GM buyer.

P.S.
Both of my cars are paid for and I have no plans to buy new any time soon.
When I do it will be a Ford.”

TheSitRep on May 27, 2009 at 11:34 AM

Buy a Honda, thousands of Americans in Ohio and in other parts of the US will thank you, the UAW will not, but I care not for the union, only the poor slob paying the dues.

Bruce

Bush had to put off dealing with the auto companies because he knew the public would not ok billions in bailouts.

Uh, I (as a member of the public) don’t think we OK’d anything. Only our “so-called” representatives. All that voted for this should be tossed out of office, and maybe into jail.

Yes it has! It was called the

U-GO!

DSchoen on May 27, 2009 at 5:11 PM

ROFL.

I can tell you this, I will NEVER purchase a GM or a Chrysler made car ever again. Not just because of this, but the two worst cars I’ve ever owned were made by them. The best? Fords, both of them I’ve owned.

So, until they go on the dole, or start making Obama mandated “eco-Trabants” I’m a Ford man.

If Ford falls under the Hussein regime, I switch to Toyota.

It’s as if Obama doesn’t WANT a private economy. It’s either that or he’s the most ignorant President in history, there isn’t a 3rd possibility.

wildcat84 on May 27, 2009 at 1:56 PM

I vote for ignorant, seasoned with one of the most developed case of narcissism that has been seen in some time.

The MSM gushes over the intelligence of Obama. Personally, I just do not see the evidence for it. He finds it impossible to put a coherent idea forward, off the cuff. It must be written down and presented from that for him to even begin to communicate.

He is making it up as he goes along. He is not as smart as he thinks he is, but he spends all his time on the road attempting to convince his followers of the meme.

Teacher unions bailing out car unions, so who will bail out the teacher unions? I guess under the BO administration thinking it serves those teacher unions right for being such “heartless speculators.”

Vera71 on May 27, 2009 at 11:33 AM

We’ll be bailing out the teacher unions sooner rather than later.

myrenovations on May 27, 2009 at 11:38 AM

You don’t know how right you are. This is the Chicago Double-Tap, which was made necessary because the UAW health-care plan does not qualify for rescue by the federal-run and taxpayer-funded Pension Benefit Guaranty Corporation.

The teachers’ pension funds, however, do qualify for rescue by said Pension Benefit Guaranty Corporation.

I ran the numbers last night, and assuming that the $1 billion-17.5% common-share UAW stake is a 1-1 valuation, the market capitalization of GM would be just over $5.7 billion had that deal gone to fruition at that precise moment. That would have made the 10% stake that the bondholders would have received worth just $570 million, or close to a 95% haircut on the face value of the bonds.

Given that, at the close of yesterday, GM’s market capitalization was $837 million, I have no confidence that would hold.

Of course, now that the bondholder swap has been withdrawn, it’s water under the bridge flowing over Niagra Falls. The question is, who gets the 10% stake that would have gone to them?

I wonder if any GM dealers donated to Republicans?

Evil Pundit on May 27, 2009 at 11:34 AM

Check this link that shows Chrysler Republican dealers:

http://directorblue.blogspot.com/2009/05/red-alert-did-campaign-contributions.html

Now GM cars will be made by the unions under the guises of the Government.

Hasn’t this been done before?

Union + Government?

Yes it has! It was called the

U-GO!

BE CAREFUL WHAT YOU WISH FOR. YOU JUST MIGHT GET IT!

And that will probably drive investors out of equities altogether.

And since stocks are the basis of capitalism, game over.

Communists win.

notagool on May 27, 2009 at 1:52 PM

That is clearly the goal.

I refuse to believe that someone can get themselves elected a US Senator and then President and not know what the effect of allowing contracts to be voided or unilaterally restructured at the whim of the government on behalf of a lobby that contributed heavily to it’s election will have on the private economy.

It’s as if Obama doesn’t WANT a private economy. It’s either that or he’s the most ignorant President in history, there isn’t a 3rd possibility.

It worked with Chrysler. If they can get away with it here, then bonds are defunct as a way for private businesses to raise capital.

And that will probably drive investors out of equities altogether.

And since stocks are the basis of capitalism, game over.

Communists win.

I’ve got a letter ready to send to the administrators and school board, showing them what the communists have said they were going to do in order to take over this country, and what communism would look like. One of the documents I reference is “Current Communist Goals”, a document added to the Congressional Record in 1963. It can be found at http://www.crossroad.to/Quotes/communism/communist-goals-congressional.htm

If I invest in a 401K or 403B, and they then PURPOSFULLY loose money? I can sue…

If its just a bad decision… hard to do, but they have a fiduciary responsibility to do the best they can…

Its clear that its in the best interest of the BOND HOLDERS to go to bankruptcy…. any other action and the bond holders are going to be sued by THEIR investors…

Somehow the union, which invests nothing and expects something isn’t greedy. But then liberals and logic never go together.

UPDATE 1-Chrysler slams Indiana State Treasurer’s demands
The Indiana pension funds have filed court papers requesting that an examiner be appointed to investigate Chrysler’s business decisions, and that the company be placed in the hands of a Chapter 11 trustee who can act independently of the government. The funds also mounted a challenge to the company’s plan in U.S. District Court.

Last best hope for the Fifth Amendment.