I like Ben Stein. He gets it! http://finance.yahoo.com/expert/article/yourlife/127875;_ylt=AmdIlsMuWjDRzRLURs8l_3a7YWsA ------------------------------------------------ Somehow, we can give bailouts to investment banks where the top dogs make hundreds of millions a year for running the company into the ditch and wrecking the whole credit picture in America. Somehow we can have bailouts for Fannie Mae and Freddie Mac, whose bosses were trading on the credit of the taxpayers to make themselves rich while pumping up a serious housing bubble. Amazingly, we can have whole fleets of C-130's fly to remote areas of Iraq and Afghanistan with pallets of hundred dollar bills piled from floor to ceiling. Then we can pass them out to warlords who make tea for our soldiers one hour and blow their guts out the next. We can send CIA operatives into Somalia and give millions, maybe hundreds of millions, to warlords to fight other killers. But we cannot find it in our hearts to save our fellow Americans in Ohio and Michigan and Indiana who make the cars and trucks that about half of us buy? ------------------------------------------------
From what I gather, the government really doesn't have anything to lose as the current bill takes form. Last money in and the first money out with interest, kinda like the mafia. But I do support the short term financing of the US auto companies, its the least we can do given that they built this country in the 20th century.
Ben Stein has no clue, a couple of years ago he said that the sub prime mortgage crisis was going to be minimal to overall economy, boy was he damnnnn wrong.
http://news.yahoo.com/s/ap/20081210/ap_on_go_co/congress_autos Hmmm wonder if we might get another no pass and another massive market dump like the last time congress pulled this BS in OCT....rather than the smaller "sell the news" dump we are going to get........ HOWEVER this is my favorite: "Also included in the bill is an unrelated pay raise for federal judges" WTF does federal judges getting a pay raise have to do with saving GM, Ford, and Chrysler?...gotta love it. Mainstreet is getting either layoffs, pay freezes, or pay cuts yet judges get raises for bailing out car companies.....
will govt send checks directly to furloughed workers that collect FULL PAY. or will that go throug the company first. look - BK, reorganize & get better...the equity holders get wiped out, the PF holders get wiped out and the bondholders take a big haircut... and the employees? they work for less - lets face it, life in detroit & flint cant be getting more expensive.
======================= Good points; and i like my GM Oldsmobile/6 cyl, & the GM Saturn. Consumer Reoprts rates GM Saturn almost as good as Toyota, Nissan,Honda, generally speaking. I like Ben Stein also, but i like his movie ads on Creation Science[EXpelled]; much better than his auto theories. And think GM chapter 11 would be good for all; like what MR. Ben Bernanke said ,as reported on Bloomberg today -no Fed financing for GM. And when you had LEH management , playing the blame game on shortsellers ,with all due respect, no wonder the NY Fed head Timothy G really did not want loan them any more money, or Bear Stearns. Good bankers say''no''-also; Remember my banker dad told me that when i was a kid.