I've been an Obama supporter. But after watching his performance this morning announcing the Chrysler fiasco, my opinion just tanked big time. He presented the bankruptsy filing as a positive development. A good thing. A wonderful message for the public. What the hell Marge, the government loves bankruptsy. Let's do it!
Gotta put a nice spin on everything... keep everyone in a good mood so they'll keep buying the stock market. Can hardly wait to hear the honey that gets spun onto the swine flu.
This comes just shortly after they changed the BK laws a few years ago. From an Austrian perspective, this IS a good thing. You restructure, sell assets at a discount to new owners who hire competent mgmt to turn the company around. From Obama's standpoint this is horrible. His approval rating just took its first leg down.
I just find it totally bizzare that a few months ago politicians were saying a bankruptcy of one of the big 3 was the most catastrophic event imaginable, and now it is being embraced as this wonderful event that will result in a much stronger auto industry. It's like government has given up any hope of credibility, and are just hoping people are too distracted by American Idol to notice.
He's trying hard to rip off the senior debt holders and give the union over half the company. I hope the senior debt holders fight it in court all the way to the supreme court, as I have a feeling NY was picked for the BK filing because of expectations of a favorable ruling for what the White House wants.
LOL! I swear, this is the third time today on simple spelling. How can any of you expect to be taken seriously when you can't even spell correctly? I'm not talking about typos, those happen.
BO did say a month or so ago that "only Gov can fix this". Who's ass did the additional 10-15B fly out of and what happened that the 'car czars' weren't able to turn them around? Now they are going to file bankruptcy whereas before that was the worst possible solution because no one would buy the cars if they did!? But today it's a good thing. But the upside is the union is getting majority ownership. What a shock! Now, what are they going to do to force people to buy the cars? Waterboarding, ladybugs?
Well, the next step is probably an obvious one. A tax deduction for buying a Fiat/Chrysler. And one would hope that they'll also provide a deduction for regular payments to your mechanic, and purchase of three layers of rustcoating. Can you say "YUGO"?