Right Thinking From The Left Coast
If everything seems under control, you're not going fast enough. - Mario Andretti


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Another One Bites the Dust

This will probably end up being subsumed in the press by the Tiller murder, but it appears that GM is going to join Chrysler in the bankruptcy line:

May 31 (Bloomberg)—General Motors Corp. plans to name Al Koch as the automaker’s chief restructuring officer tomorrow when GM is expected to file for bankruptcy protection at 8 a.m. New York time, the Wall Street Journal reported, citing unidentified people familiar with the matter.

Wonderful.  Simply fucking wonderful.  Chrysler got $7 billion in taxpayer money for a “bailout” and declared bankruptcy.  GM recieved $19.4 billion, with the same result.  And to add insult to fucking injury, the cherry on top of this shit sundae?  Chrysler won’t be paying the loan back:

NEW YORK (CNNMoney.com)—Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company’s key financial advisors in the bankruptcy case.

Some of the main assumptions listed by Robert Manzo of Capstone Advisory Group were that the Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler’s operations during bankruptcy.

I’m sorry, but I simply cannot control my language here.  This is fucking abominable, and Bush, Obama, and every Congressperson that approved this should be kicked in the goddamn crotch for approving this.  $30 billion down the fucking drain, and for absolutely nothing.

I was watching CNN during my weekly Saturday lunch at Mickey D’s, and they were doing a bit with all the union autoworkers for GM giving their sob stories on how worried they were about their jobs, how they were going to pay for their kids’ college (here’s an idea, the kid saves up or takes out student loans to pay for it his own damn self), and all the typical “appeal to sympathy” misdirection bullshit that leftists pull when the actions they supported blow up in their face.  Remember how pundits were crying that by declaring bankruptcy, the auto industry would have a “waterfall effect” on the economy because they wouldn’t be able to get parts from suppliers, it would be harder to sell vehicles, etc., and that these bailouts were NECESSARY to prevent the bankruptcies and keep the economy from imploding?  How many of these same assholes will be singing the same tune tomorrow?

Christ, I’m so pissed off I can barely see straight right now. 

Update: Man, this just keeps getting better and better! More below the fold:

The government-orchestrated shrinkage will cost taxpayers $30 billion, on top of $20 billion in U.S. funds already put into the company. In exchange, the U.S. will own 60% of the new GM. In all, the rescue of the car industry could cost taxpayers close to $100 billion.

But that’s not the best part--oh no:

President Obama defended his decision to take a majority stake in GM, saying it was unavoidable and temporary. “We are acting as reluctant shareholders,” he said in a televised address.

Does anyone other than a partisan leftist believe Obama when he says this?

Posted by on 05/31/09 at 07:10 PM in • Permalink

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