This is just the latest expansion of Obama and his administration’s power grab, using the economic crisis created by the central bankers that pull their strings as an excuse to pose as the saviors while completely sinking any chances of a real recovery by not allowing incompetent banks and corporations to fail....
As we have exhaustively reiterated - the bailouts have nothing to do with providing the means for real economic recovery - they are simply the avenue by which the state is seizing complete control over private enterprise. That is why the Obama administration is demanding banks and companies accept more TARP money even if they don’t need or want it.
The Democrats have mimicked the Bush administration’s fearmongering about the war on terror and applied it to the economic crisis, making dire apocalyptic proclamations and guaranteeing they will happen if Congress and the American people don’t support every instance of government intervention....
I just wanted to give you some context for the MSM s***:
DETROIT - The chairman of General Motors, Rick Wagoner, resigned yesterday as a condition for the Obama administration's continued financial aid to the ailing auto giant, according to people close to the decision. Wagoner agreed to step down after it was requested by President Obama's auto industry task force.
GM had no immediate comment. Obama will today detail his rescue plans for GM, Chrysler, and the larger auto industry.... One explanation may be outrage over bonuses paid to employees of American International Group, the bailed-out insurance giant. Obama is well aware that he cannot afford to give the appearance of using tax dollars to reward executives who have done a poor job. He has been signaling for days that he intends to take a tough stance with automakers....
I knew that AIG thing was being pushed for some reason. And Obama is all right if he doesn't give the APPEARANCE -- even if he is doing same such thing. Whatta change, huh?
A person with direct involvement in the auto bailout discussions said the administration would set a new deadline of April 30 for the automakers to come to terms with bondholders and the union. Bondholders are under pressure to convert two-thirds of the $27 billion owed them into GM stock, while the United Auto Workers union is being asked to substitute stock for 50 percent of their healthcare benefits for retirees. Both groups have resisted those changes.
WTF? Contracts are good enough for AIG bonuses, so WTF?
"Thirty days from now, there will either be a bankruptcy or the naming of a chief restructuring officer who will have government authority to knock heads together," the person involved in the discussions said.
Which is something we COULD HAVE HAD MONTHS ago and would have SAVED the TAXPAYERS $40 BILLION dollars!!
And what happened to that money? The GM POCKETED IT!
Also see: GM Gives America the Tail Pipe
GM and Chrysler have almost exhausted the combined $17.4 billion in federal aid they have received since December. GM has asked for up to $16.6 billion more; Chrysler has requested another $5 billion. Yesterday, Obama said GM and Chrysler had not yet met the conditions of their existing loans.
How come banks get off so easy -- although I hate saying that because it gets you trapped into a false debate.
There should BE NO MORE BAILOUTS, period!
"That's going to mean a set of sacrifices from all parties involved - management, labor, shareholders, creditors, suppliers, dealers," he said on CBS's "Face the Nation."
Administration officials stopped short of saying Wagoner was forced out, saying only that he was asked to leave and agreed.
--more--"
Can't they own up to anything? Must they always hedge, obfuscate, and prevaricate on everything?
