Category: Obama

ABC News plays pitchman for President Obama's Healthcare program

While I find some of the objections to the Healthcare plan by the right to be a bit silly. This one bugs me:

ABC TURNS PROGRAMMING OVER TO OBAMA; NEWS TO BE ANCHORED FROM INSIDE WHITE HOUSE

Tue Jun 16 2009 08:45:10 ET

On the night of June 24, the media and government become one, when ABC turns its programming over to President Obama and White House officials to push government run health care — a move that has ignited an ethical firestorm!

Highlights on the agenda:

ABCNEWS anchor Charlie Gibson will deliver WORLD NEWS from the Blue Room of the White House.

The network plans a primetime special — ‘Prescription for America’ — originating from the East Room, exclude opposing voices on the debate.

The Director of Communications at the White House Office of Health Reform is Linda Douglass, who worked as a reporter for ABC News from 1998-2006.

Late Monday night, Republican National Committee Chief of Staff Ken McKay fired off a complaint to the head of ABCNEWS:

via DRUDGE REPORT: ABC TURNS PROGRAMMING OVER TO OBAMA 2009®.

Of course and rightfully so, the RNC is not amused:

Dear Mr. Westin:

As the national debate on health care reform intensifies, I am deeply concerned and disappointed with ABC’s astonishing decision to exclude opposing voices on this critical issue on June 24, 2009. Next Wednesday, ABC News will air a primetime health care reform “town hall” at the White House with President Barack Obama. In addition, according to an ABC News report, GOOD MORNING AMERICA, WORLD NEWS, NIGHTLINE and ABC’s web news “will all feature special programming on the president’s health care agenda.” This does not include the promotion, over the next 9 days, the president’s health care agenda will receive on ABC News programming.

Today, the Republican National Committee requested an opportunity to add our Party’s views to those of the President’s to ensure that all sides of the health care reform debate are presented. Our request was rejected. I believe that the President should have the ability to speak directly to the America people. However, I find it outrageous that ABC would prohibit our Party’s opposing thoughts and ideas from this national debate, which affects millions of ABC viewers.

In the absence of opposition, I am concerned this event will become a glorified infomercial to promote the Democrat agenda. If that is the case, this primetime infomercial should be paid for out of the DNC coffers. President Obama does not hold a monopoly on health care reform ideas or on free airtime. The President has stated time and time again that he wants a bipartisan debate. Therefore, the Republican Party should be included in this primetime event, or the DNC should pay for your airtime.

Respectfully,
Ken McKay
Republican National Committee
Chief of Staff

Well, ABC was having none of that; they responded:

June 16, 2009

Mr. Ken McKay
Chief of Staff
Republican National Committee
310 First Street SE
Washington, D.C. 20003

Dear Mr. McKay:

I am in receipt of your letter of June 15, 2009 and wanted to respond to a number of false premises you raise regarding our ongoing and upcoming coverage of health care.

I hope we can all agree that a robust debate of health care issues and potential policies is in order.

To that end, ABC News announced plans to broadcast a primetime hour from the White House devoted to exploring and probing the President’s position and the giving voice to questions and criticisms of that position. We hope that any American concerned about health care will find our efforts to be informative, fair and civil.

Second, ABC News prides itself on covering all sides of important issues and asking direct questions of all newsmakers — of all political persuasions — even when others have taken a more partisan approach and even in the face of criticism from extremes on both ends of the political spectrum. ABC News is looking for the most thoughtful and diverse voices on this issue. ABC News alone will select those who will be in the audience asking questions of the president. Like any programs we broadcast, ABC News will have complete editorial control. To suggest otherwise is quite unfair to both our journalists and our audience.

Third, there already has been extensive coverage of the upcoming health care debates, on ABC and elsewhere, and there will be much, much more. Indeed, we’ve already had many critics of the President’s health care proposals on the air – and that’s before a real plan has even been put before the country.

In the end, no one watching, listening to, or reading ABC News will lack for an understanding of all sides of these important questions.

Thank you for your interest.

Kerry Smith
SVP, ABC News

We are getting closer and closer to European socialism and closer to State-run media by the day. What’s next? Death squads for the those who oppose?

Sure looks like it.

Others on the case: Weekly Standard, Riehl World View, TVNewser, Doug Ross, Michelle Malkin, , Brutally Honest, Hot Air, The Other McCain, The Sundries Shack, ,  Macsmind,  Blue Crab Boulevard, , Flopping Aces, Patterico’s Pontifications, Right Wing Nut House, Townhall.com, Right Wing News, and This ain’t Hell …

Video: Something to make you think

This an excellent video: (Via True Conservatives on Facebook)

On Olbermann

Bill Anderson over at Lew Rockwell’s Blog asks the following:

Not long ago, some libertarians were hailing Keith Olbermann because he attacked George W. Bush (correctly) and his wars.  Today, we do not see Olbermann complaining about these wars, now that his people are in the White House.  Unfortunately, we libertarians are learning a hard lesson once again; the Left is not anti-war.  Instead, the Left is against war when leftists believe that wars consume too many resources that could be used in the government’s war against peaceful, private exachange.  However, we see that today, Obama’s government is engaged in war both at home and abroad.  Olbermann is a big supporter (as is Michael Moore).

Bill, that’s because Olbermann is kind of green when it comes to politics. The dude is a sportscaster for Christ’s sake. What do you expect?

Has Olbermann uttered one word against Obama’s war?

Well, if you consider the heavy sighing and hand wringing that he’s now doing; as a word against the Obama Administration and the war that now belongs to them. Yes, He has. But seriously; Olbermann is quite the partisan. To her credit, Rachel Maddow is not. But Keith? Oh Yes, quite partisan. To his credit, Olbermann did his fair share of screaming about Bush Administration’s Wilsonian foreign policies. But now that the Obama Administration is in there. It’s a whole other ball game at MSNBC HQ. I mean, Tucker Carlson even left. What does that tell you?

I don’t thing so

Uh, you mean, I don’t think so? 😉 😛 😀

Did Obama insult Israel?

Some think so…

CBS Reports:

Israeli TV newscasters Tuesday night interpreted a photo taken Monday in the Oval Office of President Obama talking on

Insult or no? You decide.
Insult or no? You decide.

the phone with Israeli Prime Minister Benjamin Netanyahu as an “insult” to Israel.

They saw the incident as somewhat akin to an incident last year, when the Iraqi reporter threw a shoe at President Bush in Baghdad.

It is considered an insult in the Arab world to show the sole of your shoe to someone. It is not a Jewish custom necessarily, but Israel feels enough a part of the Middle East after 60 years to be insulted too.

Was there a subliminal message intended from the White House to Netanyahu in Jerusalem, who is publicly resisting attempts by Mr. Obama and Secretary of State Hillary Clinton to force Israel to stop any kind of settlement activity in occupied territories once and forever?

Whether or not it is true, it shows the mood in Israel. They feel cornered. The reactions out of Israel reflect that feeling.

and then there’s this:

Israel’s Channel One TV reported that Netanyahu was told Tuesday by an “American official” in Jerusalem that, “We are going to change the world. Please, don’t interfere.” The report said Netanyahu’s aides interpreted this as a “threat.”

While I am not a big fan of the large influence of the various Israeli Lobbies in Washington D.C.; I think that angering some of our stanchest allies in the world is nothing short of a bonehead move on the part of this President. It would cost him in the ratings.

Others: Don Surber, Jihad Watch, This ain’t Hell …, Mondoweiss and normblog

Surprise!: Democrats make promises that they cannot keep

The problem is, the only people that are surprised are the in-the-tank media and possibly some of Obama’s loyal followers.

It’s looking more and more like Barack Obama’s pledge to usher in a new era of openness in government may well go unfulfilled.

Yesterday, administration lawyers cited national security concerns to argue that Bush-era documents detailing the videotaped interrogations of detainees should not be released. And in the wake of that news, open-government advocates are reluctantly acknowledging that, despite Obama’s campaign promises, his approach to secrecy on issues of national security will likely not depart significantly from that of George Bush.

“The Obama administration is not going to represent an abrupt departure from Bush-era policy,” Steven Aftergood, who runs the Federation of American Scientists’ Project on Government Secrecy, told TPMmuckraker. “If we thought they were, we were mistaken.”

He added that it’s no longer realistic to think that Obama’s administration will take a strong stand in favor of openness on national security issues. “We have to recalibrate our expectations.”

via CIA Stance On Torture Tape Docs Suggests Obama’s New Open Government Era Won’t Materialize | TPMMuckraker.

The above is why I believe that Blogs, especially Independent bloggers; like myself, play important role in our Nation’s political process.  Because I blogged long ago, on this blog and on my previous blog; that whomever was elected President, would end up not fulfilling all of the campaign promises. As long as our Government is controlled by outside forces, I.E. The UN and others; promises like that ones that President Obama made during his campaign, will go unfulfilled. It is a plain and sobering fact. The President just does not control as much as people are lead to believe.

However, I will make this observation. I do not believe that Obama is totally to blame for some of the reversals. I believe that some of them were forced, because of National Security concerns. Again, more of that “big Government” that the Democrats and Neo-Conservatives just love and what true or Paleo-Conservatives and Libertarians loathe. We must protect our own misdeeds in the interest of National Security. It has been practice of our Government for years, to cover up. There are a great deal of examples of this.

So, while it might be convenient of the Liberal grass roots to go after Obama on this, I believe doing so masks the true issue at heart here, and that’s our already oversized and quite centralized Government.

Unemployment Soars higher than expected and the Dems solution is throw more money at it!

But of course, is that not what Democrats always do? When a problem arises, they throw more money at a problem and exert more Governmental Control over it; thinking that will fix it?

Anyhow, here is the story; The Voice of America reports:

The White House says America’s employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

U.S. unemployment jumped a half percent in May, to 9.4 percent prompting this comment by Austan Goolsbee, a member of President Barack Obama’s Council of Economic Advisors:

“The economy clearly has gotten substantially worse from the initial predictions that were being made, not just by the White House, but by all of the private sector,” said Austan Goolsbee.

Economists point out that the current jobless rate is already higher than the hypothetical rate that was used to calculate the health of banks and other financial institutions in so-called “stress tests” earlier this year. And, the upward unemployment trajectory is expected to continue in coming months, even if the overall economy begins to recover.

But never fear your Government is on the case! They are going to do, what Government has always done; especially Liberal Governments. They going to throw money at the problem! Woo Hoo! 🙄

The Barack Obama Apologist, Politico reports:

President Barack Obama is announcing Monday that he is ramping up stimulus spending exponentially in the next three months, allowing the administration to “save or create” 600,00 jobs — four times as many as during the first 100 days since he signed the bill.

The spending plans include National Parks, summer youth jobs, veterans’ medical centers, police and teachers.

Obama will make the announcement during a late-morning Cabinet meeting, when Vice President Joe Biden will present a Roadmap to Recovery, which the White House calls “an Administration-wide effort to accelerate implementation of the American Recovery and Reinvestment Act in its second 100 days.”

“As a result of this accelerated pace of activity, over 600,000 jobs are expected to be created or saved by the Recovery Act in the second 100 days,” compared with roughly 150,000 in the first 100 days, the White House said.

While the administration is sensitive to criticism that stimulus spending has been too slow, a new Gallup Poll shows danger in the other direction. For the first time, a majority of respondents disapprove of Obama on the issue of “controlling federal spending” (51 percent to 45 percent), compared to the 67 percent who view him favorably overall.

Here’s what the “Magic One” is going to do with all that money:

  • Enable 1,129 Health Centers in 50 States and 8 Territories to Provide Expanded Service to Approximately 300,000 Patients – Department of Health and Human Services
  • Begin Work on 107 National Parks – Department of the Interior
  • Begin Work on Rehabilitation and Improvement Projects at 98 Airports and Over 1,500 Highway Locations throughout the Country – Department of Transportation
  • Fund 135,000 Education Jobs Including Teachers, Principals and Support Staff – Department of Education
  • Begin Improvements at 90 Veterans Medical Centers across 38 States – Department of Veterans Affairs
  • Hire or Keep on the Job Approximately 5,000 Law Enforcement Officers – Department of Justice
  • Start 200 New Waste and Water Systems in Rural America – United States Department of Agriculture
  • Begin or Accelerate Cleanup Work at 20 Superfund Sites from the National Priority List – Environmental Protection Agency
  • Create 125,000 Summer Youth Jobs – Department of Labor
  • Initiate 2,300 Construction and Rehabilitation Projects at 359 Military Facilities across the Nation – Department of Defense

Here’s the problem; The President or more specifically our wonderful Government is going do all these wonderful things with money that we don’t even have; because we are barrowing it all from China. After all, did not the President say that we are broke? Yes, he did!

Quotable Quote:

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: “We are out of money.”

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit.

So, one option is just to do nothing. We say, well, it’s too expensive for us to make some short-term investments in health care. We can’t afford it. We’ve got this big deficit. Let’s just keep the health care system that we’ve got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything…

But yet, we are going to throw more money at the jobless problem. But we’re broke? Does anyone else see the problem with this picture?

Ouch: So much for that simulus!

Finally, something to draw me out of my funk.  Yeah, I know, I’ve been slipping. I’m just bored of the whole damn thing.

Seems ol’ Barry’s Stimulus horseshit, is just that…. Horseshit.

Via Innocent Bystanders:

stimulus-vs-unemployment-may2
So much for that stimulus eh? (click to make bigger)

Of interest….: (H/T The Strata-Sphere)

of the 2009 deficit by $481 billion, to $1.7 trillion (see Table 1-3). Much of that change stems from lower esti mated revenues and the increased costs attributable to the TARP. Over the 2010–2019 period, CBO has increased its estimate of the cumulative deficit by $1.3 trillion—mostly because of recently enacted legislation. Nearly half of that projected increase occurs in 2010 and 2011, largely as a result of the 2009 stimulus legislation (ARRA)

Lovely. Of course, that’s what the people voted for. All I can say is; Welcome to my world folks. It was bad back when I became unemployed, it is now worse.I guess I will be blogging for a while. That is if I can get back into the swing of it. It would help if people would donate and I could get readers. It gets old blogging to myself. I guess because I do not suck up to the idiot Neo-Cons and do not placate the Military-Hating so-called “libertarians”; nobody wants to read my site. I say screw ’em. I don’t need their readership anyhow.

So, yeah, it is going to be an interesting new few years around these damned parts.

Others Covering: Stop The ACLU, BizzyBlog, QandO, Fausta’s Blog, Politics and Critical Thinking, Gateway Pundit, Fox News, Hot Air, The Strata-Sphere, Cold Fury, Conservatives4Palin.com and protein wisdom

The Obligatory Obama's Muslim Roots come out posting….

I hate to say it, but there are some seriously stupid people on the so called “Right”.  Unless you’ve been hiding under a rock; you most likely already know about the newest internet Meme that’s blazing around the political Blogosphere right now. It’s basically the accusation that Obama is now exposing himself as a Muslim President.

You can view a sampling of all the craziness of the Blogosphere, by clicking here.  It all started when Jack Tapper wrote a rather poorly written piece about Obama’s Muslim roots. Which took a quote and parsed it and twisted it slightly to reflect something that was not said.

The quote, which originated over at the NYT:

In an interview with Laura Haim on Canal Plus, a French television station, Mr. Obama noted that the United States also could be considered as “one of the largest Muslim countries in the world.”

Well, naterally, the Conservative Bloggers went to Defcon 1 status and you could almost hear the tortured screams of some of those who are of the “Obama is a Muslim” mindset.  Well the problem is, Obama did not say that; actually he said this:

“Now, the flip side is I think that the United States and the West generally, we have to educate ourselves more effectively on Islam. And one of the points I want to make is, is that if you actually took the number of Muslims Americans, we’d be one of the largest Muslim countries in the world. And so there’s got to be a better dialogue and a better understanding between the two peoples.”

Steve Brennon weighs in here:

Greg Sargent explained, “Hard-core rhetoricians will note that Obama was employing an obscure tense known as the ‘conditional,’ and an arcane rhetorical device known as a ‘hypothetical.’ He said that ifcould see America as ranking up there with other Muslim countries — in numerical, hypothetical terms.” you were to take the number of Muslims in America, then one

This really isn’t complicated. In fact, given the size of the U.S. population, and the rich diversity of our spiritual landscape, you can pick practically any faith tradition, plug it into the president’s sentence, and it’d be true, too. If you took the number of Christians in the U.S., we’d be one of the largest Christian countries in the world. If you took the number of Jews in the U.S., we’d be one of the largest Jewish countries in the world. If you took the number of Hindus in the U.S., we’d be one of the largest Hindu countries in the world. If you took the number of Buddhists in the U.S., we’d be one of the largest Buddhist countries in the world.

That doesn’t mean we’re a Hindu country, or a Jewish Country, or a Christian Country, or a Muslim country, or a Buddhist country.

Another thing as well, is that Obama assumption is basically wrong, because according to a 2008 Pew Research Center poll:

major_religious_traditions

More than one-quarter of American adults (28%) have left the faith in which they were raised in favor of another religion – or no religion at all. If change in affiliation from one type of Protestantism to another is included, 44% of adults have either switched religious affiliation, moved from being unaffiliated with any religion to being affiliated with a particular faith, or dropped any connection to a specific religious tradition altogether.

The survey finds that the number of people who say they are unaffiliated with any particular faith today (16.1%) is more than double the number who say they were not affiliated with any particular religion as children. Among Americans ages 18-29, one-in-four say they are not currently affiliated with any particular religion.

The Landscape Survey confirms that the United States is on the verge of becoming a minority Protestant country; the number of Americans who report that they are members of Protestant denominations now stands at barely 51%. Moreover, the Protestant population is characterized by significant internal diversity and fragmentation, encompassing hundreds of different denominations loosely grouped around three fairly distinct religious traditions – evangelical Protestant churches (26.3% of the overall adult population), mainline Protestant churches (18.1%) and historically black Protestant churches (6.9%).

While those Americans who are unaffiliated with any particular religion have seen the greatest growth in numbers as a result of changes in affiliation, Catholicism has experienced the greatest net losses as a result of affiliation changes. While nearly one-in-three Americans (31%) were raised in the Catholic faith, today fewer than one-in-four (24%) describe themselves as Catholic. These losses would have been even more pronounced were it not for the offsetting impact of immigration. The Landscape Survey finds that among the foreign-born adult population, Catholics outnumber Protestants by nearly a two-to-one margin (46% Catholic vs. 24% Protestant); among native-born Americans, on the other hand, the statistics show that Protestants outnumber Catholics by an even larger margin (55% Protestant vs. 21% Catholic). Immigrants are also disproportionately represented among several world religions in the U.S., including Islam, Hinduism and Buddhism.

Although there are about half as many Catholics in the U.S. as Protestants, the number of Catholics nearly rivals the number of members of evangelical Protestant churches and far exceeds the number of members of both mainline Protestant churches and historically black Protestant churches. The U.S. also includes a significant number of members of the third major branch of global Christianity – Orthodoxy – whose adherents now account for 0.6% of the U.S. adult population. American Christianity also includes sizeable numbers of Mormons (1.7% of the adult population), Jehovah’s Witnesses (0.7%) and other Christian groups (0.3%).

Like the other major groups, people who are unaffiliated with any particular religion (16.1%) also exhibit remarkable internal diversity. Although one-quarter of this group consists of those who describe themselves as either atheist or agnostic (1.6% and 2.4% of the adult population overall, respectively), the majority of the unaffiliated population (12.1% of the adult population overall) is made up of people who simply describe their religion as “nothing in particular.” This group, in turn, is fairly evenly divided between the “secular unaffiliated,” that is, those who say that religion is not important in their lives (6.3% of the adult population), and the “religious unaffiliated,” that is, those who say that religion is either somewhat important or very important in their lives (5.8% of the overall adult population).

Even smaller religions in the U.S. reflect considerable internal diversity. For instance, most Jews (1.7% of the overall adult population) identify with one of three major groups: Reform, Conservative or Orthodox Judaism. Similarly, more than half of Buddhists (0.7% of the overall adult population) belong to one of three major groups within Buddhism: Zen, Theravada or Tibetan Buddhism. Muslims (0.6% of the overall adult population) divide primarily into two major groups: Sunni and Shia.

So, while I can understand the anger that some Conservatives are feeling about this statement; I believe it is much ado over nothing. Not only is the President wrong, he simply made another one of his many verbal gaffes. What really troubles me is the extremist rhetoric being uttered by people such as Ann Coulter-Wanna-be and noted Jewish Race Baiter and Jewish Identity Politics shill; Debbie Schlussel and long discredited Conservative blogger Pamela Geller. Together these two continue to bring a bad name to, and cause those in the main stream to disregard the Republican Party.  There are some who Believe Michelle Malkin is the worst. I disgree, read Debbie and Pamela’s Blog for a week, and then go read Michelle’s. Michelle has nothing on these two at all. In fact, Michelle, I can stand to read; Pamela and Debbie, not so much.

The point I am trying to make here is this; if The Republican Party is going to win this battle of ideas, against the Liberals. We need to do it with factual information and legitimate criticisms. Not with false information and rheortic that is borderline racist, and with retoric that makes the Republican Party look like a bunch of Alex Jones crazies.

The begrudgingly obligatory GM goes bankrupt posting

Yes, I know about the bankruptcy of General Motors. No, I will not be commenting on it. As I have a policy, as a blogger not to comment on issues that I personally am involved in and biased towards or against.

Here’s the facts, Via Keith Hennessey:

Process

* GM’s bankruptcy filing was expected to be at 8 AM EDT in NY Southern District in Manhattan. (CNBC)
* Obama and GM CEO Fritz Henderson are scheduled to hold back-to-back press conferences beginning at noon today. (CNBC)
* They are using the same Section 363 process that Chrysler used. The new GM buys the good parts of the old GM. The old parts are liquidated. (White House fact sheet)
* “… would allow a much smaller GM to emerge from court protection in as little as 60 to 90 days.” (CNBC) (This is a guess/spin. How optimistic is it? GM is much harder than Chrysler. –kbh)
* “Al Koch, a managing director at advisory firm AlixPartners, will be appointed chief restructuring officer in charge of liquidating those GM assets” (CNBC)
* “Autos task force will stay in business – shifting to an investment manager role”(CNBC)

In “the new GM,” ownership is:

* 60% of equity goes to the U.S. Government. USG also gets $8.8B in debt and preferred stock.
* UAW’s retiree pension/health plan (the “Voluntary Employee Beneficiary Association”) gets 17.5% of equity, plus:
o warrants to buy another 2.5% of equity;
o a $2.5 B note (three installments, ending in 2017); and
o $6.5 B in perpetual preferred stock (9% coupon).
* Approximately 12% of equity goes to the Canadian (and Ontario?) governments. They also get about $1.7 B in debt and preferred stock.
* Bondholders of old GM get about 10% of the equity, for giving up $27.1 B in unsecured debt. This was approved by bondholders representing 54% of unsecured debt. The other 46% are the biggest risk for the bankruptcy filing. (CNBC, WSJ)
* “Bondholders could take up to 25 percent of GM if it recovers to be worth what it was in 2004, before it began round after round of cost-cutting in what proved to be a failed bid to make up for lost sales.” (I need to understand this better.)
* Secured bondholders expect to be paid face value. (WSJ)

Governance of the new GM

* UAW’s VEBA can select one independent director, but cannot vote its shares or other governance rights(!) (White House fact sheet)
* “Canadian government will have the right to select one initial director.” (White House fact sheet)
* “The U.S. Treasury will also have the right to appoint the initial directors other than those that will be selected by the VEBA and the Canadian government.” (White House fact sheet)

GM gets about $40 B of new cash to help pay its bills during bankruptcy. This is called debtor-in-possession (DIP) financing.

* U.S. Government: $30.1 B in new debtor-in-possession (DIP) financing. (WH fact sheet, CNBC)
* Governments of Canada & Ontario: $9.5 B

NewCo / OldCo

* “Today GM is announcing its intention to close 11 facilities and idle another 3 facilities.” (White House fact sheet)
* “[GM] has not provided an update target for job cuts but had been looking to cut 21,000 factory jobs from the 54,000 UAW workers it now employs in the United States.” (CNBC)
* “While the “new GM” is expected to emerge quickly from court protection, the automaker’s shuttered plants, stranded equipment and other spurned assets would be left to liquidation in bankruptcy.” (CNBC)
* Previously announced: “closing more than a dozen factories and shedding the Pontiac, Saturn, Saab and Hummer brands.” (WSJ)
* GM will “shutter 2,600 dealers.” (WSJ)
* “The new GM will also pursue a commitment to build a new small car in an idled UAW factory.” (WH fact sheet)
* GM will shed more than $79B in debt. (WSJ)
* “GM at the last minute also found buyers for some unwanted subsidiaries, including German-based Opel, which is being acquired by a consortium led by Canadian auto-parts supplier Magna International Inc., and the Hummer brand, whose buyer remained undisclosed.”

Future

* “The U.S. Treasury does not anticipate providing any additional assistance to GM beyond this [new $30.1 B] commitment.” (White House fact sheet)
* “As a result of this restructuring, GM will lower its breakeven point to a 10 million annual car sales environment. Before the restructuring, GM’s breakeven point was in excess of 16 million annual car sales.” (White House fact sheet)
* “The administration said the goal of the restructuring was to help GM be profitable in a year when the industry sells 10 million vehicles, versus the 16 million it sold in 2007.” (CNBC)
* “GM will continue to honor consumer warranties.” (WH fact sheet)
* GM is being removed from the Dow Jones Industrial Average 30 (“the Dow”), along with Citigroup. They will be replaced by Cisco and Travelers. (CNBC)

As you all can well guess; there is a great deal of sadness and a great deal of anger in this household today. I will give you all a fair warning. ANY sort of stupid or abusive or troll-like comments left in the comment section will result in your comment being deleted and your IP address being blocked from even viewing this blog. You just don’t insult my family. Period.

Others covering this story, their color codes should clue you into their political stances:

The Atlantic Business Channel, The New Republic, Above the Law, Gawker, The Stimulist, protein wisdom, Daniel W. Drezner, Wake up America, Mainstream Texas Conservative, Colorado Independent ,Gateway Pundit, The Huffington Post, Wall Street Journal, DownWithTyranny!, The Big Picture, Kausfiles, Runnin’ Scared, The Caucus, ProPublica, The Moderate Voice, Wall Street Journal, Say Anything, Wonk Room, Hot Air, USA Today, Reason, CFR.org, The BLT, RedState, Ben Smith’s Blog, The Politico, TPMCafe, Democracy in America, The New Republic, Crooks and Liars, DealBook, The Nation, Law Blog, The Hill’s Blog Briefing Room, Boston Globe, Libertarian Republican, The Foundry and Betsy’s Page