Tag: Barack Obama

Is the Obama Administration letting G.M.'s New C.E.O. do it's dirty work for them?

Full Disclosure: My Father is a Retired General Motors Worker and U.A.W. Member.

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It sure as heck looks that way to me here.

The reason I ask this question is because a new report from CNBC that the new C.E.O. of GM is essentially saying that bankruptcy is the only option:

General Motors’s new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker.

In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option. The auto giant previously had ruled out such a move, saying it would discourage people from buying GM cars.

Henderson’s comments came after President Obama bluntly rejected turnaround plans by GM and Chrysler and demanded that both companies make fresh concessions in order to get more federal aid.

Henderson, who was GM’s president and chief operating officer, was named the new CEO after the government forced the resignation of CEO Rick Wagoner on Sunday. GM’s board is also being restructured.

Henderson told reporters that the company would still prefer to restructure outside of court, but the level of support Washington is offering would help the company quickly restructure through bankruptcy.

Henderson says GM  needs to work faster and go deeper to get more concessions from bondholders and the United Auto Workers union. President Obama has demanded that GM come up with a better restructuring plan in 60 days in order to qualify for more government aid.

I find it very interesting that President Obama, instead of doing the dirty deed himself, ousted the CEO of G.M. and basically has let the new G.M. head honcho be his fall guy for basically screwing the bond holders and also the unions. This way, Barry comes off clean. It is a strategy that is quite slick, quite risky; but none the less slick.

The Wall Street Journal has more:

Inside a windowless, ornate room Thursday just across from the Oval Office, President Barack Obama and a group of senior economic advisers began the job of remaking the American automobile industry.

The first order of business: Oust General Motors Corp. Chief Executive Rick Wagoner.

It “wasn’t the hardest decision,” said one government official.

Steven Rattner, a former investment banker who is heading the administration’s auto restructuring; chief economic adviser Lawrence Summers; and Treasury Secretary Timothy Geithner were among those gathered around the polished wood table of the Roosevelt Room in the White House’s West Wing. They were there to decide under what conditions the government would continue to prop up once-powerful Detroit car companies GM and Chrysler LLC.

In the post-World War II boom, they were at the pinnacle of a quintessentially American industry. At Thursday’s meeting, once the Obama administration concluded the pair were running out of money, their effective dismantling began.

Beyond seeking Mr. Wagoner’s resignation, the officials also gave failing grades to GM and Chrysler for the restructuring plans they submitted to the government Feb. 17. They also set a deadline — one month for Chrysler, two months for GM — after which the government might force a bankruptcy restructuring of both companies and break up two of America’s business icons.

Many of GM’s problems didn’t start during Mr. Wagoner’s term, and most predate the economic downturn that sent car sales slumping, such as union contracts and the costs of paying for retiree health care. GM made a bad situation worse with huge bets on trucks and SUVs that piled up on dealer lots amid soaring gas prices last year.

While I will be the first to tell you, that General Motors has had its own share of issues. What Barack Obama did to G.M. and by proxy to the Union members and Employees of the company; was just flat out cowardly. Instead of forcing General Motors into bankruptcy himself.  Obama is allowing the new head honcho of the company and his Auto Czar; do it for him. This way Obama does not burn through his political capital as quickly and more or less comes out looking like the hero. Of course, President TelePrompter will say that he inherited this mess, and by rights he did. But to pass off the basic executing of a company and it’s people to someone else, is quite the cowardly move in my book.

Hey Barry, If you ever happen to read this; Grow some freaking Gonads,will ya? I mean, come on. If you going to screw the American worker; why not do it yourself? Instead of letting your damned patsies do it for you. Just a thought.

David Horowitz, A Concern Troll?

Wow, I must admit, I did not see this one coming, at all. 😮

I have been watching an interesting phenomenon on the Right, which is beginning to cause me concern. I am referring to the over-the-top hysteria in response to the first months in office of our new president, which distinctly reminds me of the “Bush Is Hitler” crowd on the Left.

Speaking of this crowd, have you seen any “I am so sorry” postings from that quarter as Obama continues and even escalates the former president’s war policy in Afghanistan and attempts to consolidate his military occupation of Iraq?

Conservatives, please. Let’s not duplicate the manias of the Left as we figure out how to deal with Mr. Obama. He is not exactly the anti-Christ, although a disturbing number of people on the Right are convinced he is.

I have recently received commentaries that claim that “Obama’s speeches are unlike any political speech we have heard in American history” and “never has a politician in this land had such a quasi-religious impact on so many people” and “Obama is a narcissist,” which leads the author to then compare Obama to David Koresh, Charles Manson, Stalin and Saddam Hussein. Excuse me while I blow my nose.

via FrontPage Magazine.

Well, I won’t sit here and lie, I see his point. It’s a valid one too. If the far right would do their legit jobs and point the fallacies in Obama polices, instead of trying to prove that he’s anything from an alien to the Anti-Christ, they’d would be doing something.

Others: Pajamas Media, pw and Little Green Footballs

The Economist wakes up from the Hope and Change Stupor

Looks like one the major media supporters of President Obama has basically said, “Well, perhaps not!”

But at home Mr Obama has had a difficult start. His performance has been weaker than those who endorsed his candidacy, including this newspaper, had hoped. Many of his strongest supporters—liberal columnists, prominent donors, Democratic Party stalwarts—have started to question him. As for those not so beholden, polls show that independent voters again prefer Republicans to Democrats, a startling reversal of fortune in just a few weeks. Mr Obama’s once-celestial approval ratings are about where George Bush’s were at this stage in his awful presidency. Despite his resounding electoral victory, his solid majorities in both chambers of Congress and the obvious goodwill of the bulk of the electorate, Mr Obama has seemed curiously feeble.

There is a great deal more over that at the article, I do encourage you to click the link and go over and read it. Some on the left would argue that the Economist is a “rich man’s” magazine. As much as it pains me to say this; when you have lost the rich elitist class, you start losing everyone else too. I say it pains me, because I have always had a problem with elitism. It just goes against my grain. I was not born into wealth, I was raised in a middle class family. Do not get me wrong, I do not fault people for being wealthy; because most of the time it is because someone, somewhere, worked their tails off to get that way. But the whole snobbery thing turns me off, in a big way.

Of course, and I say this with a bit of dread; because I know some moronic liberal is going to read this and go run to their fellow liberal blogger buddies and tell them that I am some sort of a racist, which is silly, anyone that knows me well, knows that I am not. ——  This is what happens when a Political Party pushes a man out front of other more qualified persons and elects him. —– all because of his skin color. The painful truth that was very well articulated by another Democratic Party Candidate Geraldine Farrow;  was that the only reason that Obama was where he was, was because he was black. This, of course, caused that race hustling crowd to break into a frenzy. In the end, this might have hurt Hillary’s campaign, but the underlining truth was totally cast aside. That Obama was being given a free ride, a free pass, or just treated differently, because he was black.

That not an observation made out of hate, racism or any of that sort of nonsense, it is one made simply based upon the facts. Anyone that takes anything other than this away from this Blog posting has got a serious problem.

Additional Coverage:

Jennifer Rubin / Commentary: Not Like We Didn’t See this Coming

Mark Steyn / The Corner: Missing the point  —  The Economist is the latest of the smart guys …

Other Blogs: Outside The Beltway, Hot Air, The Atlanticist, Stop The ACLU, Fausta’s Blog, pw, QandO, TIME.com, Pundit & Pundette

The Southern Avenger on "What Happened to the War on Terror?"

On the sixth anniversary of the war in Iraq, why are the loudest champions of the War on Terror no longer talking about it?

The Southern Avenger’s Blog

The Southern Avenger @ Taki’s Magazine

President Barack Hussein Obama's March Towards Communism

In all honesty….  it is more like a marathon run towards Communism actually.

Thanks to the stupidity of the Carter and Clinton Administrations and the inaction on the Republican controlled 2003 Congress. We are now becoming a Communist Nation. We have no one to blame, but ourselves.

The Communist owned Washington Post reports:

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury’s role, are still in flux.

Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.

The administration’s proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed’s other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG’s most troubled unit.

The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.

Geithner plans to lay out the administration’s broader strategy for overhauling financial regulation at another hearing on Thursday.

You see folks, this is where it starts. They start seizing businesses, and taking the assets for themselves. Then the Government decides to take YOUR assets; because they happen to think that you are making too much money. What amazes me, is the resounding silence from the Republicans, especially the Neo-Conservatives like Michelle Malkin and over at HotAir.com. Could it be that the Neo-Conservatives secretly approve of such actions? Possibly the Republican Party as well? Could it be that the Republican Party is now infiltrated with Communists to the point of having lost it’s true identity?

You decide.

Others: The Moderate Voice, Reuters, pw,  , The Strata-Sphere,Bloomberg, Washington Monthly, Pajamas Media, Right Wing News, Sweetness & Light, Neptunus Lex, Stop The ACLU, Sister Toldjah, and Fausta’s Blog

(Via Memeorandum)

Cry me a river!

Scott over at power line Blog is depressed because the Liberals are running the country.

Sorry dude, but I have zero pity for you or the Republican Party. They could have chosen a real Conservative candidate; but instead they ran a rich Mormon asshole, a crazy hick preacher, a half asleep old man who stumbled and cleared his throat alot and finally a senile old man, who really wasn’t even a Republican, but rather a RINO.

The senile old fool won the beauty contest and went up against the most hip, the most cool, and the first ever black Presidential candidate ever…..and he lost.

Those are the breaks.

Of course, there was one guy, who had two first names, someone who went against the grain and did not fall in line, and you all treated him like a special education student; in fact, he had to go have his own party, because you all would not even let him speak at your convention.

Now America is being lead by a Neo-Liberal, who wants to take America down the path of European socialism, and eventually into the path of full blown Communism.

Indeed, America’s Chickens are coming home……to roost.

Others:

Gaius / Blue Crab Boulevard: Depression  —  No, not an economic one.  Not yet, at any rate.
Donald Douglas / American Power: The Folsom Cell Block National Culture
Victor Davis Hanson / Pajamas Media: Thoughts About Depressed Americans
Fausta / Fausta’s Blog: Am I depressed yet?
AJStrata / The Strata-Sphere: Obama Picks Dumb Fight With Most Powerful In America
Jules Crittenden: Not Safer!  —  That’s the word from Obama, who is advancing …
Stephen F. Hayes / Weekly Standard: Iran Responds: “Death to America”

Obama's Katrina Moment?

Seems that way to me!

The Video:

(Via Jim Treacher on Twitter)

Yes, we are a Banana Republic

John Hinderaker is shocked to discover that America is not what it seems to be:

I’m stupefied to find that some people are defending the constitutionality of Nancy Pelosi’s discriminatory, confiscatory and retroactive tax on people who receive bonus income from companies that got TARP money. I would have considered it a bright line rule that the government can’t identify a class of unpopular people and impose a special tax on them. What’s next? A 100% income tax on registered Republicans, retroactive to last year? If Pelosi’s bill passes muster, why not?

One theory, presumably, is that since the government is contributing TARP money it can put whatever strings it wants on that money. (Including, I guess, strings imposed after the fact that would deprive employees of agreed-upon consideration for work they’ve already performed.) But that theory has been rejected in a variety of contexts. The government cannot condition its spending on a relinquishment of constitutional rights. Here’s a thought experiment: how about putting a condition (retroactively, of course) on TARP money that says no employee of any bank that receives such money (or his spouse) can get an abortion? Would Nancy Pelosi think that’s constitutional?

Wells Fargo didn’t want any TARP money, but the government forced it to take more than $5 billion worth, so Wells Fargo employees who receive bonuses would be subject to Pelosi’s proposed tax. Say you’re a teller at a Wells Fargo branch in Minnesota and you’re married to a lawyer who makes $250,000 this year. You get a $10,000 bonus for your good work during 2008. The government steals it all (90 percent federal plus 8.5 percent state plus, unless it’s included in the 90 percent, 3 percent Medicare). That is simply insane.

Welcome to the new real world John! This is what happens when Conservatives, Libertarians and those pesky independents falls for the nice speeches and sweet swagger of a man, who in all honesty has zero business being President.

Luckily for us, there some Republicans who have some brains up on the hill. The AP Reports:

Senate Republicans are drawing out a flap that has made the Obama administration squirm, applying the brakes to Democratic attempts to quickly tax away most of the bonuses at troubled insurance giant AIG and other bailed-out companies.

Sen. Jon Kyl, the Republicans’ vote counter, blocked Democratic efforts Thursday evening to bring up the Senate version of the tax bill to recoup most of the $165 million paid out by AIG last weekend and other bonuses in 2009. The House had swiftly approved its version of the bill earlier in the day.

By rushing, Kyl said, Democrats were letting populist outrage trump informed decision making in the Senate, which is supposed to be insulated from the pressures of public passion.

“I don’t believe that Congress should rush to pass yet another piece of hastily crafted legislation in this very toxic atmosphere, at least without understanding the facts and the potential unintended consequences,” Kyl said on the Senate floor. “Frankly, I think that’s how we got into the current mess.”

Senate Democrats said they will try again next week to take up the tax bill and hope to complete it before April 4, when Congress leaves for a two-week spring break. Combining the disparate House and Senate versions of the bill might have to wait until after the recess.

If the Democrats want to fix the problem, they should try turning to the moron that they put in the White House and his treasury secretary. Both of their resignations would be nice right about now. We need some real leadership, and not that idiot Harlem Globetrotter nonsense, that we have been getting since Barry took office. In other words, it’s time for “Teleprompter Boy” to hit the damned road.

Others:

Barry's Budget might bring $9.3 trillion in deficits

Nothing like something to make your Saturday a bit more gloomy. Knowing that the Globetrotter in chief is basically spending your Country into a economic black hole.

Via the AP:

President Barack Obama’s budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.

The new Congressional Budget Office figures offered a far more dire outlook for Obama’s budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It’s a prospect even the president’s own budget director called unsustainable.

In his White House run, Obama assailed the economic policies of his predecessor, but the eye-popping deficit numbers threaten to swamp his ambitious agenda of overhauling health care, exploring new energy sources and enacting scores of domestic programs.

The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his Democratic allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.

By CBO’s calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.

Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

Here is the real kicker, what are the so-called “Liberal Experts” saying is the solution to the above? Spending more money! But of course!

As Washington Post columnist Steven Pearlstein pointed out, the numbers confirm that “the recession is worse than they thought when they did these things last time,” and thus “the more urgent it is for us to spend more money to stimulate the economy.

It is indeed a scarey time to be an American. The mental cases are running the asylum.

Others:

One the biggest reasons why I will never vote Democrat again…Ever

I am not going to write a long post about this. Because if I do, it will devolve into four letter words and outright nastyness.

I will simple say this; anyone who wants to know why I decided that the Democratic Party no longer represented the views that I hold, and was no longer the Party that I wanted to be associated with, need look no further than right here.

I am not a Republican, nor have I ever been a Republican, nor will I ever be a Republican. But I’ll be GOD DAMNED, if I’ll ever vote for a damned President that sucked up to, made alliances with and basically pandered to people that do this sort of a thing!

Michelle Malkin might be a bit more to the right than myself. But I commend that little loud mouthed woman for being the one that has the, ahem, balls to report this stuff that goes on. Good on you, Michelle. Next time some idiot calls her a hater, I’m sending them this link.

That is all….