Comments on: Bailout Watch 190: White House Wants DOE Loans “Released”

By: Mokers

Mokers — Sat, 15 Nov 2008 07:35:11 +0000

share a portion of future profits with the government

Ha! This assumes that there might be profits in the future.

By: mel23

mel23 — Sat, 15 Nov 2008 04:45:57 +0000

I think this is much ado about nothing. At least nothing Wagoner knows anything about. Given that the GM accounting system has ‘material weaknesses’, Wagoner doesn’t know if they’re running out of money or not. My theory is that GM ran out of money seven months ago. So let’s just keep going until we hit something, or Detroit Edison cuts off the power whichever occurs second. I like the statement from the PBGC Director today.

“GM has not been able to give us a straight answer about the funded status of their pension plan,” said PBGC Director Charles Millard. “We can’t successfully monitor the situation if they are not responsive.”

By: Adub

Adub — Sat, 15 Nov 2008 02:32:28 +0000

George Bush is an embarrasment. Even to Republicans. The son of a spineless President.

“Read my lips…”

By: CliffG

CliffG — Sat, 15 Nov 2008 01:44:26 +0000

I notice that Chuck has referred to the whole Fannie Mae/Freddie Mac catastrophe that Congress wholeheartedly enabled in the manner of “What do you mean ‘We’ white man?”

So it will go for this impending asteroid smashup of government largesse/supervision over the automotive industry. If they are reading the NYT for advice (which I am sure they do), they better hurry before all the smart guys running that enterprise run it into the ground too.

I wonder if “Aruba Baby” Ricky will manage to beat Pinch to the best C11 attorneys in NYC. Goodness gracious, send ‘em the damn $25 bil. already, it’s chump change in the grand scheme of things. (Luckily there is no ink charge here at TTAC, because this DW series would banko you guys too.)

GM’s management may have won some kind of cluelessness award, but combine our esteemed Congress with the pundits circling the NY/DC airspace and a cluster**** of mythic proportions will be had. Ricky will be looking up from the WSJ on his beachfront property in 2 years, and thinking “Man, they thought I was an incompetent fool………”

Ok, a series of random thoughts, but it is late Friday, what do you expect? Coherence?

By: 50merc

50merc — Sat, 15 Nov 2008 00:46:49 +0000

“It would require that the companies … share a portion of future profits with the government”

Nothing new about that. It’s called income tax.

“Spokeswoman Dana Perino … told The Associated Press that the White House is now actively asking Congress to accelerate loans it first approved in September.”

That is, asking Congress to amend a giveaway that was always intended just to help Detroit. The “fuel-efficient vehicles” restriction is basically a fig leaf anyway; all the D3 have to do is suitably categorize some of their engineering payroll. I can certainly understand the White House’s reluctance to open the $700 billion grand jackpot to everyone with a tin cup.

By: Banned User

Banned User — Sat, 15 Nov 2008 00:24:50 +0000

The Dem’s have control of the house and the Senate. Let us see what happens when they put the legistlation forward.

Bush will veto it. This is just the Dem payoff to the UAW. Many more to come to the enviros and others. This is guaranteeing an economic crash.