Bailout Watch 415: Feds: Hakuna Matata as GM, Chrysler Blow Through Debt Swap Deadline
Once the feds bailed out GMAC—despite the failed lender’s inability to meet federal regulations—there wasn’t an industry expert who seriously believed that GM could convince its bondholders and union reps to swap $30 billion worth of GM debt for $30 billion of worth GM equity. (No sniggering.) Who cares that the swap was required as part the conditions of the automaker’s $13.4 billion “emergency bridge loans?” Nobody. To its credit, GM played the requisite game of charades, holding “marathon” negotiations with the bondholders and union reps. To no avail. According to Dow Jones, Uncle Sam reacted to the missed deadline with a stern, “Never mind!” And “Chrysler LLC, which received a $4 billion loan, was subject to the same terms as GM and also failed to reach deals with the UAW or debtors, although talks still continue.” See? As long as they’re talking, there’s hope! So . . . back to your smoke-filled room! And no more deadlines for you, Mister! Obviously, there’s more important game afoot: the MSM feeding frenzy over the whips driven by the presidential automotive task force. Question: when did the media and our elected pols become such wimps, weasels, scoundrels and patsies?
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Robert Farago said: Question: when did the media and our elected pols become such wimps, weasels, scoundrels and patsies? Sherman Lin said: George Bush and Bill Clinton both played and manipulated the MSM like the patsies they are. But then again every President does. Bill Clinton was being impeached for a blow job. No one tried to impeach George Bush when he violated the constitutional rights of American people (those who tried probably ended up in Guantanamo). That's when.
psarhjinian : While the internet has broken that somewhat, I think the real tipping point will be the coming mass collapse of Big Media. If you think the business model of GM is broken, that of the likes of Fox or Time-Warner is only slightly less so. Give it a year or so and I’d expect several of these outlets to fold as their revenue streams dry up. I totally agree. Technology is the fundamental game changer in politics.
To wsn: Clinton wasn't impeached for a blow-job... he was impeached for lying about it. It he had testified, under oath, that yes... indeed he had gotten a blow job, the storm would've 'blown' over.