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  • quailrunrd quailrunrd May 1, 2009 2:52 AM Flag

    Obama is a socialistic idiot

    Chrysler's overpaid (bankrupt) employees who contributed to their company's demise due to uncompetitive demands for employee benefits will not suffer under upcoming bankruptcy proceedings. At least not much. They will receive 80% of their pay even though they do not have to go to work for at least 4 months. Nobody will be laid off. Not while Obama's in charge of the company.

    "Chrysler said its factories would go mostly idle starting Monday, and remain so for the bulk of the process. Auto workers will receive about 80 percent of their base pay during the shutdown. The Treasury is providing $3.3 billion in so-called debtor-in-possession financing, and administration officials said during a conference call with reporters that no jobs would be lost during the bankruptcy."

    http://www.nytimes.com/2009/05/01/business/01auto.html?_r=2&ref=business

    If Chrysler had entered bankruptcy like any other company, it's employee pension and retiree benefits would have been referred to the Pension Benefit Guarantee Corp with reductions across the board. Not under Obama's socialistic plan. The government previously loaned Chrysler $4 billion and now extends another $8 billion (+) during bankruptcy. $12 billion should have been enough to buy this losing company outright. But Obama does not believe in using taxpayer dollars in paying fair value. He believes in paying more for less to achieve his socialistic agenda. This bankruptcy action insures that the UAW takes MAJORITY ownership of Chrysler. Totally absurd!

    "Mr. Obama announced a plan that would allow the United Automobile Workers, through their retirement plan, to take control of Chrysler, with Fiat and the United States as junior partners." http://www.nytimes.com/2009/05/01/business/01auto.html?_r=2&ref=business

    And to add insult to injury, Obama bad mouthed small investors who had earlier invested in Chrysler by angrily announcing that they should have agreed to sacrifice more of their investment in Chrysler to possibly preclude a bankruptcy action (just like the big banks who received billions in TARP funds agreed to reductions).

    Obama is an idiot! And he is sending a clear message to savers/investors that they should be willing to sacrifice their savings for his grand socialistic plans. That will never happen. IDIOT!

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    • <So is any economic policy which advocates taking from those that produce to give to those that don't. Economic canibalism.>


      oilngold: Excellent post.

    • <<As I said, it's too bad we can't see how the alternate would play out.>>

      Actually we already have. Look at how the S&L disaster was handled. Banks make money on compounding interest at an exponentially increasing rate. When banks go negative, they lose money at an ever increasing exponential rate. Banks in the red become financial black holes.

      During the S&L days, the FDIC aggressively shut down those S&L's identified as failing. They didn't wait for them to collapse on their own. They shut them down the minute they were identified as zombies to prevent further, increasing loss of capital.

      There is no painless way out of insolvency. Sorry. But there are a lot ways to prolong and deepen the suffering. We could avoid a great deal of unneccesary suffering by avoiding the recent examples of Japan (zombie banks), Zimbabwe (currency and agricultural collapse), Iceland (don't even ask). Instead, Obama is going to give us a guided tour of the worst of those options.

      This is not a matter of letting it play out. Have you ever asked yourself, 'Why is a Ponzi scheme illegal?' Because it is fraud. Because it is mathmatically guaranteed to fail from the minute the scheme is initiated. 100% guaranteed to fail. Everytime.

      So is any economic policy which advocates taking from those that produce to give to those that don't. Economic canibalism.

      Just like we don't need to wait to see how a Ponzi plays out (we already know how it will end - guaranteed), we don't need to wait to see how Obama's economic plans will play out. You can't cure insolvency by more borrowing.

    • volker is part of the "old guard" that doesn't have a clue -- failed businesses should fail... good businesses should succeed... taxpayer funds should not enter the equation... if you believe in the FRD syndrome then we have nothing to discuss... FDR prolonged the "great depression" with his false economic theories (fed to him by his "advisors")... WWII is what brought this country out of the great depression, NOT FRD's "policies" which only aggrivated the condition. Just say NO to the Kool-Aide.

    • As I said, it's too bad we can't see how the alternate would play out. If all those failing companies were to die and what followed was a long deep depression, I wonder who would be singing what song? Also, don't forget that Volcker is part of the current team, and Obama does listen to the advice of others. I think Obama knows how precarious is the current path in regard to deficits, and will change policy ASAP. In the meantime he's trying to prevent the complete failure of the economy. If you still have to work for a salary, or run a business you may be interested in preventing an economic depression. If you have enough cash or solid investments for the future you afford to be critical.

    • I agree that the unions have sunk Chrysler and GM, but it wouldn't matter who was in office now as the government wouldn't be able to get away bailing out banks or AIG and yet turn the back on GM or Chrysler who employ a huge amount of people. I still find it funny those who complain when Obama is involved in a bailout, but when Bush was handing out money last year it was ok. The dumbest spending of tax payer money had to be the stimulus cheque everyone got last summer, what were they thinking.

      • 1 Reply to jsg335
      • <The dumbest spending of tax payer money had to be the stimulus cheque everyone got last summer, what were they thinking.>

        Actually, I believe it was last fall... but you are correct, the ORIGINAL "bailout" check what BS and all that have followed are also BS -- It is a corrupt system run by the criminals... YOUR money is being laundered into their private accounts all over the world and you children and children's children are being sold as indentured slaves to work for those "accounts"... The interest alone is over $100,000 today and that is not talking about the principal... that would be over $1k per individual... chalk that one into a tax calculator....

    • Early on comparisons were naturally made between Jimmy Carter and Obama, but it's time we rethink that. This president is much worse than Carter, and much more dangerous to this country.

      • 3 Replies to Richaaard
      • Sometimes I wish there were no action to save any troubled company. Just to see what the consequences were, and how loud all the brilliant conservatives would yell because nothing was done to save their companies, jobs, houses, cars....

        Everyone should keep in mind that the outcome of this could be worse. There's no limit to how bad it could get if nothing was done.

      • Richaaard, you're right. Obama will be more dangerous for this country. That is because he has the ear of so many takers such as in unions, social welfare recipients, and congressman who seek political gains from giving away other people's money. They are becoming a solid majority...in the senate and across America.

        I think we stand a good chance of seeing a rerun (in realtime) of Ayn Rand's, "Atlas Shrugged". That is where the real producers in the country just start walking away from it all. They'll cash out whatever is left and find a means to protect their remaining savings outside the reach of the U.S. Only the takers/politicians will be left behind scratching their heads wondering how everything turned to crap.

      • He is doing exactly what he said he would do. Share the wealth. I do not have the wealth to give. However I do not see him sharing with me. Only taking what I do have. It is going to get so much worse.

    • >That will never happen.That will never happen.<

      It is happening already whether we like it or not. Every dime he spends on every bailout the government does is coming out of our pockets in the form of taxes. Who in the hell is going to bail out those of us that have no company or government pension plan? I am so sick of his crap.

 
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