Wednesday, February 18, 2009

GM Seeks as Much as $16.6 Billion in New U.S. Aid

Feb. 18 (Bloomberg) -- General Motors Corp. asked the U.S. for as much as $16.6 billion in new loans, more than doubling the aid to date, and said it needs some of the cash next month to survive as it sheds brands and cuts 47,000 more jobs worldwide.

Chrysler LLC, propped up like GM with federal assistance, said it’s seeking $5 billion more from the government and will shed 3,000 more positions.

Now isn't this a sticky wicket? I do not envy Mr. Obama in this situation. There is a lot riding on this, although I do think the auto makers are making it a little more dire than it is, as if they don't the public sentiment will not be sufficiently scared to move their representatives to pass the buck so to speak. I think Mr. Obama will have to take a strong and perhaps unfavorable stance on this one, but I don't see how he can take any other position. Sometimes you have to let the old dogs die, sometimes you have to put them down. When an animal just can't help it self any longer, you have to put it out of its misery. I have not seen their plans, so I can't say where their figures come from, but I have done some of my own research, and I believe it is time that we end this charade. The cost if we shut the doors will be no more than the constant inflow of cash they they will continue to need. This will not be the end for their pleas, they are just now beginning to ask for the money they really do not need. They are dead in the water, have been for ten years now, and just living off the dole, in the hopes that they can secure enough for their own pensions.

The only stock holders that are still on board are idiots and those that have enough insider information to know that they will be paid off if these thieves can bend the perceptions of the public to believe the bullshit they are feeding them. GM has been dead for at least the last four years, producing sub-standard crap and selling them at premium prices through force of will bought by years of what was once a proud heritage. They are to far gone to rescue at this point, and to do so would be suicide for Obama, but this may not occur to him at this juncture.

I can't even believe we are still contemplating the case of Chrysler, they have been dead for so long that unless you are as old as I am, you probably don't even know that at one time they were an independent company. In truth, Crysler has been a government run organization since the early 80's. They already owe so much to the American tax payer that we should all be driving Chrysler's only because they should be free. The farce has gone on way to long. They have continued to spiral into debt, not even paying back interest on loans mad to them during the Carter administration. Maybe they should have taken a cue from one of their former employees, Delorean and sold Cocaine to finance their failing venture. Wait, they did help finance the Contra deal, so to some extent they were actually involved in the drug trade. So then why are we as a nation even discussing this, all their sales should be immediately transfered to the government, and their assets sold to recover the losses on their last loan they didn't pay for.

You know if any of us citizens tried to pull this kind of shit, we would be arrested immediately and commanded by the courts to repay our debts. The way these large corporation entities are able to deceive the public with unemployment fears, and their self supposed value to the economy is amazing.

So I can't say I envy Mr. Obama's decision, but I truly hope he does the right thing and ends the game for these useless entities and pours the money into development of new ventures in new fields, and into agriculture, where there is and always will be real value.

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