“In today’s world the blather about free trade, free markets & the joys of competition is nothing but pablum for the suckers.” – Obama’s Manufacturing Czar

I hope that your company had no plans of wanting to compete in an open market. 

“In today’s world the blather about free trade, free markets & the joys of competition is nothing but pablum for the suckers.”

Who said it?

President Obama’s manufacturing czar, Ron Bloom — just one of the Democratic Socialists of America-tied radicals spotlighted in Trevor Loudon’s latest dossier.

Michelle Malkin » “In today’s world the blather about free trade, free markets & the joys of competition is nothing but pablum for the suckers.”

China Strikes Back on Trade – WSJ.com

Smooth move Mr. President 

BEIJING — China on Monday called for talks over the China-U.S. trade dispute in a sign the disagreement may be containable, as evidence emerged that the economic value of the affected sectors is relatively small.

China’s Ministry of Commerce is referring the U.S. move to levy punitive import duties on Chinese tires to the World Trade Organization, ministry spokesman Yao Jian said. "China’s move to seek consultations with the U.S. is a legitimate act in line with a WTO member’s rights and a practical step to protect one’s own interests," he said in a statement on the ministry’s Web site.

China Strikes Back on Trade – WSJ.com

"Treasury Unlikely to Recover Full Investment" According to Congressional Oversight Panel – Manufacturing & Technology eJournal

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Seems the customers understand….why doesn’t anyone at the ‘Big 3’ ? 

Tim Markoski 11 minutes ago

This shouldn’t be a surprise to anyone.
I have recently been harassed with spam from GM and Chevrolet about buying a new GM vehicle.
Below is my response to Brent Dewar, VP of Chevrolet
Dear Mr. Dewar,
Please stop sending me emails.
Chevrolet and GM have lost me as a customer FOREVER.
The fact that NO ONE at GM management would take the responsibility
for agreeing to UAW contracts that you could not honor and knew would break
GM is unforgivable.
As an American who was proud to have the last 2 vehicles I purchased be Chevy trucks,
I can no longer support GM, it’s incompetent management and its UAW THUGS!
GM has consistently ignored what its customers want.
In 2007 I was ready to purchase a new Chevy S-10 to replace my aging 1998 S-10.
I go to the nearest dealership only to find out that the S-10 is no longer offered.
It has been discontinued in favor of the ‘Colorado’, an inferior vehicle that is poorly
engineered and performs WORSE than the S-10.
Only a complete MORON would put a 5-Cylinder engine in a truck.
What is even worse is that GM replaced a proven and reliable ISUZU engine
with an inferior engine. The reliability of the Colorado and performance is WORSE than
the S-10 in all meaningful categories. You reduced the towing capacity from 5900lbs to 4000lbs!
What the hell were you people thinking?
Well, I can tell you I have had enough of hoping GM will get it’s act together.
You are incapable of producing vehicles that loyal customers will come back to buy
and you agree to have the US taxpayer foot the bill for bailing out YOUR piss-poor decisions.
To add insult to injury, the very UAW Union thugs who helped make quality and value dirty words,
now own 18% of the company they helped drive into bankruptcy!
I’m sorry, but every single GM Executive Manager deserves to be FIRED for incompetence.
You people have blown it,
I will NEVER purchase another GM product and I am not the only person who feels this.
Congratulations on being bailed out by the taxpayer!
It must be nice to get paid that nice fat salary for COMPLETELY F*****G UP an American institution!
Serious as a heart attack.
Kind Regards-
Tim Markoski
A FORMER GM customer and now PROUD Toyota customer.

"Treasury Unlikely to Recover Full Investment" According to Congressional Oversight Panel – Manufacturing & Technology eJournal#comment-16580621

“Treasury Unlikely to Recover Full Investment” According to Congressional Oversight Panel

“Treasury Unlikely to Recover Full Investment” According to Congressional Oversight Panel – Manufacturing & Technology eJournal

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Warren Buffett: Cap and Trade Will Be Tax On Middle Class

Who’s Going to Pay For Government Healthcare?

A $2 Billion Chrysler Double-Cross? If So, It’s Virtually Invisible | NewsBusters.org

Here is the gist of the story:

• Chrysler gets bailout.
• During bankruptcy, secured lenders get paid first.  This is because the lent money to a financially unsound company and to do this, the law guarantees them first payments.
• Obama forced banks who took TARP money to forgive most of this debt and accept $0.29 on the dollar.
• Obama threatened non-TARP lenders to do the same.
• The extra money saved during liquidation was given to the union, which is an unsecured lender and does not get first payments under the law.
• Chrysler broken into “Old” and “New”.  Assets transferred to “New” Chrysler, debts remain at “Old” which is reduced to having $2 billion to pay lender.
• Final step?  Treasury says that loan is due from “Old” Chrysler and takes all the money.

The result is that any secured lender in Chrysler that is not under government control got screwed out of BILLIONS of dollars.  Who did get all the money they were owed?  The unsecure lenders, the Union.

Be very careful if you do any business with the government.  To the Obama administration, you are a liability that can easily be zeroed out.  Ask the car dealers who are still waiting on “Cash-For-Clunkers” payments, but have to pay taxes on it.

 

The Obama administration and its car-czar group appear to be intent on teaching someone who got in their way a brutal lesson.

If there’s another way to interpret what is going on involving the "Old Chrysler," the company’s first-lien secured lenders, and the US Treasury, I want to know what it is.

Readers may recall that in May the government, in what columnist Michael Barone accurately characterized as "an episode of Gangster Government," bullied those same lenders into accepting payment well below that to which they were entitled. In early May, attorney Tom Lauria, representing a group of what he called "non-TARP lenders," told Detroit talk host Frank Beckmann that his group was willing to accept 50% payment of their claims (despite their entitlement under contract law to 100%) to avoid forcing Chrysler to liquidate.

The government had already convinced Chrysler’s first-lien TARP lenders (so named because these lenders are among those forced by Hank Paulson in October 2008 at figurative gunpoint to accept government "investment") to settle for 29%. Treasury and Barack Obama’s car-czar group insisted that the non-TARP lenders do the same, in the interest of giving unsecured creditors, principally the United Auto Workers union’s health care trust (whose rights under contract law were junior to those of the secured lenders) a bigger share, much of which was converted into stock of "new Chrysler." Under what Lauria described to Beckmann as an atmosphere of direct threats and intimidation, most of the holdouts buckled. After unsuccessful court appeals, the deal giving secured lenders $2.0 billion of the $6.9 billion involved went through.

That should have settled the matter; but as you’ll see, it didn’t.

Secured creditors’ claims stayed in the "Old Chrysler," which was stripped of most of its value. The ownership structure of "New Chrysler" that emerged turned out to be the following, according to this September 4 Bloomberg report — U.S. Government — 9.85%; Fiat Motors — 20%; Canadian government — 2.46%; the UAW’s health care trust — 67.69%. Secured creditors have no stake in "New Chrysler."

A $2 Billion Chrysler Double-Cross? If So, It’s Virtually Invisible | NewsBusters.org

CNBC’s Cramer: Spiraling National Debt to Cause Bear Market in 18 Months | NewsBusters.org

… 

Cramer also said if there wasn’t some discretion exercised by Congress with the purse strings – Americans could see the financial markets face bear conditions.

"It weighs on me every day," Cramer added. "It should weigh on you too and if there isn’t some discipline in Congress, we’re going to be talking about a new bear market in 18 months if we don’t get this stuff under control."

CNBC’s Cramer: Spiraling National Debt to Cause Bear Market in 18 Months | NewsBusters.org

Taxpayers will lose on auto bailouts, oversight panel says – Sep. 9, 2009

What a shocker.  Billions given to union infested stone aged business….billions taken from family owned business who actually have proven they can self sustain.  Who could have predicted this was going to be a waist of money….wait, EVERY CONSERVATIVE IN AMERICA! 

NEW YORK (CNNMoney.com) — Much of the money given to General Motors and Chrysler to prevent them from collapsing will never be recovered, according to a report released Wednesday by the Congressional Oversight Panel.

"Although taxpayers may recover some portion of their investment in Chrysler and GM, it is unlikely they will recover the entire amount," the report says, citing estimates from the Treasury Department and Congressional Budget Office.

Taxpayers will lose on auto bailouts, oversight panel says – Sep. 9, 2009

12% of delinquent borrowers helped by Obama plan – Sep. 9, 2009

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So we’re bailing out people who don’t pay their bills but we’re going to tax the hell out of those small business’ that are actually providing new jobs….the most important aspect of a recovering economy.  And the rest of us who actually pay our mortgages on time will end up paying higher interest rates and increased taxes. Makes lots of sense

NEW YORK (CNNMoney.com) — Mortgage servicers have placed 12% of eligible troubled borrowers into trial modifications under President Obama’s foreclosure prevention plan, the Treasury Department said Wednesday.

The progress report, the second issued by the government, says that 360,165 homeowners who were at least two months behind in payments received relief through August. A month ago, just 9%, or 235,247 borrowers, were in trial modifications.

12% of delinquent borrowers helped by Obama plan – Sep. 9, 2009