Rather than wasting your time by having you peruse lengthy pages of nothingness, I contacted a friend who serves as a Congressional staffer and has been focusing his energies on the issue. Fortunately, he's blunt.
This is all Kabuki Theater. Due to responsibilities to their shareholders, GM and Ford can't put anything in these reports that could prove or disprove their long-term viability. Pelosi and Reid just hatched this plan to buy themselves some time. Here are what these plans tell me:Bet that put you in a better mood, eh?
GM = Screwed. They need $4 billion to just make it through December!
Ford = Communicating to their shareholders that they are the strongest of the three.
Cerberus = Trying to do and say as little as possible while they await a cushion that will allow them to sell off Chrysler. No plan outside of the next 6 months.
Oy.
UPDATE: Looks like my source was right about GM. From today's Bloomberg news:
Yes this recession is different. First you see people shouting in glee that yes we are in a recession. Then consider the political infighting that we see daily. This infighting causes all parties to give money to whomever in hopes of getting votes during the next election cycle.
ReplyDeleteOur leaders are not putting our nation’s best interest first. They are selfish imbeciles that need to grow up a play with each other’s toys.
Yes it is true that we see a recession about every three years, and when we do they usually last about 8.5 months. This time politics will bring to the table spending and their denial of the situation won’t get us out of this mess.
http://nomedals.blogspot.com
Jason is correct. We have been "multi-nationaled" to death. Our leaders and our citizens rarely give a thought to U.S.nationalism. Worse, we have been conditioned to feel guilty if we demand protection from grossly unfair competition which rapes our economy, and our security. We must bring hi-tech manufacturing back to the U.S.
ReplyDelete