Obamanism Stikes Again

    Obamanism is not for America – we want our voice back, our Nation restored to its once strong foundation. We must leave our children a legacy to be proud of…

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    The Real Case for Strib Bankruptcy

    The decidedly StarTribune has done it again. They are bound and determined to make sure their leftist bona fides are not questioned. Saturdays bring a special highlight to the opinion pages. The section is called Opinion Exchange. It is purported to bring a healthy exchange of ideas to the Twin Cities of Minneapolis, St. Paul and their suburbs. What it actually brings is a completely | Read More »

    Barack Obama: Worse Than Bernie Madoff?

    How much would you pay for “New GM”? About a year ago, all of GM’s common stock put together was worth maybe $2 billion, give or take, depending on the day. Go back three years, when things were merely bad instead of catastrophic for them, and people laughed at me whenever I said that GM was going to die. Back then, the stock was worth | Read More »

    Car Czar Rattner Owned $1 Million in Chrysler shares

    It was revealed this week that Obama’s auto task force chief Steven Rattner owned up to $1 million in shares of Chrysler’s parent company, Cerberus, when he accepted a role in the administration which would oversee the carmaker’s bankruptcy. The head of the Obama administration’s auto task force, former financier Steven Rattner, was worth at least $188 million when he signed on at the Treasury | Read More »

    GM files for bankruptcy protection

    General Motors filed for bankruptcy protection this morning and President Obama plans to give the bankrupt car maker another $30 billion bailout during and after the bankruptcy process. That will bring the bailout of General Motors to $50 billion. The $50 billion bailout of General Motors is second only to the $150 billion AIG bailout. According to the Washington Post, under the proposed restructuring of | Read More »

    Of the Law and Star Trek

    How can you possibly relate Star Trek to bankruptcy law? Okay, I’m the only person I know who wasn’t completely blown-away-thrilled by the new Star Trek movie.  I actually enjoyed it as a pure Sci-Fi, but as a life-long Trekkie (or Trekker, if you must), some things bothered me. You see, Star Trek had forty-three years of building its canon.  This was the set history | Read More »

    Barney Frank and the ‘Big Tent.’

    Your laugh line of the day: “The party has grown by becoming the party of inclusion.” …which is the worried reaction from a Lefty blogger who can’t quite understand why Barney Frank, head of the House Financial Services Committee, would say anything like the below in response to the way that the bankruptcy bill got shot down in the Senate (if only temporarily): The reason | Read More »

    Barney Frank and the ‘Big Tent.’

    Your laugh line of the day: “The party has grown by becoming the party of inclusion.” …which is the worried reaction from a Lefty blogger who can’t quite understand why Barney Frank, head of the House Financial Services Committee, would say anything like the below in response to the way that the bankruptcy bill got shot down in the Senate (if only temporarily): The reason | Read More »

    Why the Chrysler plan is probably illegal

    Is the plan to reorganize Chrysler Corp. a true sale of its assets or a ‘sub rosa’ plan to recast the company?  A bankruptcy judge is going to have to decide.   Secured lenders are owed $6.9 billion.  The Treasury’s term sheet, which is here   http://www.ustreas.gov/press/releases/tg115.htm. ,  offers these lenders $2.25 billion in cash, proposing to sell all Chrysler’s assets to a new company.  Treasury, the | Read More »

    Chrysler

    This is a very quick initial response to the extraordinary announcement of the Chrysler LLC bankruptcy filing. We don’t have all the answers, but that’s partly because we don’t even have all the questions. Something very new and different is happening here. It’s very far from clear to me that this is a Chapter 11 bankruptcy in any normal sense. For one thing, why is | Read More »

    General Motors Hurtles Toward Bankruptcy

    The big headline yesterday was that GM CEO Rick Wagoner is being dismissed in favor of Fritz Henderson. This isn’t remarkable in itself, because no one expected him to last, despite having the oft-expressed (in public, anyway) full confidence of GM’s board . Today, the President of the United States is expected to make significant announcements about GM’s warranty policy. No, that’s not a typo, | Read More »

    Barack Obama’s Bankrupt States of America

    Sen. Judd Gregg (R-NH) knows more than a little about sound fiscal policy. He was elected in 2005 to chair the Senate Budget Committee, and he has been a proponent of spending restraint and lower taxes. No small wonder that he chose not to accept the cabinet post of Commerce Secretary recently offered to him by President Obama, whose thinking on fiscal matters is the | Read More »

    Put General Motors Down

    By any reasonable measure, GM, or at least its North American operation, is mortally wounded. The auto industry in the US is a mature one with very little room left to grow. The industry in general, and GM in particular, is saddled with excess and inefficient manufacturing capacity, extortionate union contracts which, for reasons known only to them, management agreed to, and enormous pension and | Read More »

    Putting the “U” In Bankruptcy

    Originally posted on The Minority Report.  While I oppose the current form of the GM bailout, bankruptcy is a risky proposition.  It is not a panacea, and we need to recognize that.     There has been a lot of chatter recently about the possibility that GM could file for bankruptcy. Corporate bankruptcy is an enormously complicated subject, and each one is unique. But here is | Read More »

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    Big 3 Bailout Hits a Snag

    Harry Reid said this morning that the Senate may vote as early as tonight on legislation to bail out the Big 3: Majority Leader Harry Reid (D-Nev.) expressed optimism Tuesday morning that votes on an automotive rescue plan could come as early as tonight or sometime Wednesday as Congressional Democrats and the White House try to work through the details of a deal. But that | Read More »