Patterico's Pontifications

5/19/2009

Obama’s Plan for GM

Filed under: Obama — DRJ @ 3:24 pm



[Guest post by DRJ]

Barack Obama’s plan for General Motors gives new meaning to the phrase “Buy American:”

“General Motors Corp’s plan for a bankruptcy filing involves a quick sale of the company’s healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.
***
The government’s plans include giving stakes in the new company to GM’s union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company’s plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.”

This sounds like a big bankruptcy party on the taxpayers’ dime. Too bad we won’t be getting any party favors.

— DRJ

45 Responses to “Obama’s Plan for GM”

  1. I will never ever buy a vehicle from Obama Motors. Maybe Ford if they survive or maintain their independence from the Government.

    In the words of the Liberal Dems…How many lives will
    be “lost” by crack ups between these miniature cars?

    My opinion….it will be thousands more than now.

    All these souls dying because of Obama Motors.

    rab (7a9e13)

  2. The debt of Government Motors will be forgiven,
    yet Ford will still be saddled with the tens of billions of dollars they arrainged in private financing.
    That’s a level playing field if I ever saw one.

    AD - RtR/OS! (681803)

  3. I will never, under any circumstances, buy a car from this company.

    Beldar (023ae4)

  4. they were going be handing out party favors, but they figured:
    “why spend the money on KY packets? The taxpayers will have to take this no matter what we do.”

    so they went and speant the money on Kobe beef instead.

    redc1c4 (9c4f4a)

  5. BTW, we just had a pretty good after-shock.

    AD - RtR/OS! (681803)

  6. Welcome to the new socialist automobile industry.

    SPQR (72771e)

  7. Ford had taken nothing so far. Their only problem is that the competition will use bankruptcy to shed costs that they still shoulder. When the airlines did the BK thing, it was like dominoes for this reason.

    It would be really bad if Obama’s propping up of badly run companies forced the well-run Ford into BK.

    Chrysler is supposed to die. The recession won’t end if the government keeps propping up the deadwood.

    Kevin Murphy (805c5b)

  8. Excitement. That aftershock was Michael Moore dropping a load in his pants. Dear Leader is a con man.

    Vermont Neighbor (539e49)

  9. Obama buys GM and forgives himself the loan he owes us.

    Wonderful.

    As with Beldar, I too will not ever buy a car from this company.

    drjohn (862e69)

  10. The way things are going, I wonder how many Americans will be able to afford to buy another car.

    DRJ (f55947)

  11. It is an interesting reversal of fortunes:
    For years in the middle part of the 20th-Century, Liberals boycotted Ford due to the hard-edged views of Henry I, to the benefit of GM;
    Now, it seems that Conservatives will boycott GM, and possibly Chrysler/FIAT, and give their business to Ford, due to the anti-business/anti-capitalist antics of this administration.

    AD - RtR/OS! (681803)

  12. Well, I bought a 2009 Ford Escape Hybrid recently. Very happy.

    Kevin Murphy (805c5b)

  13. Psshh…like this is anything new.

    I am paying child support on children without ever having sex with their mothers.

    This is just the ultimate in corporate welfare…

    MunDane68 (54a83b)

  14. Can a UAW pay raise be far behind?

    Perfect Sense (0922fa)

  15. Now that we’ve destroyed GM creditors, the Kulaks are next.

    SPQR (72771e)

  16. Isn’t this crap unconstitutional?

    Where are the players to challenge this abuse of power?

    jeff (3e63a3)

  17. Where are the players to challenge this abuse of power?

    You must mean the financial institutions that are taking a haircut, but have to worry if they’re not next on the “nationalization” agenda, what with all of the bail-out money they’ve accepted.
    The bank presidents all saw what happened to Rick Wagoner when he didn’t enthusiastically endorse the imposition of a Car-Czar upon the industry, and they don’t want to join him in the un-employment line.
    We are witnessing the new “Profiles In Courage”.

    AD - RtR/OS! (681803)

  18. Companies that resist have been actually threatened with harrassment by the IRS and other government agencies.

    Behavior that if a Republican President did it would be the subject of calls for impeachment.

    Just another example of the shine of The One.

    SPQR (72771e)

  19. Behavior that if a Republican President did it would be the subject of calls for impeachment.

    It just boggles. Every day, worse than before.

    Vermont Neighbor (539e49)

  20. Obama’s Plan for GM?

    Replace the Cadillac logo with an Obama campaign logo.

    daleyrocks (5d22c0)

  21. At least I’m not the only one who cringes when he hears the phrase “Obama’s plans for [fill in the blank].”

    Harvey M Anderson (a664fb)

  22. Oh, good Allah. There are absolutely no fucking limits with these clowns.

    JD (b7daf6)

  23. As a Saab lover, this pains me, as there is now not an icecube’s chance in hell that I will buy any GM product. I was looking at a Saturn Outlook too. Negative. I really do not like these people.

    JD (b7daf6)

  24. I will stand over with Mr. Beldar not buying crappy Chevrolets and Trabants and Volgas what greasy ignorant fatass lazy UAW thugs drooled and pawed all over. Never ever. Cause of I have self-respect.

    happyfeet (2d133f)

  25. oh. With Mr. Beldar and JD and other people what love what our little country used to stand for.

    happyfeet (2d133f)

  26. I am going to break our self-imposed capital expenditure freeze, and buy a Ford. If it were feasible, I would buy a car from every manufacturer not named GM.

    JD (b7daf6)

  27. Over at the New Majority (David Frum’s new blog) I was criticized for commenting on Obama’s instinct for coercion with respect to health care. An they call themselves Republicans (of course everyone knows it’s a joke).

    Once again, at least Mussolini made the trains run on time.

    Mike K (2cf494)

  28. oh. You might wait and get one of the cute little jobbers their bringing over from Europe. brb

    happyfeet (2d133f)

  29. But could Mussolini make a car?

    Mr. Pink (62a553)

  30. here … you have to read this to understand because Ford is making it very tricky to buy their cars but they should figure out the whole making and selling cars in America thing by 2010 it says. So you might want to wait.

    In March, the Fiesta overtook the Volkswagen Golf as Europe’s most popular model, outselling the Golf by more than 6,000 units. The Fiesta is now the company’s fastest-selling model ever, with the 250,000th vehicle coming off the Cologne, Germany assembly line just nine months after the car went on sale.

    In 2010, the Fiesta will be produced at plants in North America, Europe and Asia for sale in markets around the world. The Fiesta for the North American market will be built at Ford’s assembly plant in Cuautitlan, Mexico.

    happyfeet (2d133f)

  31. oh. I have to caution you though that greasy UAW thugs will probably still be involved and I don’t know what is to be done for that.

    happyfeet (2d133f)

  32. I am thinking that a Fisker may be in order.

    JD (b7daf6)

  33. oh. *they’re* bringing over from Europe. Stupid homophones.

    NTTAWWT

    happyfeet (2d133f)

  34. Too bad we got a media that reports stuff like this like a proud parent reporting on a baby’s first word. Even if the word is “screwed” they still will give a great big AWWWWWWWWWW.

    Mr. Pink (62a553)

  35. Obama’s plan? Bye, American.

    ras (20bd5b)

  36. Fiskers are a lot waitlisted I think. But they’re made by real honest hardworking capitalist Americans and are completely untouched by greasy UAW thugs or that douche that published Blender.

    happyfeet (2d133f)

  37. that car looks like an olive really now that I go back and look at it

    happyfeet (2d133f)

  38. I hope you all are serious when you say you won’t buy GM again. No way in hell I will. I might consider a Ford, but in a sense I would still feel like I would be supporting the owners of GM (UAW.

    exceller (d9d2b3)

  39. I have an Olds ’87 Cutlass Supreme, the real one, 307 V-8 (the Olds, not the Chevy, sorry), four on the floor, 3.1 rear-end ratio. Silver on gray. Some rust. Leaks. Any bids?

    nk (a1896a)

  40. happyfeet – The batteries for the Fisker are manufactured and distributed right up the road from me. Ironically, us folks here in flyover country are the only ones in the world that have an acÞive production line for a lithium ion battery palnt for these vehicles.

    JD (b7daf6)

  41. That’s how he’s going to make universal health care efficient–kill off Americans with dinky little Guvmint Motors cars.

    Patricia (2183bb)

  42. I will never, under any circumstances, buy a car from this company.

    Comment by Beldar — 5/19/2009 @ 3:50 pm

    I am afraid that we will be buying them. Just not the ones driving them.

    nk (a1896a)

  43. My current rig is a 2006 Dodge Dakota 4×4 pickup, a great ride. but I am with Beldar, I will never buy a govt car.

    John Cunningham (1cb7c8)

  44. […] Patterico Pontifications Obama Plan for GM Posted by root 22 hours ago (http://patterico.com) Their only problem is that the competition will use bankruptcy to shed costs that they still shoulder when the airlines did the bk thing comment by vermont neighbor 5 19 2009 5 29 pm obama plan for gm powered by wordpress Discuss  |  Bury |  News | patterico pontifications obama plan for gm […]

    Patterico Pontifications Obama Plan for GM | Shed Kits (2932be)


Powered by WordPress.

Page loaded in: 0.3259 secs.