Through coercion and fiat His Royal Highness (HRH) Obama has forced the senior-secured lenders to take a secondary position to unsecured lenders in the "pre-packaged" Chrysler-FIAT bankruptcy plan. President Obama characterized the 20 or so lenders who were opposed to the plan as "a small group of speculators". His left wing "nut job" ally Representative Dingell characterized them as "vultures" and warned that they "will be dealt with in court". Their crime one can only assume is being moneylenders, but they are not the ones on trial.
Until this week senior secured lenders, those that held a contract that gave them first lien on a companies assets, had a preferential position in any bankruptcy proceeding unless of course they "voluntarily" give up that right. HRH Obama has by simple royal fiat…
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"A man younger than 30 who's not a liberal has no heart and a man older than 30 who's not a conservative has no brain" - Winston Churchill.
Spending his formative years in Paris and then returning to complete college and graduate school at the American University of Paris, my son became deeply steeped in French cradle-to -grave socialism, never failing to extol its virtues. A self proclaimed "caviar socialist", my caviar - his socialism, lamented how hardened we fiscally conservative "old people" had become to the wishes of the "people". The mean spirited American ideal of education, hard work and opportunity for all was just a bromide invented by the American bourgeoisie in a nefarious plot to stifle the true wishes of the "people".
"Ah, for those carefree days, when my…
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Obamanomics - a "Bush" league plan for job creation. Job creation was tepid during the Bush years and it is likely to be even less robust in the Obama years.
The respected
Blue Chip economic forecasters, expect the unemployment rate, which surged to 8.5% last month, to peak at 9.6% in first quarter 2010. For the unemployment rate to fall, we must not only increase the number of
jobs, but that increase must exceed the expected increase in the size of the
labor force. In other words, merely increasing the number of Americans working will not necessarily decrease the unemployment rate. Today there are
154 million Americans in the labor force and just to maintain the
status quo, 2.0 million new jobs must be created annually…
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It was all about the battery, they will say, while viewing the Chevrolet Volt on its prominent display stand -- diagonally across from the Edsel in some car museum of the future.
Obama Motors (OM), formally known as General Motors (GM) has reiterated its commitment to deliver the green
Chevrolet Volt, plug-in electric car to showrooms in November 2010 as planned. This despite the fact that President Obama's own
task force concluded that the Volt would be too expensive to be commercially viable. Industry analysts estimate the cost of the Volt will be around $40,000. As a comparison, the
price of proven green fuel-efficient vehicles such as the Prius ranges from $22,000 to $24,270 for the base model and the recently introduced, Honda Motor Co.'s Insight hybrid, $19,800…
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AIG paid $165 million in
bonuses, but angry lawmakers and administration officials insisted the money belonged to taxpayers and vowed to get it back. The clamor over compensation overshadowed AIG's weekend disclosure that it used more than $90 billion in federal aid to pay out to foreign and domestic banks, including some that had multibillion-dollar U.S. government bailouts of their own. The counterparty list is a veritable who's who of the world's top financial institutions, including Goldman Sachs (
GS), Bank of America (
BAC), British bank Barclays (
BCS) and Germany's Deutsche Bank (
DB). The question arises - Why did the United States Government insist on honoring these legally questionable obligations?
At the heart of this transfer of billions of taxpayer dollars to the world's leading financial institutions…
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