Upcoming GM Bankruptcy and Marxism

Though this is my first actual blog online for the world to read, there are a few select people who have heard my opinions ever since TARP about how our government is taking over industries the lives of ordinary citizens. Obama has continued on this path to an even greater extent!! From the banks and auto companies, now it's bailing out deadbeats who don't pay their mortgages and giving incentives to banks for loan modification (another bailout for the banks in way except this will never be repaid back.) It's gone on with so many different adjectives or newly formed words to promote the rich and screw over the taxpayer like TALF and PPIP. If you think I'm crazy for calling Obama a Marxist, well, they're even saying it in Russia!! I think over there, they have a rough idea of what Marxism and Communism is!!

http://english.pravda.ru/opinion/columnists/107459-0/

It shows with the workings of the auto industry bankruptcies. Tomorrow, June 1st is the anticipated bankruptcy of General Motors, which will be the largest industrial bankruptcy ever in United States HISTORY!! This date for bankruptcy was not set by the markets, but set by Obama just a few months ago, as he did with Chrysler for the previous month. The dictator himself decided when these companies would go bankrupt. He discussed a pre-arranged bankruptcy back in November after he was elected.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aRfqFMhlj5lk

The fact that this is going on now is of no surprise. to your average ordinary citizen, hey, the numbers show that the public wanted these companies to go bankrupt. I was all for it too. DO NOT BAIL THEM OUT!! Well the bailouts continued until this day. Obama was playing this game as if he was trying to help them restructure out of bankruptcy but we all knew they'd come back for more. IT was throwing good money at bad. We can thank our current Treasury Secretary, Mr. tax cheat himself, Tim Geithner for starting that with Bear Stearns last year and former corrupt lowlife Treasury Secretary Hank Paulson, for doing the same on a much wider scale.

So they're going bankrupt and the Government of the United States and Canada are stepping in to make sure General Motors continues as Government Motors. That's all good and dandy but lets look at the Marxism in here and the lies we got from Obama.



Oh really? Well if that is the case, why did you unilaterally fire former CEO, Rick Wagoner from General Motors. That to me sounds like you were running GM already. Shouldn't the Board of Directors and the shareholders decide on this. I mean they are the owner's of the company stock? I don't want to hear they got government money. It was the idiot administration before you that set the rules of it being a loan, which we know was a bailout to continue to run an inefficient firm.

Last week the word on the street was the the government was going to own 50% of the new Government Motors, current shareholders would get 1%, unsecured bondholders would get 10% and the UAW would get 39%.

That all changed, because given the recent 8-K filing, Obama wanted to show that he really didn't want to have control over the new Government Motors (snickers.) Go read Page 4, it's right there for you.

http://pinksheets.com/edgar/GetFilingHtml?FilingID=6629392

The U.S. Treasury will own 72.5% of the new Government Motors. Because we don't want to nationalize this. The U.S. Treasury is also proposing that the $27.2 billion unsecured debt (from what I hear secured lenders are being made whole, unlike Chrysler, in which we are waiting Judge Gonzalez's decision on whether he'll stand up to law or back down under pressures of 'The Messiah' Obama) is going to get 10%, but the UAW and VEBA (Voluntary Employee Beneficiary Association) would get 17.5% in the new company to give up approximately $10-12 billion of debt GM has with them) and the unsecured bondholders will get 10%.

Hmmmm..... lets see how this is fair. Those losing $27.2 billion gets 10% and those losing $10-12 billion (based on different numbers I have heard I can't be exactly sure) get 17.5%. OF COURSE THE BONDHOLDERS SHOULD REJECT THAT MARXISM.

This was all done because as a Democrat, Obama knwos the unions are in his pockets. Those are his constituents and he needs to bail these firms out to get re-elected in 4 years as well. This man has no concept to the rule of law. VEBA doesn't havea greater claim the the unsecured bondholders. They're losing less, why are they getting greater ownership. The undsecured bondholders need to have mroe than double what VEBA has cuz they're giving up more than double. Even if those warrants work out and GM gets a valuation of $30 billion, they still won't have double. And do you think Government Motors will get to a good valuation like that.



That's what Gettlefinger (head of the UAW) thinks about Government Motors ever being worth $75 billion for their 2.5% warrants.

Does anyone really think the government or the union can run an auto company? They can't run Amtrak, our educational system, Social Security or Medicare that well. The government is trying to act like they're a business but a business cuts back spending in tough times. This man balloons our deficits beyond our wildest imaginations (because excessive debt really wasn't the reason why there's a credit crisis today.) Does this idiot whose never written a paycheck to anyone else in his life, think that the printing of money and the dictatorship of investors as his hated class of people, really isn't going to harm America. Isn't going to harm the growth of businesses out there so they can hire more people. Also, what's the point of a union if it's the management. Apparently the UAW is going to own 55% of the new Chrysler. If the union is the management, there is no union!! Can't wait to see how this all finishes up.

How does he get away with being such a Marxist and nobody has the courage to stand up to him? I can't wait to see what these bankruptcy judges do. Do they follow the rule of law or do they crater under pressure of this tyrant!

This isn't just something I have to say. When people on the radical left, like Ralph Nader are coming out saying that Government Motors is a raw deal!! He talks more about the other people with whom Obama is screwing over.

http://online.wsj.com/article/SB124355327992064463.html

But remember he was gonna create of save 3.5 million jobs!! He'll just say in the end he saved 3.5 million jobs as the nation has job losses under his watch!! Cuz in four years he will no longer be able to blame Bush for his failures.

I'm not saying Bush was good. He started this socialist gig. I don't forget it!! He even admits to it here





I will provide further updates on what the tyrant does to intimidate others in this process of destroying America and capitalism that has made this country so great.

Introduction

Although I am a little bit late to the game and a lot of things have occurred, particularly since last fall, I've been ranting with bulletin messages on my MySpace profile for a while now. They get deleted after ten days which I feel protects me possibly from the government seeing them and putting a target on me. I just don't know, you can never be too sure or naive these days. I don't know who reads them or who doesn't but it's meant to educate some people who might not be informed or listen to traditional media sources of CBS, NBC and ABC and get their liberal spin.

I am a free markets person and find it troubling that the government has gotten too involved in everyday business affairs and is not doing the things this country was founded on, which has made it the great nation it is. So I will be posting things I see going on and my opinions of what is going on. Some of you will agree with me, some of you will not agree with me. That's quite alright!! Dissent (something this current administration does not like) is what this country is all about.

I will put put up news stories and post my opinions to them as I have done with my other rants. The free markets is what I want this country to be and the fairness aspect is mostly about the things that are going on, that don't let the free markets function as they should, and other pieces or corruption I may find that indirectly harm the people because the costs to you, as a consumer and taxpayer may be too difficult to know. Rule of law is important and I would tell you right now I do not associate myself with either of the two main political parties, even though there may be certain things I agree or semi-agree with.

You can comment on anything. Though some people may have seen some of my rants and might know some of the things I've spoken about, some haven't and I will try to repeat some of the things I have said in the past to help along.

I've been talked into doing it in this format for the whole world to see. I'm not sure if that is a good thing or not, but time will tell on that. If this country and nation are truly free as our founding fathers wanted it to be, then there should not be a problem. hope you will enjoy reading!