On Tuesday after President Obama signed the stimulus bill, General Motors and Chrysler jumped up and asked the federal government for another another $14 billion in bailout funds. In return for more bailout from the goverment, both companies “promised to make further drastic cuts to all parts of their operations, in the hope that they can eventually strike a balance between their bloated cost structures and a dismal market for new car sales.”
G.M. announced they would “cut 47,000 more of its 244,000 workers worldwide” and shut down ”five more plants in North America, leaving it with 33.” They also plan to cut their “lineup of brands in half, to just four: Chevrolet, Cadillac, GMC and Buick.” Pontiac will also “have a much smaller role, if any, in G.M.’s future.” And G.M. said they would phase out the “Saturn brand, which it once hoped would build small cars to counter the best of the Japanese brands.”
What a mess. None of us want to see anymore people added to the unemployment rolls, but these companies don’t seem to get that Americans “need cars that go farther on a gallon of gasoline, pollute less and save money at the pump.”
The bailout requests are now like some sort of endless money pit in the abyss.
While Congress entertained people with stories about private jets, the real deal was obvious to anyone interested in private investment.
Confidence that Detroit can survive is zero.
So, they came to the public arena, where thought about what really goes on in an industry is about as deep as CEO bonus payments. We’re agin’ that.
Welcome to government-owned industries.
Here’s the Rush Limpbaugh talking points for the day:
1. The “achievers” are being forced to bailout the “losers” who were given mortgages they could never afford.
2. Obama is “masking” his anger and has a hidden agenda to punish whites, Obama is “all about race”
3. All liberals are “angry”
note to Rush: I have seen MANY $500,000 + homes in foreclosure here in CA many $ million homes as well. Second homes, the icing on the cake for the rich are massively in foreclosure… your theory doesn’t hold water Rush, this time ALL strata are feeling the pain. Except you, what with the Oxycontin and all.
Look at the stats in New York for foreclosures. There are pages of them over a million dollars. The lowest mortgage amount I saw ( I didn’t look at all of them – there were 24 pages of them for one zip code alone) was barely under a half million.
Where is everyone? I wish some of the old timers would come back. I miss FNelson,ginaswo,Grey, and a lot of others.
Somebody doesn’t understand the concept of a strategic industry and is more interested in posting Rush Limbaugh drive-by shootings.
GeoT Says:
February 18th, 2009 at 1:43 pm
djjl Says:
February 18th, 2009 at 2:36 pm
You both are spot on. I was listening to the radio this morning and the vast majority calling in complaining about foreclosure had $700k+ mortgages that were 60-70% of their gross pay.
Crocodile tears.
those mortgage companies were not giving 100% loans to a bunch of little guys.
The mortgage brokers were, by lying on the application, then dumping the loan on the market.
Hey all,
did you guys get a chance to see Alexandra Pelosi’s documentary on HBO Monday night?
I cannot understand why there isn’t more criminal prosecutions being pursued. These people knowingly falsified documents.
djjl Says:
February 18th, 2009 at 3:26 pm
In a lot of cases the original loan paperwork can’t be found:
http://seattlepi.nwsource.com/local/400497_note18.html
Does anyone have a link to the actual stim bill (pdf?) ?
I for one would like to read it. I’m tired of such comments from my right-wingers such as, “It’s all going to ACORN”
Betsy, if you check in – you may not have seem this:
http://www.turtlebay.org/caltranseaglecam.php
If she doesn’t come by, perhaps one of you can save it for her ?
pmichael
you should check out http://www.recovery.gov
they will have all the information, including state by state numbers for projects and job creation, and probably the pdf you are looking for
I for one would like to read it. I’m tired of such comments from my right-wingers such as, “It’s all going to ACORN”
pmichael,
Just smile, nod and agree with them. You can say that since ACORN may have delivered as many as 10 fraudulent votes nationwde (I saw a Repub talking head actually admit that), Obama is rewarding them with $800 billion.
Ask them to vow not to use any program, building or road that got money from the stimulus bill.
Thanks, Audiegirl
How come that doesn’t come up in Google? *L
pmichael
LOL. I heard about it from President Obama, when he signed the stimulus bill. He told everybody to go there, and keep track of everything that is being spent and how. Maybe he should have told the Repubs to go there.
# djjl Says:
February 18th, 2009 at 2:53 pm
Where is everyone? I wish some of the old timers would come back. I miss FNelson,ginaswo,Grey, and a lot of others.
______
you’ve been pretty scarce yourself. I’m working on a genealogy project and have been putting in 10 hour days on it. Trying to get as much done as possible while I have the motivation.
# justlen Says:
February 18th, 2009 at 2:58 pm
the vast majority calling in complaining about foreclosure had $700k+ mortgages that were 60-70% of their gross pay.
Crocodile tears.
_____
I’ve always believed it was a variation of a pyramid scheme and we all know what happens long term in pyramid schemes… they collapse.
GeoT Says:
February 18th, 2009 at 5:45 pm
That’s exactly what it was, a Ponzi scheme. Eventually someone is going to be left holding the bag.
Where is everyone? I wish some of the old timers would come back. I miss FNelson,ginaswo,Grey, and a lot of others.
Chatrooms go through cycles, GeoT, & Taylor’s is no exception. A lot of it depends on the day’s news. Over the years, I’ve seen plenty of sarcastic comments like, “I see your site has died (ha ha), Taylor” – then a week later one article alone will get 300 comments.
pmichael
Very cool eagle cam link – we have some eagles where I live and lot’s of other lovely wildlife. I was out deer watching earlier today.
PamelaLeavy, I used to think you had to return to nature to be lucky enough to be ‘deer watching’. Then my brother moved to Pacific Grove – and they drive to the cemetary all the time and watch the deer eat the grave flowers ! *L*
pmichael
When I lived in Los Angeles (San Fernando Valley) I would see them occassionally if we went hicking in the Hollywood Hills or something, but here where I moved to in Maine, we see them almost daily and not just a couple, but usually 8 12 or more.
Today I got very close with my camera. It’s pretty awesome in my book to live in “nature” after almost 19 years in the city, but I also grew up in nature, so I love it!
PamelaLeavey Says:
February 18th, 2009 at 6:19 pm
pmichael
When I lived in Los Angeles (San Fernando Valley) I would see them occassionally if we went hicking in the Hollywood Hills or something,
______
the deer trail went right through our back yard up in La Crescenta (above Burbank/Glendale) saw the whole family mosey on by.
this morning I went to the salt water marsh near Moss Landing (Monterey) egrets, herons and the like.
GeoT – as I told you a few days ago – following this rain, I will soon be capturing ‘spring blossom’ photos here in central CA AG country like crazy for the sites I manage. I’ll try to remember to let you know when they’re up.
February 18th, 2009 at 6:54 pm
GeoT – as I told you a few days ago – following this rain, I will soon be capturing ’spring blossom’ photos here in central CA AG country like crazy for the sites I manage. I’ll try to remember to let you know when they’re up.
______
it’s gorgeous on the coast as well I took some pics up near Capitola on Monday… I’m going up to Pescadero tomorrow to get some cemetery pics for my genealogy project.
pmichael Says:
February 18th, 2009 at 6:54 pm
_____
oh and BTW they’re pumping water out of the strawberry fields today…we got allot of rain.
GeoT
Moss Landing has a great salt marsh. Kinda reminded me of where I am from in MA. Love the birds and the beasts.
# PamelaLeavey Says:
February 18th, 2009 at 7:23 pm
GeoT
Moss Landing has a great salt marsh. Kinda reminded me of where I am from in MA. Love the birds and the beasts.
_____
How close were you to Lynn Mass? That’s where my Dad’s side of the family was from. I drove through on my way to Newfoundland and it looked kind’ dumpy. I checked on Google though and the waterfront in Lynn looked nice.