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GEORGE HERBERT HOOVER WALKER BUSH

Filed at 10:22 pm under by dcobranchi

If he pushes GM or Chrysler into bankruptcy he’ll go down in history as not only the worst president in US history but also the dumbest. George Santayana is rolling over in his grave.

7 Responses to “GEORGE HERBERT HOOVER WALKER BUSH”


Comment by
Rob
December 19th, 2008
at 1:57 pm

Quick note from the healthy, sane people: Da Gubbmint doesn’t push businesses into bankruptcy. Folks who run businesses are the people who push businesses into bankruptcy.

I think you mean to say you are against letting the failing auto industry fail. There’s plenty of sound arguments to be made in support of your opinion, but assuming Govt is the main driver of businesses succeding or failing, isn’t one of them.

Ya liberal wierdo. And a former libertarian at that. Go read Ayn Rand’s Anthem again.

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Comment by
Daryl Cobranchi
December 19th, 2008
at 2:09 pm

Semantics, Rob. They would have filed by year end without the bridge loans. Is there any practical difference between pushing them into bankruptcy and refusing to be the lender of last resort?


Comment by
Daryl Cobranchi
December 19th, 2008
at 2:10 pm

And it looks like he might only have to go down as the worst president in history. They announced that Chrysler and GM will get the loans they need to survive at least into March.


Comment by
COD
December 19th, 2008
at 11:05 pm

And what earth shattering changes are we expecting between now and March to make the auto companies viable? Seems like it would have been just as useful to flush that 13 billion, or hand it out in small bills on street corners.


Comment by
Daryl Cobranchi
December 20th, 2008
at 6:53 am

I disagree, Chris. A large part of the problem, right now, is that the credit markets are frozen, so even the few folks who are brave enough to try to buy a new car in a deep recession are incapable of finding financing. My bank has a big banner out front that reads “We’re still lending!” Telling, no?

The hope is that the bridge loans, plus reduction of debt with an equity swap, plus the suspension of the dividends will tide them over.

BTW, I disagree with the requirement that the UAW agree to wage cuts to match the non-union foreign automakers. A big chunk of those “union wages” are medical and pension expenses for retirees. Demanding that total wages for the Big 3 match total wages for Nissan and Honda would mean that either the retirees would see their medical benefits eliminated or that the current workers would actually earn less per hour than their non-union counterparts. Until and unless we have healthcare reform, so that the retirees wouldn’t be added to the ranks of the uninsured, that would not seem to be a wise direction.


Comment by
Nance Confer
December 20th, 2008
at 8:17 am

How about this?

We take all the retirement benefits — let’s start with Social Security — from all those Rs with over a reasonable amount in assets and we give that to the retired auto workers instead of saving their pension plans.

What? The Rs worked for the benefits? They contributed to Social Security for decades? Too bad, too sad.

OK! Glad that one’s solved.

Nance


Comment by
don
December 21st, 2008
at 1:17 pm

I’m really not sure what to think about the automaker bailout. On one hand, $13B seems minuscule compared to the $700B they handed over to the financial sector, and at least this will save some middle-class jobs (at least for awhile). But on the other hand, I don’t see the disastrous consequences with an automaker collapse that would have come with a financial sector collapse.

Still, $13B is a lot of money. Just by way of comparison, here in Iowa, our Medicaid program provides health insurance for over 100,000 people at any given time, and we do it for around $3B per year.