Showing posts with label Bailout. Show all posts
Showing posts with label Bailout. Show all posts

Friday, April 24, 2009

Obama Administration Trying to Save Chrysler?


I'm in my early (OK, mid) 40s, and I still remember when the government (then headed by President Jimmy Carter) bailed out the Chrysler Corporation. I was a "'tween" at the time, and even I wondered why anyone would bother. Back then, the big Chrysler models were the Dodge Omni/Plymouth Horizon twins, which were ugly knockoffs of the Volkswagen Rabbit and/or the Chevrolet Chevette. Can you imagine knocking off the piece of crap that was the Chevette?

But in the seventies, almost all of Chrysler's products were knockoffs of other cars. Even the flagship Chrysler New Yorker was a smaller, crappier version of the Lincoln Town Car. But after the bailout, Lee Iacocca steered the company in a new direction, one where Chrysler was the company being copied. The Dodge Caravan/Plymouth Voyager/Chrysler Town & Country were basically the first minivan (if you forget the VW Micro Bus). But internally, Chrysler still copied itself. In that last example, you can see that Chrysler's three different divisions often treated one product as different trim levels, with Plymouth the entry level, Dodge the middle, and Chrysler the top.

Eventually, Plymouth was docked at the shore, and petered out with the "niche" vehicle, the Prowler. After years of mediocrity, Dodge actually began to be cool, and Chrysler's image was tweaked as well. When they ditched the "penta-star"--which had become synonymous with crap--and changed back to their old "wax seal" logo, their image began to change. And when some designer put wings around that logo, they very likely accidentally completely changed the design scheme for the whole division. Every Chrysler has those wings now, and while it may be starting to age, I still like it. And I never look at a Chrysler product anymore and think, "piece of crap."

Along the way, Chrysler scooped up American Motors Corp. as it was dying, mostly to pluck out the Jeep division. For a few years, "Eagle" lived on as a division, stretching out the death of AMC. But Eagle was as unnecessary as Plymouth, and disappeared. Jeep has been (at least from a design and brand-stretching perspective) a success. Until recently, they wouldn't even put Jeep Wranglers on sale, because they didn't ever need to. Chrysler wasn't responsible for the square headlights on their first Wrangler, which was dreamed up by AMC. But their ten-year run of the next Wrangler brought it back to its CJ glory, making me drool until I finally bought one. Several Jeeps have been born under Chrysler, some great (Grand Cherokee), some not (first Liberty looked like the product of a mating between a Kia and a frog).

So, it would be sad to see Chrysler die after such a stunning rebirth, and sustained second life. But as we learned with the death of Plymouth and AMC, we absorb the news and get used to it. And Jeep--as it has through several previous owners--would survive the mayhem.

[Excerpt]

Obama Administration Seeks to Keep Chrysler Out of Bankruptcy

The Obama administration's autos task force adviser Ron Bloom told Chrysler stakeholders this morning that they are working to strike a deal to avoid putting the company into bankruptcy. . .

Read more at: Washington Post


Tuesday, March 17, 2009

Dana Perino and the Millionaire Middle Class

Can there be any question now, that members of the former Bush Administration are out of touch? Former White House Press Secretary Dana Perino is apparently unaware that people who get million dollar-plus bonuses in a contract are something other than middle class!

[Excerpt]

Perino Defends AIG Bonuses: They Are ‘Middle Class People’ Who ‘Are Expecting To Get This Bonus’



Source: Think Progress

Friday, March 6, 2009

AIG Adds Kekst & Company to Roster of PR Firms

And we're paying for it! Yep, US-AIG has a list of public relations firms, and have hired the ultimate image fixer, Kekst & Company, to fix theirs. At the risk of total Rachel Maddow overload, here she is giving a serious dressing-down to one of the other PR Firms AIG uses, Burson-Marsteller. And of course to former Hillary Clinton image guy, Mark Penn. Another great job from Ms. Maddow.

Wednesday, March 4, 2009

Venetian's Sheldon Adelson Annoyed at Barack Obama


Photo from GetRichCasino.com

About a month ago, Barack Obama gave a speech, wherein he said, "You can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers' dime." This upset many in Las Vegas, who took it as an indictment of the city itself, instead of the fact that bailout recipients were taking pleasure trips.

Now, the owner of The Venetian and The Palazzo is complaining about it. Sheldon Adelson is one of the biggest Republican names in Vegas, having hosted many a fundraiser. And--being a staunch Republican--you'd think he'd be against using taxpayer money for such frivolity. But when it comes to money, he's not the first of his party to ignore principle in favor of the bottom line.

[Excerpt]

Vegas mogul slams corporate spending backlash

Las Vegas casino legend Sheldon Adelson launched a quest for America's most boring city on Tuesday in a comeback to President Barack Obama's criticism of bankers who hold meetings in the famous gaming capital.

Obama last month warned companies that get bailout cash against spending it on activities potentially seen as perks -- sparking a row with hotel and resort operators who say they are already struggling to fill rooms and may have to cut jobs. . .

Read more at: Reuters



Tuesday, February 17, 2009

GM & Chrysler Ask for More


Photo from PowerLine (of all places)

Everybody's got there hand out. But what is the answer when saying "No!" might result in the extinction of the American auto industry, and hundreds of thousands of jobs? Man, does Barack Obama have a full plate.

[Excerpt]

GM, Chrysler ask for $21.6 billion more

General Motors and Chrysler LLC said Tuesday they could need an additional $21.6 billion in federal loans between them because of worsening demand for their cars and trucks. . .

Read more at: CNN

Wednesday, January 7, 2009

Porn Industry Seeking Federal Bailout?


Very odd photo from source, Think Progress

Really? Really?

[Excerpt]


Bush’s package did stimulate spending…in the adult pornography industry. The Adult Internet Market Research Company reported that membership rates at many porn sites had grown 20-30 percent since mid-May, and “websites focused on adult or erotic material” saw an “upswing in sales” as Americans received their tax rebates in the mail. Many observers began wondering if porn was recession-proof. . .

Read more at: Think Progress

Friday, December 12, 2008

Rachel Maddow: GOP vs. American Workers

When the topic came up about the Big Three automakers between my (Republican) mother and me, she immediately said, "It's the Union's fault." This didn't surprise me much. Neither did her comment about the auto workers' $70+ per hour wage, a figure that has been debunked (and nonetheless repeated endlessly by the right). Mom has a right-wing muse, though I'm not sure if its name is Limbaugh, Hannity, or just FOX "News."

And the right wing has a well established anti-Union bias. I myself have never been in a union (though The Other Half is), and can't exactly say that I'm a fan. But the blood lust with which the right goes a-union-busting is nearly evidence enough to convince me that they're wrong. And when they try to legislate American wages down to better match foreign companies, I've got to scratch my head, and issue a Scooby-Doo "Hunh?"

Rachel Maddow talked about this on the Thursday night edition of her show. And, like Cenk Uygur, she says it better than I. And you've got to dig that graphic behind her!

Thursday, December 11, 2008

House Passes Auto Industry Bailout



I guess it's a good thing that the House of Representatives has passed an auto industry bailout. I mean, the death of the Big Three (GM, Chrysler and Ford) would be devastating for the economy, and for the morale of the nation. If these guys go out of business, anybody could. And, shoot, what else do we manufacture in this country anymore?

But I get the resistance too. You would think that there would be a finite amount of money to go around. And where do we stop? Newspaper bailouts? Network TV bailouts? Advertising agencies? The adult entertainment industry? Yes, they are in trouble too.

One thing I'm not buying is that the failure of the Big Three is the fault of the workers. Or even the unions. Reportedly, they amount to only 10% of the cost of a new automobile. I think it's high time that CEOs of big corporations be responsible for actually making their companies succeed. Why exactly are they making such big salaries and bonuses? Even if they "forgo" them this year, what have they done to deserve their perks in years past?

[Excerpt]

$14 billion auto bailout bill clears the House

The House pressed toward passage of a $14 billion bailout for the nation’s imperiled auto industry Wednesday night, but the hard-fought deal between Democrats and the Bush White House was in jeopardy amid strong opposition from GOP senators. . .

Read more at: MSNBC


Wednesday, December 10, 2008

Bailout Overseer Not Being Treated Seriously


Photo from source, TPM Muckraker

If you're like me, after the election of Barack Obama, you probably let out a big sigh of relief. After years of paying extra-special attention to the news and politics, we thought we could take a breather. I've even diversified my blog, with lots more fun stuff and frivolous stuff.

But, we were wrong. Stuff is worse than ever, and George W. Bush still has more than a month to go. Remember that big ol' financial bailout? Did you think that somebody was overseeing that? Um, not so much. There is this lady who has been on the case for just. . .well, just days. And she hasn't even really gotten set up yet. Check it out. . .

[Excerpt]


Elizabeth Warren, the Harvard Law professor who chairs the Congressional Oversight Panel, which is monitoring the Treasury's spending of the bailout money, appeared this afternoon before a House commmitee to testify about the report -- better characterized as a set of questions -- the panel released this morning. . .

Read more at: TPM Muckraker

Tuesday, November 11, 2008

$2 Trillion in Bailout Money: Where Did it Go?


The answer to that question, is nobody is allowed to know. $700 billion somehow morphed into 2 trillion, and we're not going to be told where it went. Or anything about it. I thought I'd let all of my outrage go. And maybe it's gone, because this just makes you feel numb, doesn't it?

[Excerpt]

Fed Defies Transparency Aim in Refusal to Disclose

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. . .

Read more at: Bloomberg

Friday, October 3, 2008

House Passes Bailout Bill. What Now?


Image from source, MSNBC

I have no idea what it means, to you? I will say, that I have no understanding of Wall Street. And Main Street--at least in Las Vegas--is kind of a crappy street, so I don't go there very often. I wanna know what will happen on my street. Maybe I'll have a garage sale. . .

[Excerpt]


Bush promises quick enactment of massive Wall Street rescue plan

The House passed a $700 billion bailout of the financial services industry Friday, reversing itself after members who voted to kill the measure earlier in the week came around to a Senate version that offered more protection for individual investors and small businesses. . .

Read more at: MSNBC

Wednesday, October 1, 2008

Senate Passes Wall Street Bailout Plan


Photo from source, AOL News

I don't know what to think about it yet, but who does? What I won't call it is a "rescue plan" since that's what FOX "News" wants to call it, and I know that can't be good.

[Excerpt]

Senate Passes Wall Street Rescue Plan

After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened. . .

Read more at: AOL News

Monday, September 29, 2008

John McCain Declares Victory! He's Wrong, Of Course

Last week, the John McCain campaign produced a web ad that declared McCain the winner of Friday's debate. The problem? It was released before the debate ever occurred. And of course, the general consensus is that Barack Obama won.

McCain's temporal displacement problem continued today, when he declared victory in the government bailout plan, which ultimately failed. His next trick will likely be to claim he killed the bill. Anyway, when you throw in the suspending of his campaign, and then his not suspending it; his claim that he would cancel the debate unless a plan was approved, and then debating anyway. . .well, how can we trust this guy?

To deflect attention from all of this, McCain came out and tried to take control of the failed bailout message. He first claims the old line from Katrina: Now is not the time for blame. Then he proceeds to blame Barack Obama. Can you get any more Bush than that? At least he didn't try to blame Mayor Nagin and Governor Blanco.

Wall Street Bailout Plan Fails on Capitol Hill


They said they had a plan that would pass. They didn't. While many reasons are bandied about, from the intrusion of Presidential Politics, to Nancy Pelosi hurting the GOP's feelings, I think I have the answer. The bill is very unpopular, and lots of Congressmen and Senators are up for re-election. They think they'll get voted out if they support the bill. My theory, but here's another one. . .

[Excerpt]

Why the bailout bill went down

A sweeping rescue plan for US financial markets foundered in the US House Monday on a combination of doubts about the plan, reelection concerns, disdain for bailing out Wall Street bankers, and a deep philosophical distaste for massive government intervention in the private sector among conservatives.

The Dow Jones stock index plunged a record 777.68 points on the day ­a reaction that Democrats say could pave the way for a new vote, as early as Thursday. . .


Friday, September 26, 2008

WaMu Collapses After McCain Wrecks Bailout?


Photo from source, Wonkette

I'm writing this on Thursday night, so there is no way to know yet how this is going to play out tomorrow. It's anybody's guess how the happenings of Thursday will affect Friday. But, wow, what a tangle we've got. . .

- On Wednesday, John McCain claims (but doesn't quite follow through) that he will suspend his campaign, in order to go to Washington D.C. to save the country.

- On Thursday, while McCain is belatedly en route to D.C., it is announced that the House and Senate are about to approve a government bailout, to save the country.

- McCain and Barack Obama meet with (still) President Bush and others to hammer out the details at the White House.

- Republicans revolt, and claim they have a better plan to save the country.

- Nothing can be agreed upon, so the tired Senators and Representatives go home to bed.

- Washington Mutual collapses. Country un-saved.

So, if McCain hadn't swooped in to "save the day," would any of this have happened? Would both houses of Congress agreed upon a plan, bailing out WaMu in the 11th hour? And what will Wall Street--which rallied impressively, if not spectacularly on Thursday--do on Friday? I don't know enough about stocks and bonds to pretend to know. But I have a hunch that we're in for a bad closing bell.

[Excerpt]

Washington Mutual Collapses; McCain Destroys Bailout Deal

There are no more nights in politics or business — only the endless horrible grind of collapse and f**kery, 24 hours a day, including this newest chapter in our latest, greatest depression: Washington Mutual has collapsed, and was closed by the Federal Government late Thursday night. It’s the biggest bank failure in U.S. history. . .

Read more at: Wonkette


Thursday, September 25, 2008

Breaking News: Washington Mutual (WaMu) Seized


Image from source, MSNBC

And the big banks keep on failing. I think Washington Mutual is the very definition of "too big to fail." Amazing. . .

[Excerpt]

Government seizes WaMu, sells some assets

Largest bank failure in U.S. history; JPMorgan buys $1.9B in WaMu assets

JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market. . .

Read more at: MSNBC

Monday, September 22, 2008

New Financial Bailout Plan is Scary


Photo from source, Huffington Post

You're going to hear--if you haven't already heard--that Congressional Democrats are stonewalling the Wall Street bailout plan, and that they're further endangering the economy. Don't buy it (really, you're going to need all the money you can save). The reason there is resistance to the plan, is that the damned thing is scary.

This is a classic damned if you do, damned if you don't scenario for Democrats. They could sign on to the hastily cooked up plan, and piss off their supporters, and screw the country. They could fight it, and endure the wrath of right-wing radio, the right-wing blogosphere, and the full onslaught of the McCain campaign.

Check out what makes this thing such a problem. . .

[Excerpt]


A critical - and radical - component of the bailout package proposed by the Bush administration has thus far failed to garner the serious attention of anyone in the press. Section 8 (which ironically reminds one of the popular name of the portion of the 1937 Housing Act that paved the way for subsidized affordable housing ) of this legislation is just a single sentence of thirty-two words, but it represents a significant consolidation of power and an abdication of oversight authority that's so flat-out astounding that it ought to set one's hair on fire. . .

Read more at: Huffington Post

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