President Obama -Our worst president ever- Combining the worst of W and the worst of Socialism
How Congress Will Steal the Recovery
Obama's Doctor Knocks ObamaCare- 6/19
Obama invokes Jesus more than Bush- 6/10
The Roots Of Liberalism- 6/05
Is Obama Another Jimmy Carter?- 5/26
Obama's Deeds Vindicate Bush- 5/22
President Obama's troubling mantra: In debt, we trust - 5/15
Unions vs. Taxpayers - 5/14
US to borrow 46 cents for every dollar spent - 5/12
Quick fix today, crisis tomorrow in Obama's White House - 5/12
Obama's First Debacle? - 5/04
Obama's Liberal Arrogance Will Be His Undoing - 4/29
Obama more popular than his policies, poll shows - 4/27
Obama: The Grand Strategy - 4/24
High Unemployment States Have High Income Taxes or High Unionization or Both. - 4/22
The Case for a Federalism Amendment - 4/23
A World Of Trouble For Obama - 4/20
President of Everything - 4/17
The fiscal hole that must be filled - 4/05
Dem hypocrisy will come back to haunt - 3/18
The Obushma Spending Record - 3/17
Obama's policies have made the recession worse - 3/11
The Liberaltarian Jackalope - 3/11
The Sleight of Hand Behind Obama's Agenda - 3/06
The budget reveals the liberal Obama - 3/01
Back to Carter - 2/22
The ‘Liberaltarianist’ Folly - 2/20
Obama Worship and the Herd Mentality - 2/13
The Return of Welfare As We Knew It - 2/10
The Bushification of Barack Obama - 1/28
Obama's Middle East challenge - 1/28
Going Dopey On Infrastructure - 1/23
U.S. Congress World's Top Risk in 2009 - 1/12
Identity Crisis - 1/07
The Population and the Popular Vote - 12/01
Dems vs. Dems in new Congress - 11/25
Obama wrestles with Guantanamo problem - 11/11
Reckless Georgia - 11/11
The future under President Obama - 11/10
Will Barack Obama be another Bill Clinton? - 11/10
Schwarzenegger urges GOP to move beyond ideology - 11/10
Who Is the Working Class, Anyway? - 4/14
US election diary: The race card
Luke Skywalker v Darth Vader
The Inconvenient Truths of 2008
Change is coming -- to your tax bill
Obama the Messiah of Generation Narcissism
Special Reports - My Spin
Lebanon: One Year On
Stalin, Mao And … Ahmadinejad?
House OK's Irap Pullout Deadline
Libertarians emerge as a force
A Military That Reflects the Red-Blue Divide?
When did the Republicans give up on their principles?
How to move faster than the speed of light
Don't bring gender into the debate
Sheehan resumes war protest near Bush's ranch (bitch)
The end of cowboy diplomacy - Why the 'Bush Doctrine' no longer works for Bush administration
Israel accuses Hamas of 'terror escalation' after school attack.
Can Daily Kos Control Dems? - Or should they even try
Illegal Status Hinders Mexican Voting Bloc
Reaction to Court Ruling Over Guantanamo
Flagwavers - a fable
Bush Condemns Report on Bank Records
Jon Stewart, Enemy of Democracy?
It's Time to Leave--RIGHT NOW (I don't think so but thats just me)
Are Conservative Republicans Now America's Permanent Ruling Class?
White Guilt, Deciphered
European Nations May Give Iran a Reactor
4th Generation Warfare
How the Fed Works
How Congress Will Steal the Recovery
How to Prepare for the End of Social Security
“Conservatives” Are Single-Largest Ideological Group
The Straw Men of Social Security
What is Driving Rising Healthcare Costs?
Who Controls the Internet?
Is The U.S. Government Too Big To Fail?
Financial Health of Social Security, Medicare Worsens in Past Year
US to borrow 46 cents for every dollar spent
GM Bankruptcy Probable as Obama Shields UAW Benefits
Worries Rise on the Size of U.S. Debt
the joe the plumberization of the gop
What is nationalization?
The Solution to the State Fiscal Crisis: A Five Year Balanced Budget?
Trillion-Dollar Spree Is Road to Ruin, Not Rally
Political Change Haven’t Shifted Public’s Ideology Balance
GM's Plan: Subsidize Our 48-Year-Old Retirees
The Trouble with Canadian Healthcare
Welfare Reform, Phase Two
A Short History of the National Debt
Bailouts: The Ultimate Double Standard
The Libertarian Moment
Making the rich poorer doesn't make everyone else richer
Paying the price for cotton
The Putin Doctrine
Our weakening country
Why terror thrives
Our Broken Senate
Will gay rights trample religious freedom?
Scientists From Around the Globe Join ABC News in a Forum on Surviving the Century
Moving Toward Energy Rationing
Parenting The Palestinians
The Coming Tax Bomb
Americans and Europeans on religion, happiness, government, and war
Democrats and the Economy
How to Tackle the Entitlement Crisis
Democrats and Our Enemies
Bill Clinton, the one-man steamroller
What’s Left for Government to Do?
Saying No to CoerciveCare
Bashing NAFTA misses real reason for factory job losses
Crisis Intervention in Housing Finance
Culture of Success
The Costs of Crime
Why Radical Islam Just Won’t Die
The AIDS Conspiracy Handbook
That Old Isolationist Tug
Competition and free trade key to prosperity
Let's Get America Booming Again
Vacationing in Hugo Chávez's Bolivarian Paradise
Scotland Yard: Bomb blast killed Bhutto
Present at the Destruction
The Whys of Spies
What’s Left for Government to Do?
You Said What? A happy history of lies and propaganda
An Open Letter to America's Rich People
It’s the Partisan Economy, Stupid
If Huckabee Is Dean, Who Is Kerry?
The Mother of All Elections
How the Private Sector Can Improve K-12 Education
Misreading the Iran Report
Plan B For Pelosi And Reid
Good news from Iraq
Is the U.S. Corporate Tax in the Laffer Zone?
High income taxes in Denmark worsen a labor shortage
Race, IQ and Education
World not running out of oil, say experts
The World's Biggest Industry
Peak Oil Again?Is "social meltdown" imminent?
Crime, Drugs, Welfare—and Other Good News
The Past, Present, and Future of Neoconservatism
The Trouble with Taxing the Young
Wealth and Nations
A Nation of Christians Is Not a Christian Nation
African Conflicts Cost Billions
The US is a great place to be anti-American
Bush not the only problem
Showtime for Sarkozy
Making Sense of Income Inequality
The Health of the Nation: State By State
Government and Health Care: The Good, The Bad, and the Ugly
David vs. Goliath - Welfare Reform
John R. Bolton - The Flaws In the Iran Report
Murdoch Is No Threat to Democracy, but Media Protectionism
The Allure of Tyranny
Putin's Reaganesque Victory
Chavez revolution takes hit in election
Flat tax for middle class
No Money, No Justice
Crime, Drugs, Welfare—and Other Good News
Why not give cell phones to students for doing well in school?
What Makes a Terrorist
The Free Clinic Movement
Why actors and models love to hang out with Hugo Chávez
Stop 'Making a Difference'
The War Was Right, the President Was Wrong
What are 'Hollywood values'?
Sarkozy ready to battle the workers
The History of the Chinese Government
What Makes a Democrat or Republican?
Abortion: A Legal or Political Issue?
Key Dates in Iraq War
Why they should stay
MoveOn's McCarthy moment
Why It’s So Hard to Win
Osama's Vision of the Future
The Foreign Policy Similarities Between Ancient Rome and Modern America
The Partitioning of Iraq
America agonises over the pitfalls of staying in Iraq—and of leaving
The reality of Iraq's many armies
The Many Enemies of George Bush
The Decline and Fall of Declinism
Which Iraq War Do You Want To End?
Who Lost Iraq?
Reforming France's Welfare State
The United States Patriot Act
Events Leading to the Second Persian Gulf War in Iraq
To save America, we need another 9/11
Imbalance: The U.S. Supreme Court, Its History, Power, and Proper Role
The Pros and Cons of Government Run Education
Social Crisis: Impending Disaster for Social Security and How We Can Fix It
Private Sector Healthcare Can Also Be 'Universal'
Is 2008 a Change Election?
If the Democrats want to fire Alberto Gonzales, why give him massive new eavesdropping powers?
Why Do They Hate Us?
Sicko’s Box Office Numbers are Fuzzy, Too
The Universal Distraction
How to Get Ron Paul Elected as Republican Presidential Candidate
The Free Vermont Secessionist Movement - A Counterpoint
The Left's "Inequality" Obsession
The Truth About America's Schools
Myths and Realities of the George Bush Presidency
The epic narcissism of Cindy Sheehan
The Ironic Collapse of John McCain
Fair Taxes? Depends What You Mean by ‘Fair’
Wall Street Populism
Where Michael Moore is Wrong
Bin Laden’s 1998 Atomic Message & the Necon Dream
Libertarians and the War
The New York Times Surrenders
The Most Controversial Presidential Pardons Ever
Freedom and Benevolence Go Together
The New Myths About Inequality
Bush: Naturally, Never Wrong
Court Dismisses Lawsuit Against U.S. Wiretapping
Bush's Flawed Historical Vision
Grand Strategy for a Divided America
Osama Bin Missing: Who's Tried Hardest to Tackle Top Terrorist?
The rise and rise of Hamas
Democrats vs Republicans
Protecting Your Paycheck
Separatist graduations proliferate at UCLA
The Age of Cynicism
The GOP's Fading Populism
Free Speech and Double Standard
Another Supply-Side Revolution Is Needed
Despotic Populism Is On the March
Evolution and religion
Schools and race-Still separate after all these years
Lazy, Job-Stealing Immigrants?
The Return of the Idiot
Your War, Not Mine
Are the Democrats and Bushies playing good cop/bad cop with the Iraqis?
Decline and fall of the neocons
Pretty bad – but not Jimmy Carter bad
The U.S. Seen Through Muslim Eyes
Decline and fall of the neocons
Seeds of Intellectual Destruction
Race Through a Liberal Lens
The neocons have finished what the Vietcong started
The (Not So) Infallible
Republicans of '94 revolution reflect on '06
ISG Prescribes Vietnam All Over Again
In class war, all lose: Yet itâ€™s all Dems offer
Why is it always about Israel?
Even If We Leave Now, We'll Be Back
Calming an anxious middle class
What Comes After the Retreat
Doctors turn to aborted fetus to save boy's life
Get rid of the labels
Olmert's apparent nuclear admission
The Madness of Jimmy Carter
Counternarratives and the Grunt
Al Qaeda for the Good Guys: The Road to Anti-Qaeda
When the Media's Right
Humanitarian aid: winning the terror war
Hitler's Mideast helpers
The Peace Party vs. the Power Party
Iraq stops Bush from staging Reagan-style revival
The myth of the big bad drug companies
The Looming Regional Mideast War
The world may slowly be turning into the Land of China
Lessons From the Class Of '48: Ambition, Comity
What the Dictators Can't Stop
While You Were at War . . .
Only stupid, sadistic dictators hangâ€¦ and Saddam was both
What the Real-Wage Pessimists Are Missing
The Fight for the Latin Left's Soul
Iraq's Natural State
Why Be a Conservative Libertarian?
The Knee-Jerk Opposition
Cafeteria Catholicism and the Minimum Wage
How Baby Boomers Are Robbing Our Grandchildren
Reaganism Cannot Define Conservatism
What Scares Iran’s Mullahs?
Why the U.S. Can't Win Iraq's Civil War
Religion, Government, and Civil Society
Iran Will Regret Its Nuke Program; Here's How
Hayek and Fusionism
Bush's "Nixon to China" Moment
The Leadership of George W. Bush: Con & Pro
A Short History of Health Care
The Left Still Doesn't Get It -- Even After KSM Confession
Slavery apologies debated across U.S.
Slouching Toward Socialized Medicine?
2008: The Battle for a Generation
In a year of sanctions, international aid to Palestinians grew to more than $1.2 billion
The New Uncontrollable Campaign
Getting right with the Right isn't always wrong!
Libertarians' silver lining
Who Pays America's Tax Burden, and Who Gets the Most Government Spending?
Anger Is All The Rage
Illegal immigrants filing taxes more than ever
The Coming Party Realignment
The Rich and the Rest
Senate committee takes steps to improve accountability for “pork barrel spending”
Edwards & the Arrogance of the Entitled
The 10 worst jobs in America
More blogs about politics.
GM to cut 21,000 US factory jobs, shed Pontiac
Monday, April 27, 2009
By Tom Krisher and Kimberly S. Johnson
General Motors Corp. could be majority owned by the federal government and the United Auto Workers under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand. The plan, which includes an offer to swap roughly $27 billion in bond debt for GM stock, would leave current shareholders holding just 1 percent of the century-old company, which is fighting for its life in the worst auto sales climate in 27 years. GM is living on $15.4 billion in government loans and faces a June 1 deadline to restructure and get more government money. If the restructuring doesn't satisfy the government, the struggling company could go into bankruptcy protection. GM said in a filing with the U.S. Securities and Exchange Commission that it will ask the government to take more than 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1. The swap would cancel about $10 billion in government debt. In addition, GM is offering the UAW stock for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year. If both are successful, the government and UAW health care trust would own 89 percent of GM stock, with the government holding more than a 50 percent stake, CEO Fritz Henderson said in a news conference at GM's Detroit headquarters. President Barack Obama's administration said in a statement that the bond exchange filing is an important step in GM's restructuring but the administration has not made a final decision about taking stock for part of its loans. more... Does the idea of the Government and UAW holding 89% of General Motors freak anyone else out? Our Government is not supposed to be involved in the operations and decision making process of any privately open company. Perhaps even scarier is the idea of the UAW wielding anymore authority within this crushed enterprise. The UAW shares a significant burden in bringing down this storied company. Their blind ambition and to be blunt extortion tatitics caused GM to weight it’s self down under oppressive labor costs. The UAW created conditions highly unfavorable to the long-term interests of their main employer. A union and a company are to share a symbolic relationship where there is equal give and take. The UAW is little better than a common parasite slowly devouring GM in its own mad attempt to secure more money for it’s self. As for the government President Obama wants to force his personal ideals and political objectives upon the American public. While I completely agree we need a more energy efficient vehicle nationalizing the world’s largest automaker is no way to accomplish this task. The market is swinging toward a better vehicle. The public lost faith in America auto makers because they put out a subpar product with an overinflated price tag. Does anyone think for a second that the UAW will allow further cuts to labor costs even though these cuts are necessary in order to secure a long-term solution to GM’s money problems? I don’t know who the public trusts less the government or the UAW. I can say making a bunch of corrupt bureaucrats your public face doesn’t help rebuild the broken confidence the public feels toward General Motors. General Motors can flourish and regain its status but it can only accomplish these goals if the people who understand the auto industry and basic economics are allowed to do their thing. Does anyone think the government or the UAW want GM thinking for it’s self. Much like the banana republics of South America GM is the latest victim of tax and spend socialism and Obama’s hubris.
posted by citizen jerk @ 10:50 AM
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