Nationalization Continues Apace

…in the Golden Obamessiah Age of Plenty.

This time, it’s GM’s turn to be handed over to government and the Jugeared Marxist’s union friends (h/t Ace).

Under the proposed restructuring, about 60 percent of the new GM would be owned by the United States, about 12 percent by the governments of Canada and Ontario, 17.5 percent by a union health trust, and 10 percent by the company’s current bondholders.

60%? Hooray! The new and improved People’s Car can’t be far away! I, for one, can’t wait to see the wonderful results of government and union run design. Not that I have to. Wartburg, Trabant, Moskvich, Skoda… All such marvelous feats of engineering, comfort and reliability. And no, Obameinführer, you can’t have the VW design no matter how much we know that you’d love to. It’s already been taken. All you’re left with is building Autobahns and laying plans for invading Poland.

Oh, and notice how the union gets 17.5% of GM, whereas the bondholders, er, “EVIL SPECULATORS!”, get left with only 10%? It’s even worse than it sounds:

About $27 billion in GM bonds are held by institutions and individuals.

That would be those “evil speculators” who, in case you rode the short bus to vote for the Obamessiah, happen to be the ones holding your 401(k)s.

They have been asked to give up those bonds in exchange for 10 percent ownership in the restructured company, along with the right to buy a larger stake later.

And we’re sure that they’re thrilled at the prospect of getting the “right” to buy their own stake back again, a stake that will then be a stake in an automobile company run with the efficiency of the USPS and the DMV, and all of the courtesy of the IRS.

The retiree health fund of the United Auto Workers, by comparison, is owed $20 billion by GM. In exchange for that claim, the retiree health trust is being asked to accept a 17.5 percent stake in the company, as well as $9 billion in notes and preferred stock.

So let’s see if we get this right: The UAW, who is the real reason that GM folded in the first place, is owed 25% less than the bondholders, yet they end up owning 75% more of GM.

Not that anybody of sound mind and body would want to own a share of something run by Washington DC and the UAW…

The United States will invest another $30 billion during and after the GM bankruptcy process, officials said last night, bringing the U.S. commitment to $50 billion. Following that infusion, “the U.S. Treasury does not believe or anticipate that any additional assistance to GM will be required,” a senior administration official said last night, calling the restructuring a “permanent” Final solution.

Fixed that last bit for you.

Administration officials assert moreover that it makes business sense that different creditors are treated differently.

They note, for example, that the government has taken steps to protect customers who hold GM warranties, pledging to stand behind those agreements, as well as providing assurances to the company’s suppliers.

Who wouldn’t want a warranty backed by, say, the post office?

“If you eliminate the warranty holders’ claims, those individuals are not likely to buy another GM car,” an administration official said.

We think it’s pretty much a given that nobody will ever want to buy another GM car, now that The New Management has been revealed.

The union workers are no different. They don’t have to show up again in the morning.”

Of course they don’t. They’re going to have their mortgage payments and gas bills covered by those Flying Unicorns we keep hearing so much about!

But what about the investors who’ve just been shafted. Again. Think it likely that they’re going to be showing up with capital the next time GM (or any other union-infested company) needs an infusion? Oh well, that doesn’t matter. The gummint (that means YOUR wallet, dear tax payer) will take care of that.

Oh how glorious our future looks under the benevolent rule of the National Socialist Democrat Workers’ Party.

Thatisall.

38 comments

  1. 1
    JonB says:

    All this crap really has me upside down. I’ve always wanted a Vette. Thanks to the Obamanation, that’ll never happen now.
    My wife won’t admit she’s scared (love her), but I think it’s unspoken in our apartment that we are both wondering if we’ll ever get to move into the new home we bought a couple months ago. Permits, foundation, build, etc. have a move in date, projected, as December.
    So much is changing so fast, I’m thinking that we’ll never spend a single night there. :/

  2. 2
    LC Wil, S.C.E. says:

    Under the proposed restructuring, about 60 percent of the new GM would be owned by the United States,

    This means thaty I can buy that new Yukon Denalli XL I’ve been saving up for for less than $20,000 now, right?

    What a country! Schweet!

    .

    .

    .

    . . what’s that?

    . . not making them anymore?

    . . not “environmentally friendly”?

    . . and this is who’s idea, exactly?

    . . $75,000? really?

    . . if it’s available?

    Right. Someone’s gonna wear an ass whuppin’ home tonight.

    ————–

    The war is about to start. Yes, not bing able to get the exact fucking car I want, with my own fucking money, without some pissant busybody ballsack licking numbnuts fucking beureaucrat sticking their nose into something that is none of their FUCKING BUSINESS is reason enough to start bustin’ caps.

    It’s on.

  3. 3
    Lc ORWN says:

    When do I get my free Company car?

  4. 4
    LC Don_M says:

    You remember “Wall Street,” the 1987 classic starring Michael Douglas, who won the Best Actor Oscar for his portrayal of the rapaciously greedy Gordon Gekko? Gekko’s protege is alive and well today:
    “Bud Fox” takes over GM!

    Only difference? These people are drunk with greed for power rather than money.

  5. 5

    We think it’s pretty much a given that nobody will ever want to buy another GM car, now that The New Management has been revealed.

    Now, Mish – you KNOW that’s false! Once the Unicorn Shitter implements some protectionist policies to make consumer purchases of actual quality cars from abroad too cost prohibitive and destroys the rest of the auto industry in the United States, of COURSE everyone will want another GM car! Like they’ll have a fucking choice. :em98:

  6. 6
    LC Don_M says:

    If this lawsuit gains traction, The American Jesus and his cohort can kiss their industrial-policyCommunist dreams goodbye. George Will reports:

    State governments, too, are expected to accept Washington’s whims, but plucky Indiana is being obdurate. Gov. Mitch Daniels, alarmed by what he calls the Obama administration’s “shock-and-awe statism,” is supporting state Treasurer Richard Mourdock’s objection to the administration’s treatment of Chrysler’s creditors, which include the pension funds for Indiana’s retired teachers and state police officers and a state construction fund. Together they own $42.5 million of Chrysler’s $6.9 billion (supposedly) secured debt.

    Compliant, because dependent, banks bowed to the administration’s demand that they accept less than settled bankruptcy law would have given them as secured creditors. Next, the president denounced as “speculators” remaining secured creditors, who then folded and accepted less on the dollar than an unsecured creditor — the United Auto Workers union — is getting. This raw taking of property from secured investors penalized those “speculators” — retired Indiana teachers and state police officers who, Mourdock says, are being “ripped off by the federal government.”

    He is asking a court to declare that the Obama administration’s actions have violated “more than 100 years of established law by redefining ‘secured creditors’ to mean something less” and that the actions violate the Fifth Amendment protection against the seizure of private property. Furthermore, he says, the government is guilty of “misuse” of the Troubled Assets Relief Program, which gives the Treasury authority only to aid financial institutions, not industrial companies.

    Not surprisingly, we’ve yet to hear so much as a whisper about Mourdock’s suit in the screws media.

  7. 7

    LC Nicki the Resident Misanthropic Bitch @:

    Now ain’t that the fucking truth, sestra? I can’t wait to get on the waiting list for my very own, government produced and -approved piece of clunky shit in hopes that I might actually get to buy one before I’m laid to rest.

    They’ll get my guns and my Interceptor from my cold, dead hands, and they’d damn well better bring a lunch and lots of friends, because I’ll have one heck of an honor guard in Hell before they put me down!

  8. 8
    LC Subotai Bahadur says:

    Emperor Misha I

    With Your Majesty’s gracious permission, I would like to cross post something I put up at ACE OF SPADES HQ a little while ago.

    126 We may all be eventually be formally converted to being property of the US government [although I have great hopes that the conversion process will be halted by field expedient means before being completed]; but we are not dead yet. Some suggestions.

    1) Who needs a new car? Buy used and keep the bugger going as long as possible. If forced by circumstances to buy a new car; go non-UAW foreign. Ford is still UAW and will be assimilated as soon as the UAW can arrange a strike.

    2) Do not buy any union made goods/services if you can avoid it.

    3) If possible, do not transact business with union members as individuals. If you see a union sticker on a vehicle, it identifies one of Obama’s wards. If you need a contractor, don’t hire a union contractor unless forced to. This will overlap with #4 below.

    4) If possible, do not do business with Democrats. [locally, many Democrat leaders are business owners. Boycott the bastards. In this economy, it might not take much to push them over the edge. If you see a newpaper piece about the local chairman or committee member of the Democrats or a Democratic political official, find out where they work/own and don’t patronize them and encourage others not to either. Voter registration books (and party affiliations) are public records and can be used to sort out who to consider doing business with. Spread the word, and don’t feel constrained to use truth. If Joe Blow, Democrat county committeeman owns a hamburger stand, comments about the number of missing household pets in the neighborhood might be appropriate. If they are subject to zoning, health, or safety regulations; complaints can turn the enemy (government) against its own (Democrats)].

    5) If you have an investment account [IRA, 401k, or other (assuming it has any worth since Jan. 20, 2009)] that you direct, get out of any company that has a union contract, or has taken TARP funds. Owning stock or bonds from a union/TARP company is an invitation to be robbed by the Federal government. If you have a stake in a pension fund, etc. agitate with the board of trustees to get the hell out of such companies; purely on fiduciary grounds.

    6) #28 above may be a bit extreme; but think of the marketing affect/insurance rates if Obamamobiles end up with the reputation for not being safe to be on the streets.

    7) Humor and contempt as memes are very effective political weapons and hard to counter.

    ———————————————————-

    To the Black Panther Party Militia/ Obama Jugend minders watching for “ungood thought” online; I note that AOShq is known for, among other things, humor and satire; which items are still protected under what little is left of the US Constitution.

    Subotai Bahadur

    Posted by: Subotai Bahadur at June 01, 2009 11:26 AM (YpwCc)

    Point #6 in the block quote refers to a comment asking if it was time to start keying Prius’.

    The concept of a politically based boycott will probably truly torque “those who are no longer our countrymen”. “Divisive and mean-spirited” and all that. Not to mention “racist” because it runs counter to Hopey-Changitude. But I have to note that the Left LOVES to try to boycott anyone who disagrees with them. And that it would be unfair and inequitable if those who caused this disaster missed out on the full flavor of Obama’s nether regions. As to the argument that the innocent and patriots would be hurt by any boycott along with the guilty; innocents and patriots are being hurt while the Left is being allowed to prosper unmolested. This way, there is a price for the enemy to pay.

    LC Subotai Bahadur

  9. 9

    LC Wil, S.C.E. sez:

    The war is about to start. Yes, not bing able to get the exact fucking car I want, with my own fucking money, without some pissant busybody ballsack licking numbnuts fucking beureaucrat sticking their nose into something that is none of their FUCKING BUSINESS is reason enough to start bustin’ caps.

    It’s on.

    Why don’t you say what you really feel Wil? Not good to hold it in.
    You are truly back on form Sire. Feels GOOOOOOOD to see this.
    Subotai, as always my friend, you too rock hard.

  10. 10
  11. 11
    LC Spare Parts says:

    Introducing the Chevy Shrimp: horsepower in negative figures, and the radio only picks up NPR.
    On the flip side, I hear the Chicoms are looking to sell surplus rickshaws here. They’re non-union. So it could be an investment opportunity.

  12. 12
    Cheryl says:

    Oh how glorious our future looks under the benevolent rule of the National Socialist Democrat Workers’ Party

    Oh, glorious it will be, Emperor, under the watchful eye of Obumble The Magnificant, a man who evidently never even managed so much as a lemonade stand.

    The Chi-coms will be rumbling around in SUVs and Americans will be reduced to bicycles, and there will probably be numerous rules and regulations for those. There is always another way to break someone’s spirit. Hell, 1954 Chevys will be a prized commodity. Cuba will have nothing on us transportation-wise.

  13. 13
    sig94 says:

    Prepare people. Prepare.
    This shit ain’t gonna get any better.

  14. 14
    Ten-Ten says:

    Sig,

    Prepare people. Prepare.
    This shit ain’t gonna get any better.

    But….but….He’s the Annointed One!

    Things have to get better!

    :em98:

  15. 15
    LC Rurik says:

    LC Subotai Bahadur @:

    “Divisive and mean-spirited” … “racist”

    If you’ll throw in “bitter and clingy” too, I’ll sign. :em69:

  16. 16
    LC FreedomFighter says:

    “NEXT!!”

    Thats what the Government Take-Over Clerk Said.

  17. 17
    LC Wes, Imperial Mohel says:

    My family has been loyal Chrysler customers for thirty years. We’ve collectively decided that our future auto purchases will be from one of the Japanese manufacturers, due entirely to the endless federal bailouts of Detroit and Obama’s shafting of investors to benefit the UAW. One of said investors being my own working-class father.

    Dad’s looking at retirement in the next couple of years. His 401K has lost half its value over the course of the past year. A fair chunk of that 401K – and the pensions of lots of other people as well – was made up of GM and Chrysler stock. And he won’t get any of that money back because Obama, in violation of bankruptcy law and the Constitution itself, decided to give it to the UAW as a political payoff. That money is gone as surely as the tens of billions of taxpayer dollars the feds gave GM and Chrysler in a failed attempt to keep them out of the bankruptcy both companies are now in. And with Ford now competing with Obama and its own UAW-organized workforce, it’s only a matter of time before they’re folded into the People’s Automotive Manufacturing Collective of Detroit.

    So fuck Detroit. And fuck the UAW. They’re getting our tax money and a big chunk of my dad’s pension; they clearly don’t need our business. We’ll never again buy a new car built in a UAW shop. :em96:

  18. 18

    Emperor Misha I sez:

    LC Nicki the Resident Misanthropic Bitch @:
    Now ain’t that the fucking truth, sestra? I can’t wait to get on the waiting list for my very own, government produced and -approved piece of clunky shit in hopes that I might actually get to buy one before I’m laid to rest.
    They’ll get my guns and my Interceptor from my cold, dead hands, and they’d damn well better bring a lunch and lots of friends, because I’ll have one heck of an honor guard in Hell before they put me down!

    Well, ya know, bratets, this could all be an elaborate ploy to rescue the auto makers. After all, once they threaten to start mass producing clunky pieces of shit and denying us the right to purchase anything of quality because it’s not manufactured by Teh Gubmint, there will be a run on vehicles produced prior to the socialization, and the car companies will make a KILLING!

    But they just ain’t that smart…

    I’ll be driving my 2006 Nissan until it dies on me. And then I’ll resuscitate it and drive it some more. And then, if I can’t make it run, I’ll start buying used clunkers. But I’ll be DAMNED if I purchase one fucking tire from a government-stolen enterprise!

    BTW – I got my 1911 this weekend, and I took it out to the range, and OMFG, it’s orgasmic!!!!!

  19. 19
    LC HJ Caveman82952 says:

    Chevrolet was once an American icon. To say I’m pissed is the greatest of understatements. Well…….I will buy nothing from GM now, perhaps never. I love my F150, I see another one in my crystal ball way down the road. Truly a damn shame……So FoMoCo or an import…….

  20. 20
    LC HJ Caveman82952 says:

    Hey good timing too……I got my Right Wing Extremist card from the Liberty Council. Arrived today. Fits perfectly in my wallet…..

  21. 21
    L.C. Mope, Imperial Offsetter says:

    LC Nicki the Resident Misanthropic Bitch –

    I’ll be driving my 2006 Nissan until it dies on me. And then I’ll resuscitate it and drive it some more. And then, if I can’t make it run, I’ll start buying used clunkers. But I’ll be DAMNED if I purchase one fucking tire from a government-stolen enterprise!

    Looks like my “Chick Magnet” will last 4 more years even if I gotta put it on life support.

    (Fer all you little leaguers out there, tho there ain’t one piece of ferrous metal still on it- it still is a chick magnet. They run to it to point and laugh.) All magnets have a positive and negative polarity, even chick magnets.

    Seriously, I’ll be burning in hell before I buy a new car.

  22. 22
    Princess Natasha, Decadent Delicious Deviant says:

    Just traded in my politically-correct tiny death-trap (that no doubt will serve as the model for gubmint-owned cars). I brought home a 2007 Jeep Wrangler. 4WD, 4 doors, convertible. Could not quite swing the H2, besides, this thing only had 19000 miles on it. It will last me a long time. And it is definitely NOT politically correct! Fuck commies.

  23. 23
    expatchris says:

    Funny how throwing the pontiac, hummer and saturn workers under the bus was fine for the union thugs, I guess the thought of stealing GM from the rightfull investors over ruled their loyalty to $600 per year memberships. This whole crapshoot is horrific, and it really pains me that a lot of us saw it coming.

  24. 24
    Princess Natasha, Decadent Delicious Deviant says:

    expatchris sez:

    Funny how throwing the pontiac, hummer and saturn workers under the bus was fine for the union thugs, I guess the thought of stealing GM from the rightfull investors over ruled their loyalty to $600 per year memberships. This whole crapshoot is horrific, and it really pains me that a lot of us saw it coming.

    Ayn Rand saw that shit coming way back when. “20th Century Motor Company”, indeed.

  25. 25
    Wreckerboy says:

    Is not being a owner of GM great comrades. :em95: So glad that we have a commie gov, in charge. Welcome to the USSA, comrade. I’m pissed off now and many beers to think of this :em72: I want my shareholder check.it has to be more than the 13$ on my paycheck. :em98:

  26. 26
    Tallulah says:

    Meanwhile, the Mini-Me, Mikey Bloomberg, Mare of New York, has announced his Five-Year Plan. To “create jobs” and all that. (No, he doesn’t call it a “five-year” plan, but he calls it a Plan. Why doesn’t the son of a bitch just go up on top of the Empire State Building and throw down some of his personal $200 billion fortune? since he’s so big on sharing and all.

    (Closed caption writers sometimes style him as “Mare Bloomberg,” which I just love.)

  27. 27
    Tallulah says:

    Oh, and

    BUY FORD !!!

  28. 28

    I’m gonna invest in GM.
    The stock certificates have a nice design.
    ‘Should be able to paper the back wall of the garage for a buck or two.
    ‘Cheaper by the foot than wall paper.

    Maybe over there by the Eastern n’ Braniff wall..

  29. 29
    LC hilljohnny says:

    everyone should listen to why are conseratives so mean .

  30. 30
    Lc ORWN says:

    LC hilljohnny @:

    friggin excellent

  31. 31
    Sinon says:

    Hello Mazda and Honda! I will never buy a damn thing that the UAW is “responsible” for. Those vermin caused the situation the Tyrant exploited for the People’s Glory.

    I have an answer for the age old union construction worker term “rat”. “Douchebag Scumfuck Communist Incompetent Shitstain”.

  32. 32
    Len-KC says:

    Come on folks! Give them a chance. The new GM models might be OK. Remember this same bunch of unelected pukes were able to figure out EXACTLY (1.6ltr) water it took to flush a turd!

  33. 33
    M167A1 says:

    Ought to give GM to the UAW… see how they like it

  34. 34
    Eyas says:

    semi-off-topic:
    I was looking for an opportunity to post this here, so I may as well put it on this thread because the nationalization of GM pretty well illustrates the need for some sort of action on the part of TRUE Americans. It is the best, clearest, single example yet of the “Progressive” tyranny we now live under. This nationalization will not be the last, and worse things are in the works.

    This is something I wrote as a comment on another site, but felt that I had to edit. The article I was commenting on was titled something like “Has Democracy Killed Liberty”, or something to that effect. It may not be a great idea to post the full version here either, given the circumstances (and who may be listening/reading — Hi Guys!!), but here it is anyway. – Redacted part in bold:

    Although the main subject of the article is the spread of Islam and Sharia Law; I notice that many/most of the comments are about our current internal crisis of “democracy”. Upon reading the title of the article, my own first thoughts were of the present ongoing dissolution of America from within, and not the threat that Islam and Sharia pose. Our attention has been diverted from our very real, very deadly, very determined, and downright evil external enemy by the current coup d’etat by America’s internal enemies. Moreover, our internal and external enemies share the same ultimate end. The goal is tyranny, whether “Under Allah” or “Under Obama” makes little difference as both represent the abolition of liberty.

    What made the United States unique, and gave it the advantage of being the best form of government yet created, was the fact that we were a FEDERATION (or, “confederation”, or even “confederacy” if you prefer). That is, it is FEDERALISM which originally made America great and ensured maximal freedom for its citizens. As the author notes, the greatest degree of control (and therefore freedom) of government by the people exists at the local level. From this, one can see that the smaller the democracy, the greater the degree of representation/influence BY the people, and therefore the greater the degree of liberty FOR the people and for each individual. This is why the FEDERAL system ensured more liberty than a single centralized government could possibly achieve. The differences between States in combination with the mobility of American citizens allowed individuals to express their choices both with their votes and with their feet.

    Of course, over time, our national government assumed more and more control, and the freedoms and rights of the States were further and further curtailed. Now, States have almost no freedoms, rights, or control of their own territories; and the national government has (more or less) unlimited power.

    Add to this situation a powerful and ever-growing cabal of ideologues intent upon the destruction of the U.S. Constitution and the elimination of the free market (yes, Virginia, … there IS a reason why the “free market” is called “free”). This cabal gains total control of public sentiment by monopolizing the two primary institutions involved in forming (read “dictating”) public sentiment — the media, and education. After two generations of such uncontested dominance of public sentiment, the populace at large comes to wish for the destruction of the U.S. Constitution and the elimination of the free market. More and more anti-capitalist, anti-liberty ideologues gain political power, until they control (with the exception of four principled Supreme Court Justices) all three branches of our national government, and nearly every individual position within an enormous (and growing) bureaucracy and administrative State. Now, industries are being nationalized piecemeal, the Constitution is no more than a bit of crumbly paper under glass, and the very rule of law is disintegrating. All, as the article’s author suggests, enabled by the engine called “democracy”.

    With States having no power, nothing can anymore be done to alter this situation or to return to the liberty-ensuring FEDERAL system. The ONLY solution which has any chance of averting eventual bloodshed is SECESSION by one or more States. This will not guarantee that no blood will be shed (see “Civil War”); but it lessens the necessity for it. Short of secession, the remaining options are two:
    1. Tyranny; or,
    2. Bloody Revolution.

    They say (attributed to Jefferson) that “the price of liberty is eternal vigilance”. Clearly, we (lovers of liberty) were not vigilant. However, this is why Amil Imani’s argument does not hold. It was not “democracy” that killed liberty in this nation — it has been our inability, or unwillingness, to fully pay the price of that liberty. Now we may face a much higher price for liberty. Either that, or pay the highest price of all — subjugation.

  35. 35
    LC hilljohnny says:

    a horrible thought came to me concerning the government “rescue” of General Motors.
    how long has the government been rescuing Amtrak?

  36. 36
    Prophet says:

    LC hilljohnny sez:

    a horrible thought came to me concerning the government “rescue” of General Motors.
    how long has the government been rescuing Amtrak?

    Nothing like a little cold water to wake you up, eh?
    :em93:

  37. 37
    mousseman says:

    Shouldn’t Detroit be renamed “Kdf-Stadt” now?

Leave a Reply

You must be logged in to post a comment.