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Today's Nuze

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

SELLING TO GOVERNMENT

By
Neal Boortz
@ May 20, 2009 8:40 AM Permalink | Comments (55) | TrackBacks (0)

How do you like the idea of the Imperial Federal Government of the United States owning ALL of General Motors? Well, it could happen! Yeah, I know ... that's pure socialism. But look who's in the White House! A typical Marxist grad student is running the show. Don't act surprised.

According to Reuters:

General Motors' plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.

The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.

The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.

The government's plans include giving stakes in the new company to GM's union and bondholders, although the ownership structure of the company is still being negotiated, said the source who is familiar with the company's plans.

In addition, the government would extend a credit line to the new company and forgive the bulk of the $15.4 billion in emergency loans that the U.S. has already provided to GM, the source said.

But when it comes to the unions, UAW president Ron Gettelfinger says that he plans to sell the union's stake in Chrysler and GM in order to raise cash to cover retiree healthcare costs.

I'm looking for the part where the government is required to privatize. If you see it, let me know ... or is General Motors, along with Chrysler, going to be a ward of the state.

By the way ... Yesterday PrezBO announced his plans for a 39-mile-per-gallon corporate fuel economy average by 2016. Not going to happen. Any American automaker who tries to meet this goal is going to have to sell so many tiny and unsafe high-mileage cars that it will be virtually impossible for them to be profitable without adding thousands to the price of the models that people actually want to buy. This is what you get in a government-run economy. Products that people don't want to buy, but that please the snot out of special interest groups like the Sierra Club.

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What others are saying

  • "Me"???
    "@rocco
    Typical neal boortz listener uneducated uncuth and really pathetic.
    hIGH mIGHTY WHITEY
    PUBLISH THIS OR YOU ARE JUST GOING TO LET THE kkk RUN THIS BBOARD.
    By me "

    That's just about a stupid post. What are you referring to?
    By Joyce M/Blythe @ 05/21/09 10:30:03 AMreport abuse
  • GM - Government Motors
    I find is just sickening that a private corporation like GM, so weakened by inept business policy and an unfavorable union contract, would bend over for cash from the federal goverment, nonetheless, sell it's soul to the federal government.

    We are witnessing a dynamic shift in America, where entrepenural spirit is being assaulted and anyone who actually provides a service that someone needs is being labeled as a panderer, crook or thief.

    Heavens help us all...
    By Rich Palmisano @ 05/21/09 08:14:49 AMreport abuse
  • Eric - great idea but Gov Motors is here to stay
    Everyone has the right idea. Do not buy from this company and they will close done. That was of course under the OLD FREE MARKET. Now that it is Government Motors that will not happen. No one buys - the GOV takes your money in TAXES and give it to the company anyway to support all those UNION PEOPLE.

    See, we the PEOPLE are screwed.
    By Jeff @ 05/21/09 08:09:53 AMreport abuse
  • @rocco
    Typical neal boortz listener uneducated uncuth and really pathetic.
    hIGH mIGHTY WHITEY
    PUBLISH THIS OR YOU ARE JUST GOING TO LET THE kkk RUN THIS BBOARD.
    By me @ 05/20/09 05:13:25 PMreport abuse
  • GM's Gone Socialist
    Wow! Who'da thunk it, first Chrysler and now GM? If the union payoff and $15.4 billion loan forgiveness isn't enough, President Teleprompter wants to run GM.

    Funny, I read this very story yesterday titled "Goodbye GM, Hello People's Car!" at http://economicefficiency.blogspot.com/2009/05/good-bye-gm-hello-peoples-car.html

    Debt holders, do your duty and demand your rights in bankruptcy court! Don't let GM got the way of Chrysler!
    By WillG @ 05/20/09 05:09:56 PMreport abuse
  • @Typewriter Store Owner
    HAHAHAHAHA great post
    By jacob @ 05/20/09 04:18:53 PMreport abuse
  • And i give you...
    the Obamotors Obamination.
    By Mike the Spike @ 05/20/09 04:03:21 PMreport abuse
  • New Name
    Oh PB, how about "Gag Me" Motors???
    By Joyce M/Blythe @ 05/20/09 03:31:12 PMreport abuse
  • Gennie Moe
    Since all of the other government outfits have cute names (Fannie Mae, Freddie Mac), GM should as well.

    How about "Gennie Moe"?
    By PB @ 05/20/09 02:53:37 PMreport abuse
  • This will be expensive entertainment.
    The government couldn't turn a profit trying to run a cathouse with a full bar.
    By CowboyUp @ 05/20/09 02:51:22 PMreport abuse
  • CHANGE To Believe in
    I'm feelin' it...how bout' you!

    I'm feelin' sick.
    By OMG @ 05/20/09 02:22:19 PMreport abuse
  • GM (Gov Motors)
    I will never purchase another GM product nor will anyone in my family. I will not have PresBo tell what to buy either (or at least for now). I guess in the future when the gov takes each of my paychecks, and places a POC car in my garage for me I will finally give up....I'll move to Russia. At least there I will know what Im getting.
    By OMG @ 05/20/09 02:00:07 PMreport abuse
  • Time MOY article
    From the 1938 Time Man of the Year article:

    Meanwhile, Germany has become a nation of uniforms, goose-stepping to Hitler's tune, where boys of ten are taught to throw hand grenades, where women are regarded as breeding machines. Most cruel joke of all, however, has been played by Hitler & Co. on those German capitalists and small businessmen who once backed National Socialism as a means of saving Germany's bourgeois economic structure from radicalism. The Nazi credo that the individual belongs to the state also applies to business. Some businesses have been confiscated outright, on others what amounts to a capital tax has been levied. Profits have been strictly controlled. Some idea of the increasing Governmental control and interference in business could be deduced from the fact that 80% of all building and 50% of all industrial orders in Germany originated last year with the Government. Hard-pressed for foodstuffs as well as funds, the Nazi regime has taken over large estates and in many instances collectivized agriculture, a procedure fundamentally similar to Russian Communism.
    Meanwhile an estimated 1,133 streets and squares, notably Rathaus Platz in Vienna, acquired the name of Adolf Hitler. He delivered 96 public speeches, attended eleven opera performances (way below par), vanquished two rivals (Benes and Kurt von Schuschnigg, Austria's last Chancellor), sold 900,000 new copies of Mein Kampf in Germany besides selling it widely in Italy and Insurgent Spain. His only loss was in eyesight: he had to begin wearing spectacles for work. Last week Herr Hitler entertained at a Christmas party 7,000 workmen now building Berlin's new mammoth Chancellery, told them: "The next decade will show those countries with their patent democracy where true culture is to be found."

    Interesting parallels.
    By MS @ 05/20/09 02:00:00 PMreport abuse
  • Hitler analogies
    The only problem with the Hitler analogies (while mostly correct), is that the Fascists allowed the Entrepreneurs to make a profit. The Obamists don't want producers making any more than the leeches
    By Don BW @ 05/20/09 01:06:46 PMreport abuse
  • @Ivan
    Oh, you haven't even begun to see what Obama and his fascist cabinet are planning....but you're getting warm.

    And yes, the parallels to Hitler's relationship with VW are strangely similar, are they not? When Obama comes out with a car he's designed himself, that's when I know it will be time to move to Switzerland.
    By $mooth Operator @ 05/20/09 01:03:16 PMreport abuse
  • Obozo & UAW are Thieves
    The Obozo clown administration has effectively disregarded our bankruptcy laws to steal from the taxpayers and the investors to make the unions more powerful and wealthy.

    This is theft by the Unions and PrezBO. This also constitutes a willful disregard for the protections afforded to investors and consumers by our existing laws.

    This is beyond anything I thought I'd see in my lifetime in this country. This WTF moment brought to you by someone who wakes up everyday wondering when the nightmare will end.
    By $mooth Operator @ 05/20/09 12:53:20 PMreport abuse
  • osamabama is........
    holy crap! I didn't want to say it but...I tol' you so.

    never before has so much damage been done to our nation by so few from the inside. osamabama and his posse have driven a wedge between us. the last time that happened was in the early 1860's, some of you may have heard of that.

    the attacks on PEARL HARBOR, WORLD TRADE TOWERS, PENTAGON and a quiet medow in PENNSYLVANIA brought us together. we wanted bloody revenge! now we are being attacked by a liberal socialist marxist and seem incapable of defending ourselves.

    we are following Rome and the Greek's off the cliff to fall into the valley of irrelevence...silly me....I weep for my nation.

    Stan get out of the echo chamber! it ain't the russians that are coming....

    DRIP don't return incumbent politicians
    By butt neckid @ 05/20/09 12:32:17 PMreport abuse
  • Union Hypocrisy
    What-a-crock-o-crap.

    The unions finally get the stranglehold they desire, so they dump the stock as fast as they can.

    Its called a parasite's dilemma!
    By Steve A. @ 05/20/09 12:19:17 PMreport abuse
  • Ownership
    Don't believe outside of Chrysler, I've ever seen a company's assets "given" to a union before.

    That is the part our trolls are ignoring.

    Well when the Federal govt starts bailing out states, it won't be long before states are just done away with and it's all one big entity.
    By Joyce M/Blythe @ 05/20/09 12:11:33 PMreport abuse
  • What a great point...
    The point about Hitler with VW is a great one. The way this is being handled is literally exactly how it was handled back in Germany in 1939. The similarities are so striking. Makes you wonder what might be around the corner. History has told us we are making serious mistakes right now. The way this is being handled is unjustifiable. The steps the fed is taking really is the recipe for disaster. Really makes you wonder whose side they are on.
    By Ivan @ 05/20/09 11:56:55 AMreport abuse
  • Will GM Continue to be a Ward of the State?
    Unless bankruptcy renegoiates the UAW contracts, than the answer is yes, GM will have to be subsidized to stay alive. I don't see anyway for the new GM to meet the new mileage standards with the labor structure thay now have unless either these contracts are nullified by the bankruptcy court or nullified by GM having these cars produced overseas in non-UAW plants.
    By Kevin @ 05/20/09 11:49:55 AMreport abuse
  • Boo!
    We don't like Marxism.

    We only like Fascism.
    By Charlie Scott @ 05/20/09 11:36:47 AMreport abuse
  • How could this happen
    My great granddaddy started a typewriter dealership back in 1895. Then my granddaddy took it over, then my daddy, now me. We worked hard, often 7 days a week, 16 hours a day, keeping this typewriter business going.

    The typewriter store put several generations of us through college. It has been our family's livelihood, the center of our existence, everything.

    Well, now it's falling apart. We haven't sold a typewriter since 1989. Typewriter manufacturers won't even supply us anymore; I call them up and they won't even answer the phone; it just rings and rings and rings, or I get that voice that says the number has been disconnected.

    And the failure of my business must be completely someone else's fault.
    By Typewriter Store Owner @ 05/20/09 11:27:20 AMreport abuse
  • Buying my first car
    I'm 16 and I have been saving up to buy my first car this June, I have worked so hard to work for that money, and putting it all in the bank. I despise whenever my hard-earned money goes to people on welfare. My money is not going to GM
    By Jessica @ 05/20/09 11:05:54 AMreport abuse
  • Jubilation,
    Thanks for the reminder. I got the notice as well.
    By JoeShmoe @ 05/20/09 10:49:53 AMreport abuse
  • to Stan
    Oh! So you heard? How long have you been hearing these voices? lol
    By Greg @ 05/20/09 10:48:09 AMreport abuse
  • GM-Amtrac
    GM won't go bankrupt for failing to make a profit nor will it go away. Look at Amtrac. Gov't owned, unprofitalbe, yet still in business because congress continues to subsidize it.
    By PJ @ 05/20/09 10:45:20 AMreport abuse
  • To Stan Gable
    I wouldn't say Russian tanks yet. More than likely Obama will call for UN or NATO support. They may even use the National Guard and Black Water. When the bottom falls out they will need the man power. I wouldn't put it past Obama to nationalize the police in large cities like Atlanta. Hell I would think they have probably already sent FEMA out to brief the police departments.
    By Ivan @ 05/20/09 10:44:00 AMreport abuse
  • @Stan Gable (Babble?)
    Guess what Stan, things can happen very fast. Under GWB, they changed in a single morning (9/11 to save you the work of figuring out what I mean).

    Obama is trying to implement as many new policies and change this country as quickly as he can to suit his backers and/or masters (Soros and Co.) because he knows that the American people will not accept him forever. He must act before his charade is finally laid bare.

    Your attempt at irony was also overdone and erroneous, and it's not the Cold War any longer. A list of modern fascist/communists/totalitarian dictatorships to help you in your next rant: China, Cuba, N Korea, Iran, or any Islamic group. More modern. Russia simply supplies most of these fools with weapons.
    By Killer @ 05/20/09 10:37:50 AMreport abuse
  • It's really quite similar to another famous political leader...
    At one time, Hitler was a very admired man. January 2, 1939 Time magazine listed him as "Man of the Year".
    He also directly influenced Volkswagen Corporation to manufacture the Beetle.
    I'm sure there are many more similarities. I'm just stating two facts.
    Here is the link to the Time cover:
    http://www.time.com/time/covers/0,16641,19390102,00.html
    If you'd rather just enter a search in Google: Hitler Man of the Year
    By Roberta @ 05/20/09 10:30:40 AMreport abuse
  • ......and there goes another 15 billion
    down the crapper.
    But wait, there's more!!! Obama and his 400 thieves will pass a tax bill that will force you to buy one of their new p.o s. aaaaannnnnddd one for every non taxpaying american! Boy oh boy, it just doesn't get any better than this, does it?!
    By JoeShmoe @ 05/20/09 10:25:25 AMreport abuse
  • My 2001 Pontiac has been recalled ...
    Safety Recall 09047

    An underhood fire may be caused by drops of engine oil from seepage or spillage being deposited on the exhaust manifold through hard braking. If the manifold is hot enough, the oil may ignite into a small flame and, in some instances, the fire may spread to the plastic spark plug wire channel and beyond. If this occurs, there could be a fire in your vehicle and nearby property.

    There are two very important precautions you should take before your vehicle is serviced:

    We strongly recommend you not park your vehicle in a garage, car port, or other structure.

    If you notice a burning odor, you should have your GM dealer inspect your vehicle immediately.

    Our tax dollars at work.
    By Jubilation T Cornpone @ 05/20/09 10:21:59 AMreport abuse
  • UAW to sell their stake
    Who would be dumb enough to buy their stake? The Government has shown they have no respect for 200 years of legal precident in screwing the investor. Fool me once, shame on you. Fool me twice...
    By Knuckledragger @ 05/20/09 10:20:43 AMreport abuse
  • Bankruptcy
    Normally, I dismiss Copyleft's comments since he usually doesn't know what he's talking about.... but I bet he's probably pretty familiar with bankruptcy proceedings.

    By the way, PrezBO has absolutely no respect for the law or the constitution.
    By Twistedsaint @ 05/20/09 10:13:21 AMreport abuse
  • GM customer no more!
    Been a GM customer nearly all my adult life. Will not, under any circumstances, patronize a company that is owned by a collusion of Feds & communist/mafia workers' organizations. Every American's patriotic duty is clear. Not one penny to GM, ever again! This is the battlefield where we save our country. We must ensure that Government Motors dies, or surely our nation will. Everyone needs to do their best to make sure nobody ever buys another GM car again.
    By Eric S. @ 05/20/09 10:08:07 AMreport abuse
  • Union selling its stake in GM/Chrysler
    WHO would be dumb enough to buy the UAW stake in GM and Chrysler? Seriously, would you buy into this new Government run organization? I'd set the over/under for both GM and Chrysler failing by January 2015.
    Fool me once shame on you fool me twice...
    By Knuckledragger @ 05/20/09 10:08:04 AMreport abuse
  • What is with Stan?
    Nothing has changed Stan?? MrO and his accomplices have been changing almost everything. Banks, insurance, autos, defense, health care, not to mention an absolutely enormous debt. The only thing they haven't changed is the Community Redevelopment Act, Freddie and Fannie which were the primary causes of our financial disaster.
    By Don @ 05/20/09 10:04:33 AMreport abuse
  • Oh Copy
    Go ahead and ignore the obvious. It's what you're not saying will make you more foolish than you already are.

    You usually have more entertaining material.

    Keep trying though.
    By Big G @ 05/20/09 09:58:19 AMreport abuse
  • the master plan
    1. Don't drill
    2. Don't build refineries
    3. Allow OPEC to raise the price of oil to $150 per barrel.
    4. Foolishly believe people will happily purchase a mandated, 39 mpg Obama-Cart and get down on their knees to thank him for saving the day.
    By stepcousin @ 05/20/09 09:54:31 AMreport abuse
  • Your strategy is dead on.
    Your energy strategy is dead on. Increase domestic production of oil while continuing R&D on finding alternatives. The technology for alternative energies is not cost effective right now at market prices.
    However, your strategy is well thought out for the short and long run.
    By @EnergyMan @ 05/20/09 09:54:27 AMreport abuse
  • Unsafe at any speed
    How long will it take for the next Ralph Nader to come out and demagogue these tiny cars. The law suits will pile up (anyone remember the Ford Pinto). The same politicians will take to the floor of the congress and complain how unsafe the cars are. By the way, why do we have to follow California's lead and meet their proposed standards.
    By Wayne @ 05/20/09 09:51:53 AMreport abuse
  • To Stan:
    Budweiser isn't American anymore. It's Belgizilian.
    By What? @ 05/20/09 09:51:49 AMreport abuse
  • Audacity of Dopes
    President Obamuppet and friends are on a path to destroy the auto industry as well as Americans choices for our rides.
    This puppet needs to be stopped.
    By Steve Boston @ 05/20/09 09:43:31 AMreport abuse
  • Silver Lining
    GM already can't compete in the marketplace. Add further government inefficiencies and the end of GM is all but certain. Just for fun, before I bought my last Toyota SUV, I priced the comparable GM model. The GM SUV came in $6,000 more (not sticker, but managers best offer) and with a much lower reliability rating and less cargo room. I'm sure there's going to be something coming down the pike to make Government Motors "competitive" with the Japanese.

    The silver lining here is that I see fabulous opportunities for small businesses that service cars!
    By Maggie @ 05/20/09 09:42:52 AMreport abuse
  • Just another...
    thing that won't be made in america any more. Real sad to see them go but, the Unions don't realize that once the government takes over the good times stop. They should all expect pay decreases, layoff maybe even plant closings...the government doesn't know spit about making cars. How long do you think GM will last in the hands of government?
    By Barak from Area 51 @ 05/20/09 09:40:17 AMreport abuse
  • Government Motors
    Ha ha ha ha ... we're from the government and here to help you.
    Everyone who voted for BO should be required to buy one. But they will need a horse to pull it.
    By Laughing @ 05/20/09 09:30:18 AMreport abuse
  • Also
    Not only is it pure socialism, I heard Obama is going to actually state that the US is now socialist and try to amend it into the Constitution. I also heard that he is going to allow Russian tanks down the streets of NYC and other major cities. I also heard Budweiser was going to be replaced by all Russian Vodka. I also heard that US will now make a transition from the primary language of being English, to Russian. Isnt it amazing how really nothing has changed in less than a year but republicans think we go from a perfect capitalist society and just automatically switch to socialism? I can see the Russian tanks now
    By Stan Gable @ 05/20/09 09:24:05 AMreport abuse
  • 39 mpg
    I drive a high mileage small car and love it! I especially loved it last summer when gas was over $4 per gallon and the idiots driving battleships were spending ridiculous amounts of money fueling their behemoths. Make no mistake, as the global economy recovers, gas prices will go up again (in fact they have already started creeping up)

    I support attacking the energy issue on three fronts: increasing domestic production, finding ways to make alternative energy sources commercially viable, and conservation. What is wrong with that? This is not a girly greeny sissy issue, it is a national security and economic strength issue.
    By Energy Man @ 05/20/09 09:22:57 AMreport abuse
  • Mileage Standards
    I almost choked when I heard the administration spokeswoman say something to the effect of "now at last the consumers can get what they want." Get what they want? The market would ensure that, what she meant is what the Government and the special interests what consumers to have.
    By Cyrano @ 05/20/09 09:21:59 AMreport abuse
  • GM Sells Out To Gov't
    I have been a GM man, from a GM family, all my life. My first car was a 1970 Oldsmobile Cutlass Convertible, my second was a 1977 Pontiac Firebird Formula, then came a string of 4 Chevy trucks . My wife has driven Chevy’s ever since we were married 24 years ago and my kids drive Chevy's (Cavalier and Malibu). My Grandfathers drove Chevy trucks and Cadillac’s, my Grandmothers drove Pontiac Bonneville and Buick La Saber. What I am saying is that my family has owned GM cars and trucks for the last 6 decades. However, that is going to change. When my 2004 Chevy 2500HD crew cab 4X4 lays down a dies on me, my next vehicle I purchase will be a Toyota crew cab Tundra TRD 4x4. My wife’s next SUV will be a Honda or Toyota. My kid’s next car will be a Kia or Hyundai . At this I am drawing my line in the sand and stating that I will never spend my money on a new vehicle from General Motors, Chrysler, or Ford. I refuse to contribute to the thieves and thugs of the UAW. I don’t give a rats rear end if every one of those Union slugs and thugs loose their job, I truly don’t. In fact I pray that they do, as they and their beloved UAW Union have brought it ALL upon themselves. The sooner it happens the better IMO.
    By 1SG Ball @ 05/20/09 09:21:09 AMreport abuse
  • McCain would have done it too
    And that is scary. The real question is how long is it going to take for Neal and the other conservative talk show hosts to start talking about the real issue. They need to address who is actually running this country and speak to that. Accuse the White House of allowing third party entities to dictate policy and ultimately national security decisions. It should be obvious that Obama is not in charge here and neither is his Congress. This is the exact recipe for disaster, but we are literally just sitting back and letting them do this to us. We need opposition leaders to take them on in front of the masses. We have gone for far too long letting the same clowns continually ruin our lives. Bilderberg needs to be exposed. We must have the truth. Is there ANYONE in Washington that believes the way our founding fathers did? We shouldn't have to ask questions like this in America.
    By Ivan @ 05/20/09 09:18:33 AMreport abuse
  • Final Nail
    This is the final nail in the coffin of the American auto industry. This moronic move by this inept president has done two things. 1) Secured the death of the American automotive industry and 2) Increased the value of ALL used cars.

    My personal goal is to get the latest model year car and plan on holding it until rapture. I can see it now, GM will create 15 new cars where 1-2 may actually generate enough interest that someone feeling sorry may actually buy a car.

    Audacity of Hope???

    More like Arrogance of Stupidity!
    By Big G @ 05/20/09 09:13:50 AMreport abuse
  • GM and the Detroit Press
    Parsing words on Fox, the UAW will make out better than any other company forced into bankruptcy, healthcare, retirement, etc. will be funded by us. This Justin Hyde guy is f'n clueless!
    By Ellen @ 05/20/09 09:09:24 AMreport abuse
  • Another approach
    The secured debtholders should ask for a government guarantee of their obligations in return for going along with whatever plan Big Brother devises for GM. And they should threaten to force a bankruptcy filing otherwise.

    Failing that, they should force a banruptcy proceeding and take control of all the assets, and releasing all the debts. Split the company up into various units, separating the manufacturing assets from the marketing unit. GM can enter into supply contracts with various manufacturing companies to supply the market. A Pontiac plant goes on strike? Sell more Chevys.

    Investments in a continuing company will always be distressed because any value that can be created can and will be claimed by the manufacturing workers.
    By Steve O @ 05/20/09 09:08:05 AMreport abuse
  • Wow--unprecedented!
    Except for the fact that this is entirely normal in bankruptcy proceedings. And as a lawyer, Neal should be expected to know that trustees (appointed by government) typically take control of a debtor's assets in most common types of corporate bankruptcy, to sell off the assets and reorganize the remainder (if the corporation isn't being liquidated).

    In other words, typical bankruptcy proceedings involve government involvement. Gasp! The horror! How can Obama be following the law this way??? It's an OUTRAGE, I tell you!
    By Copyleft @ 05/20/09 08:54:39 AMreport abuse
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