May 06, 2009

Yay! We OFFICIALLY have a kleptocracy now.

So, let's recap, in a nut shell, what just happened here.

The President of the United States - acting in his capacity as self-appointed ruler of the fucking planet, I suppose - publicly negotiated the bankruptcy of an ostensibly private company (Chrysler) in such a way that the principal benefactors would be - surprise! - huge contributors to the campaigns of he and his political allies.

The negotiated settlement also screwed-over senior (and allegedly secured) bondholders, who will end-up with the table scraps left by the politically preferred, but junior and unsecured, debt holders.

And all of this was just blessed by a Federal Bankruptcy Judge - a 1995 appointee of Bill Clinton, of course.

So given all that, I think it's safe to assume the following...

1) Chrysler is the new Amtrak - and we'll be subsidizing these motherfuckers forever

2) Given that this was nothing more than a trial-run for the inevitable bankruptcy of GM, I suppose anyone with half a functioning brain and in possession of any GM stock will be looking to unload that pretty quickly, and

3) There is now no operational differences between the Government of the United States of America and that of Venezuela.

But for the pissing on the whole outdated "rule-of-law" thing, I really don't give a flying shit about these bondholders taking a bath on this.  Given the demographics I'd guess a fair number of them supported Zero and so they can taste his ass for all I care.

But, seriously - we've seen that the Federal Government is now openly in the business of political finance, with one of the most singularly unqualified people in the history of history at the helm of the USS Economy.

Given that, who in their right mind would be willing to invest their money in anything in this country anymore?

Posted by: DocJ at 06:51 PM | Comments (1) | Add Comment
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1 A few slight flaws in your ointment, or flies in your logic if you prefer.

1. Chrysler will soon be owned by Fiat...that means that even if it IS the new Amtrak, at least it will run on time.

2. Anyone with half a functioning brain already dumped their GM stock last fall, and bought Ford at $2.00  Ford, which began hoarding money over a year ago [Ford might not be able to put together a football team -- but they do have brilliant foresight] is now up to $6.00 and climbing -- may soon be the only real US automaker.

3. That is unfair to Venezuela. The government of Venezuela encourages drilling for oil in their country.

Posted by: David Hinz at May 06, 2009 07:32 PM (B5UQ6)

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