Politicians are like liars in front of bars. They probably commit worse crimes than some of those 2-5 year sentencers.
But it's not like the government isn't corrupt.
So unlike all good and decent bloggers, I'm not going to ramble about Letterman's screw-up over Palin's daughter or the Housewives of Orange County making their appearance on Oprah.
People literally worship the ground the first black--although he's genetically more white than black!--president. They applaud his promise to make things change, but here's my question: Yes, we can what? Change, right? Change what--change our taxes from going down? Spill all middle class homeowners' money into the 8% of people who can't pay the bills? Borrow all the taxpayers' money for pork projects? Or more recently, and as of now, my personal favorite--literally screw over Chrysler.
Now normally, I'm not the smartest person, and I wouldn't be wisest on the subject. However . . . being the daugher of a man who's been in the car business practically his whole life . . . hmm, think that gives me a little leeway.
The most important cases go to the Supreme Court, correct? Well, this one did. And it stayed there for the grand total of one day! They dropped the case. The government owns the majority percentile of the company now, while Fiat is literally handed 20% of it! Now why would an Italian company now be in charge of American land-based car company? It's amazing how many people met up with or even passed bankruptcy to get our now newly-elected official in office. And now that he's there, taxes have gone up, and Chrysler is just the beginning of government/foreign-owned companies. Eight hundred people are out of jobs. The co-president's "probably going to retire," according to an article in automotor.org.
I'm not your usual soap-box speaker, but honestly, the way this was handled was illegal, and the man in the White House was largely responsible. I guess Chrysler's motto wasn't so far from the truth after all.
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I don't think I'm the smartest one when dealing with the auto industry but aren't Chrysler's creditors the ones that were screwed. The Indiana State Police Pension Fund, the Indiana Teacher's Retirement Fund and the state's Major Moves Construction Fund. The deal unfairly favored the interests of the company's unsecured stakeholders ahead of those of secured debt holders such as the groups from Indiana.
The clear winner is the UAW, which will get 50 cents on the dollar even though they are junior creditors and have 38,000 union workers who would've likely lost their jobs in liquidation.But there are many more losers; most visibly, the Indiana pension fund, which gets 29 cents on a dollar even though they are senior creditors. That's happening even though at least two sections of the Constitution back up the right to uniform laws, which would see the senior creditors covered before any junior creditors.
The less obvious losers are all the businesses and individuals who will no longer be able to get loans because lenders are scared that the government can rewrite contracts whenever they feel like it.
http://www.foxnews.com/story/0,2933,525460,00.html
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