GM, GMAC, the Credit Rating of the USA, and Bailouts Out of Control in the Age of Obama

One of the financial headlines last night was to the effect that GMAC (General Motors Acceptance Corporation, which used to be the financing arm of GM) was receiving 7.6 billion dollars in bailout money, and may receive up to 14 billion dollars. The bailouts just never end, even as it becomes more and more obvious that WHO gets bailed out is totally arbitrary, depending on who is in political favor.


The headline this afternoon is that the "clock is ticking" on the GM bankruptcy. Whehter in or out of bankruptcy, of course, GM is now controlled by the Federal Government (as, for that matter, is GMAC). Thre is no reason to believe the Federal Government is competent to run these businesses (the Federal Government itself being effectively bankrupt--with yet another story today being the PLUNGE in the U.S. dollar as the U.S. credit rating is in danger of being reduced, because of the excessive debt).


There is a radio commercial running in El Paso asking you to write your Congressman about bailing out mainly FOREIGN "record" companies, or some such thing. I don't even know if I got this one right, because I was not even aware that we were bailing out this kind of company. The bailouts are--intetioinally--now beyond any citizen's ability to keep up with.


I am fully aware that there is a move to bail out MINORITY radio stations, even as those radio stations sue to complain about a more accurate ratings system. The previous system "fudge"/"adjusted" for alleged unfairness to minorities in the previous system. The new Arbitron system was supposed to be a more objective, exact system. Surprise (not)! More accurate ratings meant exposing the previous overcounting of "minority" listerners to "minority" stations. Even apart from this, this is a business in considerable trouble (unless you are Rush Limbaugh), and there is a definite move to bail these people out (as there has been a move to bail out NEWSPAPERS--with some Democrats in Congress (who do not, of course, believe in free speech) wanting any such bailout to require such newspapers stay away from political endorsements (this also, perhaps, being a dishonest way of dfusing opposition to such a bailout by the total FICTION that newspapers are out of "politics" if they don't actually endorse a candidate, which is the LEAST of newspaper bias).


It is all out of control. Meanwhile, the Federal Reserve is purchasing the debt of the Federal Government to ARTIFICIALLY hold down interest rated--to the tune of 1.75 TRILLIONI dollars, and mabybe, eventually, up to 5 trillion dollars. Where does the Fed et that kind of money? Right? Furom the Federal Government (or simply printing it with an IOU). Yes, we are buying our own debt--nothing more than printing money. The only reason a credit ratioin organizsation would not reduce the credit rating of the U.S. is POLITICAL (fear). As a country, we are pretty much bankrupt.


Yep. It is totally out of contrl. The favored get bailed out. Others (with equal claims, like my brother's trucking company) do not get bailed out. But the idea that the Federal Government can adequately handle the entire economy this way is stark, raving bonkers.


These people should be in a rubber room. Yes, I mean Geitner and President Obama--not to mention Nancy Pelosi and most in Congress. But I also mean the newly minted economic fascists in Wall Street and our financial system--those people I have correctly labeled the Stupidest People on Earth. This also includes many of the heads of our "big" (too big, by merger) businesses. These people now consider themselves "partners" with the government (which makes them economic fascists)--so long as they get to at least partially dictate WHO gets bailed out. The government, and these fascists (along with the unions, which is really now another way of saying "the government") want to dictate the WINNTERS, and the LOSERS, in the Age of Obama.


We will ALL be the losers.


P.S.: Even while committing all of this money to the auto industry, and related business failures--not to mention unrelated ones, the Obama Administration is (at the same time) making it IMPOSSIBLE for the entrie atuo indistry to survive (with all of this "global warming" insanity). Don't you pity the oor? they depend more and moer on the government, and the government SCREWS them on a cross of "global warming" (as well as on such things as cigarette taxes, etc.).