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Dont call it a comeback

I just watched Michgans Sen. Stabenow exclaim "Bankruptcy is out of the question, but its clear that a complete reoganization is called for" Yes boys and girls, thats what passes for thinking in Washington. That line of thinking made my head whip around Wile E. Coyote style, just what does she think a 'bankruptcy' is?

It occured to me that we should just create a special legal plan and process just for the Car Manufacturers that has a sitting judge preside over the reorganization of the company, one that ensures that the debts are fairly paid and allows the company to become solvent again, to benefit both the shareholders and the debtors in a fair and orderly way.

Rather than get all wigged out about the word bankruptcty, we can just call it the "Giraffe" Plan instead. Everyone hates the word Bankruptcy, so dont call it a bankruptcy, but everyone likes Giraffes dont they? So call it a Giraffe and be done with it.

There. Problem solved. The second part of my plan to help General Motors involves the public humiliation and execution of the executives who approved the Pontiac Aztek for production. I suspect that will be somewhat more difficult to accomplish, though the pay-per-view tickets on directTV might just fund the whole bailout process.

Oh, and my hats off to the President for saying that the money has to be paid back to the treasury. That little idea keeps getting overlooked in all this. Its a loan, not a gift, but you'd be surprised how fast one becomes the other in Washington politics.

Posted @ December 06, 2008 11:58 AM | Current Affairs

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Comments

I don't care what you call it - loan or gift. The fact is that GM is not in a position to repay anything.

They couldn't make money in 2007. They lost 38 billion dollars in a year that was (mostly) not in recession. (If you exclude "extraordinary" charges, they almost broke even. Almost, but not quite. But there are always "extraordinary charges.")

Any money you give to GM you can kiss goodbye. It would take a miracle (short of bankruptcy) to make them solvent.

The total market capitalization of GM is about 3 or 4 billion bucks. They spend that much money in 2 months. Where do you think the money to pay back the taxpayer is going to come from?

If you want to make a loan to a company that might be able to pay you back, give a zero-interest loan to Tesla Motors. They might actually change the face of the auto industry along the way.

This bailout is a gift to the UAW. Nothing more.

Posted by: Zendo Deb at December 11, 2008 07:42 AM