Tuesday, April 14, 2009

Nothing like good ol' Gov. control

I guess you could say that GM deserves everything that happens to them now. They sold their souls to the Devil if you ask me and now he has come to reap his reward. Maybe we can just throw some more taxpayer money at them and slove this whole thing..yea right.

The Pit and the Pendulum

By Isaac MacMillen

The Pit and the Pendulum, a short story by Edgar Allen Poe, contains a scene in which the protagonist finds himself tied to a board, with a scythe-shaped pendulum slowly inching its way downward towards his heart. In a similar fashion, General Motors now finds itself bound to the federal government, a result of its ill-starred decision to accept billions in bailout monies, condemned to die a slow death inflicted by government control.

Not content to simply determine who heads up General Motors, the Obama Administration is now ordering the giant automaker to prepare to file for bankruptcy—just in case. Which, of course, is exactly what GM should have done before wasting billions of taxpayer dollars.
The Obama oversight task force contends that its job is to ensure that the money is spent wisely. The task force today announced that it had given GM 60 days to develop a plan for bankruptcy, in case its financial problems continue unresolved.

By this time, saner heads (if there are any) at GM must be kicking themselves for letting the situation transpire as it did. Last fall, when faced with bankruptcy, the auto giant appealed for federal funds, which it ultimately received. Now, nearly 5 months later, it is again preparing for bankruptcy—having lost the ability to call the shots itself.
Isaac MacMillen is a Contributing Editor to ALG News Bureau.

ALG CTA: TARP should have never been extended to automakers in the first place, and overall is a program that has failed to return incentives to markets. Banks currently involved want out. Help us encourage your Representatives and Senators in Congress to repeal federal subsidies and “loans” to private firms that are really designed to create leverage against free markets. The Capitol Switchboard may be reached by calling (202) 224-3121.

This is Bullseye...OUT !!!


Bitmap said...

With GM now meaning "Government Motors" instead of "General Motors" I wouldn't be surprised to see incentives and tax policies for them that will help push Ford to the brink so they will take a bailout as well.

HermitJim said...

Up until now, I have nearlt always been a GM backer. That ends with the bail out.

I'll just keep the old truck as long as I can get parts for it.

Bullseye said...

Bitmap, Government Motors...lol..I love it. I'm sure they are wanting Ford to do the same..belly up.

Uncle Jim, Keep it til the doors fall off..then..throw 'em in the back and keep on truckin man.

Thanks for the comments guys.

Bitmap said...

If the federal government get control of Ford it will become "Federally ORganized Drivables".

Bullseye said...

Bitmap, man you are on a Roll. Too funny.