GM is Alive (?) and Chris Stevens is Dead


Probably too late to reach the skulls full of mush that need this the worst, but I’m tired of hearing this whole “GM is alive” bunk. I call it bunk, because GM would have weathered a restructuring with or without Obama’s meddling.

You ever eat a Twinkie®? Hostess Twinkies®…yellow cake outside, creamy filling in the middle. When was the last time you ate one? I saw some last time I was in the grocery store. Did you know that Hostess had declared bankruptcy? At least once, maybe twice? And yet, they are still on the shelves…how can this be?

Well, for starters, there’s more than one kind of bankruptcy. Chapter eleven gives a company a chance to restructure and reorganize and ideally, come out whole on the other side. Many people are seemingly only familiar with a chapter thirteen bankruptcy, where the doors are shuttered, the remaining assets divided up among their creditors.

And every time Democrat, lying through their teeth, politicians (but I repeat myself), spoke of what Romney wanted to do to (or for) the auto industry, they spoke of bankruptcy in terms of chapter thirteen, as if unemployed auto workers were at the top of Romney’s wish list.

Enter Obama. Instead of allowing GM and Chrysler to go through a legal restructuring, he imposed a political restructuring. Only, unlike the bankruptcy at Hostess which allowed them to renegotiate unreasonable or overly expensive union contracts, the political deal locked in lavish union salaries and benefits, at the expense of bond holders and the American taxpayer.

Yes, GM is “alive”. But, so is Hostess! Obama didn’t save jobs at GM so much as he saved overly generous union benefits. And then, he gave a large controlling interest in GM to the unions. This will make it easier for GM to negotiate reasonable contracts with the unions in the future /sarc.

(BRB – all this talk of Twinkies® is making me hungry!)

Much better! Now, where were we? Ah, yes, political restructuring. Businesses need money to run on, to meet payroll, make expansions, buy new raw materials, etc. People who bought GM bonds, did so at a slightly reduced rate or return (how much money they got paid for their investment, like interest on a savings account), for a guarantee of lesser risk. Risky investments pay higher rates of return, because there’s less guarantee you’ll even get your money back. As such, GM bondholders were supposed to get “first dibs” in any restructuring process. But since Obama’s restructuring was political, he could make up the rules as he went along. (Maybe this is what he meant about “not everyone playing by the same rules”?)

GM bondholders got the shaft, in favor of the unions. Non union subsidiaries of GM, like Delphi, had their pensions decimated to cover the union pensions. Welcome to the crazy world of “fairness” under Barack Obama! I cannot tell you the extent, but if I were an investor in bonds, I would keep my money in a mattress before putting it at risk in any company the president might want to restructure for the purpose of his friends!

And even though “GM is alive and bin Laden is dead” makes a lovely bumper sticker, it is based on two lies. One, is that GM would have collapsed without Obama’s political restructuring. That is false. Many companies have gone in and out of chapter eleven bankruptcy and are thriving today. The main difference is, that there are very specific rules and laws governing legal bankruptcy. Obama’s was more reminiscent of a banana republic.

Second, for all the chest thumping at the Charlotte convention, and Democrats continually “spiking the ball” about the death of bin Laden, al Qaeda did not curl up and die when bin Laden was shot. For the Obama administration to equate the death of one man to the death of a movement is foolishly naive. When Lincoln or JFK was assassinated, did the country cease to exist because we were momentarily leaderless? Or did we pick up right where we left off, only under different leadership?

Instead of “GM is alive and bin Laden is dead”, substitute “Al Qaeda is alive and the economy is dead” and you’ll be better at summing up the last four years of this administration. Or you could personalize it: “Al Qaeda is alive and Chris Stevens is dead”.

America: we can do better! Tomorrow’s the day to find out!

Cross posted at Proof Positive

Curmudgeonly sesquipedalian.

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  • Thresherman

    The goal was never to help GM, it was to protect union jobs and repay the unions for their political support. That is why the secured creditors, those who are supposed to be first in line to have their investments repaid, got 27 cents on the dollar and were the target of an Obama hissy fit (calling them unpatriotic!) just because they objected to their rights being denied, while the UAW, who had nothing invested, got some 40 odd percent of the stock in the new company. Since many of the secured creditors were mutual funds, than means Obama screwed American’s retirement investments in order to give the UAW a big fat payoff. In short, Obama stuck it to many of his supporters and yet they think the auto bail was a great deal. That takes a certain sort of willful ignorance that I cannot fathom.

  • mikemc1970

    Al Qaeda is alive and GM is the walking dead.

    Their stocks are in the tank and the government is the only customer stupid enough to be buying those Volts.

  • Hannitized, Proofs obsession

    Blah, blah, blah….Proof just hates the fact that GM is doing much better than they were when they were about to go bankrupt, and Obama is responsible for much of their success moving down the right path.

    Conflating the fact that an Anti-Islam film is responsible for the attack on our embassy and protests at our embassies all around the ME is just a massive distraction that doesn’t do much to bring meaningful discussions about the economy or the fact that the Conservatives cut defense spending.

    • Albert Lickenspittle

      Blah, blah, blah.

      GM/GMAC still owes the tax payers $40billion and obama has out sourced GM to China, opening 11 plants, and obama is responsible.

      Thanks to obama’s failed foreign policies, Al Quada flags are flying over what used to be our embassies, and Iran has a “new” high tech drone.

      • InTheKnow

        Hi Mike Quinn! Go Christmann-PSC!

    • Spartacus

      In this case when Proof mentioned Twinkies he was referring to the confection made by Hostess, not calling on you. However, your confusion is understandable.

      • Proof

        Look for Hanni to use the “Twinkie defense” when he finally breaks down and hurts himself or somebody else.

        • Spartacus

          When he “finally breaks down”? I thought he did that 8 years ago when Bush stole his erection. Or is it stole the election, my memory is starting to fade? Maybe both.

          • Proof

            He lost touch with reality 8 yrs. ago. The little voices in his head are now vying for dominance.

      • mickey_moussaoui

        oooo that was good

      • two_amber_lamps

        Lol…. TWACK!

    • Patrick R. Pfeiffer

      How can we forget their brilliant strategy of selling every Chevy Volt at a net loss?

      • Proof

        And then, giving them a taxpayer funded subsidy on top of that!

      • Hannitized, Proofs obsession

        Without the benefit of advancing technology before it’s ready to go prime time we would sacrifice the lead to other countries. Electric cars aren’t for everyone today, but they will be a savings in the future and when that time comes it will be because of GM and companies like them.

    • Proof

      Your delusions are duly noted, Tiny Sociopath.

      • Hannitized, Proofs obsession


    • $16179444

      wow, just when you couldn’t post something more idiotic, you do. GM is heading for bankruptcy again:

      and seriously, a YOUTUBE video? just how ignorant are you?

      • Proof

        One of the reasons the question mark is in the headline!

      • Hannitized, Proofs obsession

        Wow, you are a really dim bulb. That report was from August, which has outdated information that was largely based on partisan viewpoints.

        You fat blob! Get on your bike and shave off that goat-tee, Kook!

        • $16179444

          insults? that is the best you got? I touched a nerve and you know that no matter what you respond with, I will always be right. LOL! poor angry little guy

    • Proof

      “GM stock is worth about 39% less than it was on November 17, 2010, when
      the company went public at $33.00/share. However, during the
      intervening time, the Dow Jones Industrial Average has risen by almost
      20%, so GM shares have lost 49% of their value relative to the Dow.” That look like the right path to you, Tiny Sociopath?

      • AV

        So, basically, you’re saying that the rest of Obama’s recovery is doing too well, making GM look bad? How terrible, he must be punished by making him prez for a second term!

        • Proof

          No, I’m not saying that. Have you ever considered remedial reading?

          • Hannitized, Proofs obsession

            It’s not my ability to read that’s the issue, it’s your inability to grasp REALITY.

            4 MORE YEARS!!!!

          • Proof

            Poor Hanni Boo Boo! It IS your inability to read, otherwise you might have noticed that the remedial reading comment above was not directed at you. However, if the shoe fits… You really are pathetic, Hanni Boo Boo Child!

          • AV

            To be fair, attacking someone’s reading and/or writing proficiency is part of your standard repertoire.

            P.S. Though you used to be funnier, in an old-man-joke kind of way.

          • Proof

            To be fair, when you draw such an erroneous conclusion, putting words in my mouth I never said, I guess I could attribute that to sheer stupidity on your part, but I chose to give you the benefit of the doubt.

            Perhaps an explanation is you are losing your sense of humor along with your brain cells?

          • AV

            Ok, fair call. :(

          • AV

            Yes I have, actually. Reading-speed is the problem, since I always scored well on comprehension. But thanks for asking, Proof! :)

          • Hannitized, Proofs obsession

            At this point in history, you sound and look like a fool. I hope you take a moment, after having lost this election, again, to reflect back on your rejected ideas, tired memes and sour attitude. It’s a FAILURE.

            Give it up and try again, for the sake of all of us. Stop being a miserable dope.

          • Proof

            Your mindless projection is once again duly noted, Hanni Boo Boo.

        • Hannitized, Proofs obsession

          Poofy’s not the sharpest tool in the shed, when he’s not contradicting himself while tripping all over himself, he’s making nonsensical arguments.

          • Proof

            Your projection is, as always, duly noted, Hanni Boo Boo.

          • Hannitized, Proofs obsession

            Yet, here you are, Poofy, contradicting yourself while tripping all over your previous statements. Fewer people are more comical and asinine than you.

          • Proof

            Thank you once again for the view from your colon.

          • Hannitized, Proofs obsession

            You must be speaking about matters you are most intimately familiar with, colons. Your ideas are not widely accepted and Americans everywhere are rejecting your neanderthal point of view.

            Face it, balding old man, you are going to be speaking from your colon for the next four years and probably for the rest of your annoying and irritating life.

          • Proof

            Poor Hanni Boo Boo! Insults me to the limited extent his tiny little mind can and then mimics me to sound as much like me as possible. Your Proof envy and Proof Derangement Syndrome are duly noted.

          • Hannitized, Proofs obsession

            Yawn! You better come up with some new material over the next four years, dinosaur. They are tired, annoying and oh so predictable.

          • Proof

            Poor Hanni Boo Boo! You only want me to come up with new material so you’ll have new stuff to parrot.

  • $8194357

    GM is alive and well opening a dozen new plants in China..
    Chris Stevens? Still dead…


  • $8194357

    The arab spring and fast and furious type gun running for the muslim brotherhood..

    Go figure,,,Mexico was a dry run for the muslim brotherhood in the middle east, huh..

    Demonstrators shout,
    “To Hell with freedom and peace,
    we want an Islamic Caliphate and lots of guns”

    And with the Barack Hussein Obama-funded Muslim
    Brotherhood waiting in the wings, that is exactly what you will get,
    once Bashar Assad is overthrown.

    End quote

    Worked in Egypt and Libiya…
    They seem to be getting away with it in Mexico…
    Only Bengazi seems to still be a small “thorn in the flesh”
    of The Boy who would be King….

  • $8194357

    And then there is this.

    The Obama administration’s lead investigator into the Benghazi
    attack, former Ambassador Thomas Pickering, previously held clandestine meetings
    with Hamas aimed at opening U.S. dialogue with the terrorist group, according to
    informed Middle Eastern security officials.

    Sources within Hamas previously disclosed to WND the June 2009 meeting. The
    gathering allegedly took place in Geneva with two Hamas leaders, Bassem Naim and
    Mahmoud al-Zahar. Naim is Hamas’ health minister, while al-Zahar is one of the
    main Hamas leaders in Gaza.

    Pickering is further tied to the revolutions in the Middle East and North
    Africa through his role as a member of the small board of the International
    Crisis Group, or ICG, one of the main proponents of the international
    “Responsibility to Protect” doctrine.

    The doctrine is the very military protocol used to justify the NATO bombing
    campaign that brought down Moammar Ghadafi’s regime in Libya.

    Gareth Evans, president emeritus of the ICG, is the founder and co-author of
    the doctrine.

    Billionaire activist George Soros is on the ICG’s executive board. Soros’ Open Society
    Institute is also one of only three nongovernmental funders of the Global Centre
    for the Responsibility to Protect, the group that devised the doctrine.

    End quote

    The lead investigator is an Arab spring activist hand picked by Soros?
    And the votes will be counted in Europe by a company Soros is part owner in…

  • VocalYokel

    Government Motors isn’t out of the woods yet.

  • Mike

    Twinkies have a half-live of 300+ years, much like any government program. Once it is cooked up, it’s a long time before it stops giving off radiation…

  • $8194357

    The rampant, epidemic, infection of double speaking, lying, politicians may be the one thing that takes America down. It is my honest (if I may use that word) belief that if the United States cannot find a large block of people who speak the truth and who will bring integrity to public office positions, then my best guess is we really are not going to survive much longer at all, nevermind that we are already three-fourths of the way down the tubes.

    A criticism I received some time ago was that I should see life in shades of gray instead of black and white, that there are no absolutes. Someone who says “absolutely” that there are no absolutes, is contradicting him or herself just by that statement. I tried not to laugh, but looking back I should have just burst into gales of laughter in response. But I am kind and not usually a mocking person, so I pretty much just explained that I did not hold that view. That being said, I plead guilty to the charge of believing in absolutes. Truth being an anchor of those beliefs. I don’t like liars. I don’t like people who speak out of both sides of their mouths. I also don’t like those who think they are advancing some great societal peace by taking two completely incompatible sides of an issue while thinking they are being “inclusive.”

    For instance, the idea that “democracy” automatically means ” freedom” is ignoring Iran, Venezuela, and Cuba, etal. Freedom is not “democracy.” A dictator, a totalitarian, a despot can presumably be elected by some “democratic” process. Americans would be fools to believe that including the Muslim Brotherhood into the “democracy” in Egypt is going to bring peace or freedom to that area of the world. Americans would also be fools to believe that the Clintons and Obama don’t have their fingerprints all over the chaos in the middle east.

    Read more:

  • $8194357
  • $8194357

    Let them eat cake…

    Historic firsts with Barry Sorento….