Update: GM announces N American plant closures for 1st Qtr…Paulson Blinks: Treasury Ready to Assist Big 3..

Update 12:39pm EST: ALERT: Gee  GM announcing they will be closing most of their North American plants for 30% of the first quarter..WOW GREAT JOB GOP ! Now we are FRAKED for a longer recession, see how that works, jackasses?!

They are  cutting production by 250,000 units in the first quarter….(as an aside, wonder how Michigan Dem leadership feels now, I can tell you Hillary would’ve been all over this, too bad they GAVE AWAY HER 4 DELS, frakers, sorry still a bit…bitter)

…..and while we are listening to this crap Charlie Gasparino breaks in to explain how Madoff ( a former chairman of the NAS) got away with blowing 50 BILLION of investor money in a ponsey scheme the SLEEPING SEC let happen..it just gets better…but by all means turn the screws on labor, what a bunch of buffoons…

wall-street21

oh gee angry billionaires gathering in lobby of Manhattan building to demand money, yeah good luck..maybe THESE are the imaginary rioters that the GOP Senators claimed would come out if they helped the BIG 3…maroons……Madoff apparently used his exclusive country club and held ski tournaments in Europe to meet wealthy investors to fund his schemes for years and the SEC had been notified in writing by Aksia which did due diligence for potential investors  and found it a ‘ponsy scheme’ then..and the SEC did exactly, nada! Faber indicates as they had an affiliated broker-dealer the SEC shouldve been watching them, this is the end of unregilated hedge funds..But we want wage caps on Detroit, okayyy..

Apparently as CNBC David Faber is reporting, many charities had large stakes in Madoff’s fund, as did other hedge funds, the losses will be breathtaking..and some infrastructure projects were based off funding from these investments also..

well this has helped restore my liberal Democrat ‘spirits’ I will tell ya, I was verrrry sympathetic to the GOP views but this kind of crap just has to stop…

I’ve got it! How MiM got their liberalism back! A new hit play off off off off Broadway….it will revive theater and restore earnings to Manhattan, there ya go…

howstellagothergrooveback

CNBC’s Bob Pisani reports it is likely that the GOP Senators knew in advance the Administration and Paulson would step in if they blocked it, so they basically got a free ‘No’ vote to look tough to their constituents, John  Harwood agrees. It was a scheme to try and get labor to break, unfrakin real. Steny Hoyer D-MD (video here) spoke on the failure of the bill and the need for TARP to fund the bridge loan…

What a frakin corrupt system. Seriously they are playing Kabuki Theater while stakeholders are watching the Asian markets fall, Toyota shares dropped sharply in Asian trading last night..and employees families are like Its  a Wonderful Life with tears wondering if they will lose their jobs the week before Christmas? These guys are a disgrace…I don’t care if that’s how it’s done, that sounds like something Blago would say…yes everytime a GOP Senator votes against the middle class a Liberal Democrat is born..way to win hearts and minds there guys!!

we didn’t do that to the big financials when they wanted Billions, why is it okay to play with these stakeholders? How much money was lost in foreign markets by honest shareholders so they can play in the big sandbox ?

Toyota released a statement after losing money in overnight trading discussing how very, very bad it will be for them if the Big 3 go down, Debbie Stabenow D-MI (video here) just tried to explain to CNBC anchors how they share the same suppliers, and once the suppliers are stiffed via bankruptcy they will fail, and there will be no parts for Toyota or Honda either,

and many more jobs lost, then there are the dealerships, the Dunkin Donuts next to the Dealerships…these GOP Senators just voted themselves a raise starting next month, why don’t THEY come to the peoples table,

That is where it is going when they make these moves that make look good in DC, but are shocking to Main St.  Polls as late as yesterday showed 48% support for bridge loan, 42% against. these Republican moves, and the ones that preceeded it by Pelosi who initially came out looking tough with all the DEM leadership saying no deal- go home and write a plan, that led us here… they are digging their own graves the GOP, when PEBO comes in it will be easy to turn public opinion in favor of labor and card check, at least Pelosi is looking at a long term gain out of this, heartless these politicans are…I call Bullshit. Go home Congress Critters.

Paulson blinks:

hank-hagen1

As markets open down 150, Paulson announces Treasury is ready to step in to keep Big 3 stable until next year…

..But the failure of the auto rescue plan in the Senate prompted immediate calls from lawmakers in both parties for the Bush administration to tap into the $700 billion fund, known as Troubled Asset Relief Program, or TARP.

Following the vote, the White House said it was studying its options

Treasury releases Statement:

..The Treasury threw a lifeline to the beleaguered US car industry, saying it is ready to prevent the failure of auto makers until Congress reconvenes next month.“Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” Treasury spokeswoman Brookly McLaughlin said…

UAW having press conference LIVE 10:00am EST-now- watch here

Gettelfinger is making it clear it was the Senate GOP who blocked the rescue and defining the proposals that were offered last night as a clear double standard for labor…

I am all for Treasury stepping in here, IIRC there is approximately 15 billion left in the first tranche of the TARP, coinkydink? I think not! Congress Critters need to make sure this doesn’t hurt our push for Mortgage Mitigation via Tarp Tranche Deux..we need that HOLC big time….

“Due to this colossal failure by the U.S. Senate, now it’s up to the president and the Treasury secretary,” Bernero said Friday on CBS’ “Early Show.” “Working Americans will appreciate the president stepping in—and pull us back from the precipice, pull us back from the economic cliff.”

December 12, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St.

%d bloggers like this: