Vodpod videos no longer available.
Update 2: CNBC’s Phil LeBeau
Vodpod videos no longer available.
General Motors Corp., trying to avoid a U.S.-backed bankruptcy on June 1, may close plants and scrap models as much as four years sooner than planned to lower its break-even point, people familiar with the effort said….
…The new plan may require GM to complete many of the reductions in models and dealers planned by 2014 as soon as next year, allowing earlier plant and job reductions, people briefed on the talks said. GM said March 31 that by 2014 it would trim dealers to 4,100 from 6,122, nameplates to 36 from 43, and U.S. assembly capacity to 2 million vehicles from 2.8 million.
The bond offer may include some framework of GM’s plan to cut $20.4 billion in obligations to a United Auto Workers union- run retiree-medical fund by more than half, two of the people said. The bond offer may disclose what portion, if any, of U.S. loans would be converted to equity, one person said.
–the flintstones car at the new york international auto show–
Breaking from WSJ on CNBC Chyron…
This is in addition to GM CEO Fritz Henderson commenting bankruptcy more likely…
they are really putting the hammer down on the bondholders..were I they, I would NOT cut a deal, I would wait for my bankruptcy judge, but the pundits say a MI bankruptcy judge will be under HUGE political pressure to wipe the bondholders out anyway…
say hello to Nancy Pelosi and Henry Waxman’s Little Friend..a Flintstone mobile, perhaps all we will be allowed to purchase until they reinvent the wheel..
We will then get sued by people behind us as our feet produce a cloud of dust they can claim MIGHT somehow damage them as a pollutant…
Courtesy of sateaparty:
Promo Video for the San Antonio Tea Party – April 15th, 2009. http://www.sateaparty.info
Tea Party website here
San Antonio, TX
When: April 15, 6:00pm – 8:00pm
Venue: Raymond Russell Park UPDATE: THE ALAMO!!!!!
Boerne, TX April 15 5:00 – 7:00 p.m.
Boerne Main Plaza (corner of Main and Blanco Streets)
Breaking: Senate passes $410 Billion Omnibus…Amendment to save DC Vouchers fails….Sessions e-verify amendment fails…
Update; Looks like Alexander voted yes, Wicker MS, Murkowski AK, Bond MO, Cochran (R-MS), Shelby (R-AL), and the usual suspects,
Snowe (R-ME), Specter (R-PA),
Collins,R- ME, VOTED NO!! so did Dems Baygh of Indiana (our pick for HRC VP), and Feingold WI, McCaskill MO of all people voted nay, but Reid got the MO GOP senators to vote aye to cover her axx,
The Corner has it. Also Amendment votes:
Update: Sen. Jeff Sessions’ (R-Ala.) amendment on e-verify also came very close — it was tabled on a 50-47 vote. By contrast, the amendment to save the District of Columbia’s Opportunity Scholarship program was soundly defeated.
The cloture vote will be available here in a few minutes.
What total hypocrites the Obamas are if they let those kids at Sidwell lose their vouchers when their own daughters attend that school and Teh One had a scholarship to an exclusive Hawaiian Prep School which just today he credited for having given him the ability to hold his office…. and I have to believe Obama could have called Durbin of all people his former co Senator of Illinois and had him table the bill…just wrong..
Airtime: Mon. Mar. 9 2009 | 11:50 AM ET
Mad Money host Jim Cramer CNBC’s Erin Burnett.
Cramer stands by his call on Obama Bear Market
Vodpod videos no longer available.
Meanwhile back at the ranch, GM is in danger of bankruptcy still and looking for another bridge loan up at the WH, I would say they were lookin for love in all the wrong places, ask Canada, less strings….
We need a heavy manufacturing base in this country, but I doubt Pelosi, Waxman and Team Obama will give us what we need….
I am positive I heard Rick Wagoner humming Zeppelin..Oh will you excuse me I’m just trying to find the bridge… Has anybody seen the bridge?
(The Crunge is not on youtube so how about Over the Hills….)
General Motors on Thursday said its auditors had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.
The “going concern” warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process.
The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by President Obama that it can be made viable with a new round of government help.
Are you ready for your Homermobile designed by Waxman and Pelosi?
Update 2: Centrist Dems argue over bill changes as Durbin tries to limit cramdowns to ‘exotic subprime loans” only at banks request…..Housing: House Bankruptcy Cramdowns/judicial modification bill
UPDATE: AP and El Rushbo just reported Moderate Dems having closed door dispute with Speaker and Bill Sponsors over how this cramdown legislation will affect currently struggling homeowners..if this doesnt help anyone but EXOTIC Subprime loans, then it is a STUPID people rescue or the Irresponsibility Act of 2009 and really if you listen to things Robert Reich said about making sure the stimulus jobs dont go to white engineers, then you start to question what social engineering they are doing here…
CALL YOUR CRITTERS FOLKS
A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.
It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.
The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.
This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.
But banks want to go much further, restricting the bill only to subprime or other exotic loans.
Centrist House Democrats who have been working closely with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.
In the House, Rep. Ellen Tauscher, D-Calif., the head of the business-minded New Democrat Coalition, raised concerns during the private session that the measure omitted help for homeowners who aren’t staring at bankruptcy but are buckling under burdensome mortgage payments.
House leaders said they had postponed a vote until Tuesday to give Democrats time to meet with Obama’s housing secretary, Shaun Donovan, about how the measure fits with his housing plan.
“There’s an equity question here,” said Rep. Ed Perlmutter, D-Colo., another member of the coalition. “The discussion has got to be, what’s the benefit to the guy next door who is struggling to pay the bills, is paying the bills and isn’t filing for bankruptcy?”
More clips from the Speaker
LIVE ON CSPAN
Expected to vote on this today
Here is what the Critters have been up to this morning:
Continues after the break