Twofer Tuesday: Twilight Zone style for Nancy Pelosi who tells Charlie Rose ‘a VAT tax is on the table’

Golden Earring courtesy of lin1968

It’s official, Nancy Pelosi is in the Twilight Zone. She told PBS last night a VAT tax is on the table (The Hill):

Pelosi, appearing on PBS’s “The Charlie Rose Show” asserted that “it’s fair to look at” the VAT as part of an overhaul of the nation’s tax code. “I would say, Put everything on the table and subject it to the scrutiny that it deserves,” Pelosi told Rose when asked if the VAT has any appeal to her.

The VAT is a tax on manufacturers at each stage of production on the amount of value an additional producer adds to a product.

Pelosi argued that the VAT would level the playing field between U.S. and foreign manufacturers, the latter of which do not have pension and healthcare costs included in the price of their goods because their governments provide those services, financed by similar taxes.

“They get a tax off of that and they use that money to pay the healthcare for their own workers,” Pelosi said, using the example of auto manufacturers. “So their cars coming into our country don’t have a healthcare component cost.

Gee, wonder why Nancy is raising AUTO MANUFACTURERS, the PENSION LIABILITIES and a VAT TAX now? Could it be b/c GM has ALREADY BURNED THROUGH THE 50B in taxpayer dollars and the UAW cannot meet their pension obligations? Could be rabbit could be…

“Somewhere along the way, a value-added tax plays into this. Of course, we want to take down the healthcare cost, that’s one part of it,” the Speaker added. “But in the scheme of things, I think it’s fair look at a value- added tax as well.”

Pelosi said that any new taxes would come after the Congress finishes the healthcare debate consuming most lawmakers’ time, and that it may come as part of a larger overhaul to the tax code.

Everyone got that? As soon as they are done ramming healthcare through they will lay a VAT tax on our axxes. Everyone is registered to vote for 2010 right?

Twilight Zone mashup courtesy of FatherMcKenize:

“The segments of intro divide the different seasons. All episodes are in order in which they first aired (instead of production order), I believe, except Occurrence at Owl Creek Bridge which is purposely put last, just because I thought it was more climactic at the end (I’m used to seeing it at the end of the Zicree guide also!)”

October 6, 2009. Tags: , , , , , , , , , , , . Entertainment, Fantasy, Horror, Music, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense. Comments off.

GM Plants to close…MI, TENN, DE, OH….

1/3rd of GM hourly workers fired with our 50B investment….

WSJ:

General Motors Corp. said Monday it will shutter 17 factories and parts centers by the end of 2011 as part of its plan to restructure under Chapter 11 protection.

The list includes seven factories in Michigan and plants in Ohio, Indiana and Tennessee. Two of the closures had been previously announced, including a castings factory in Massena, N.Y., which closed May 1. Three of the facilities to close are parts centers, and three factories could reopen if market demand rebounds.

The move was expected after GM cut a deal last month with the United Auto Workers as part of its effort to smooth the company’s path through bankruptcy. About 20,000 factory jobs — more than one-third of GM’s U.S. hourly work force — are slated to go under the auto maker’s plans.

The closures also include assembly plants in Orion and Pontiac, Mich., Spring Hill, Tenn., and Wilmington, Del. Stamping plants in Grand Rapids and Pontiac, Mich., Indianapolis, and Mansfield, Ohio, will close. Powertrain factories in Livonia, Flint and Willow Run, Mich., and Parma, Ohio, will close. One idled factory will be converted to a small-car plant where GM will build a subcompact.

SUB compact, as in smaller than a compact???, good grief, maybe TOTUS will give out cars with food stamps cuz I cant see anyone  buying a SUBcompact….

June 1, 2009. Tags: , , , , . Big 3, Economy, Finance, Obama Administration, Politics. Comments off.

WSJ: Govt will provide massive additional financial aid to GM

We have already given GM 19 billion….

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May 26, 2009. Tags: , , , , . Big 3, Economy, Finance, Labor Department, Obama Administration, Politics. Comments off.

Update – GM on the Brink – Bondholders turndown equity/debt exchange- Hourly Buyout Offer 140k- Bloomberg

Bondholders Steer GM’s Fate – GM is Offering Bondholders 10% Stake for $27 Billion in Debt (Bloomberg News)

At the end the analyst notes the promise not to strike til 2015 by GM, since they will be running the company I can see how a strike would be somewhat awkward….

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Bondholders turned down the IMO insulting offer on the debt/equity exchange

…”The participation (in the bond exchange) is very small,” one of the sources said. “Everyone realizes this is going to bankruptcy court.”

Most of the bondholders expect GM to file for bankruptcy some time between the expiration of the tender offer and before June 1, the sources said….

…The UAW agreed to take 17.5 percent of common stock in a restructured GM, a person familiar with the terms told Reuters. The union would also be paid $6.5 billion in preferred stock and would be granted a $2.5 billion note….

…As part of the plan, GM will offer buyouts to all UAW employees. Workers with 20 years or more will be offered $115,000 and a $25,000 voucher toward purchase of a new GM vehicle…

Hanging by a Moment – Lifehouse

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May 26, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Music, Obama Administration, Politics. Comments off.

Chrysler: Government Motors, the Prequel: Glenn Beck- Sweet Deal…

Glenn Beck explains what you’re getting from Chrysler rescue plan

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May 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Economy, FDIC, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized. Comments off.

BREAKING: CNBC: SEC filing shows GM considering 100 to 1 Reverse Stock Split; exchanging debt for shares, Government would own 50% of the company…

Breaking on Fast Money Chyron: Terms of GM Swap not finalized, but govt would own over 50% of shares, Reverse split would be part of deal with Treasury (Argh Matey!) to swap GM Debt for shares…..

as Jeff Macke just said our Government is making up rules as they go along

for the folks still holding GM shares or debt Macke nailed it again: Abandon Hope All Ye Who Enter Here

Pirates all right, in the WH and Treasury….

May 5, 2009. Tags: , , , , , , , , . Big 3, Economy, Film, Finance, Obama Administration, Politics, Popular Culture, Uncategorized, Wall St. Comments off.

You Belong to Me: The Chrysler Files: Senior non-Tarp Lenders fight back, file motion citing Radford ruling…

Video Update with extended clip of the interview with Thomas Lauria in MI this weekend courtesy of MM who has it covered in detail at her place:

Clip courtesy of PaulFVillareal2:

(5.1.09) — This audio comes courtesy of The Frank Beckmann show on WJR 760 AM Detroit. Visit WJR here:
http://www.wjr.net/

And visit Beckmann’s personal page on the WJR site here:
http://www.wjr.net/Sectional.asp?id=6552

HA!!!!! HA!!!! Thank GAWD they are fighting back!!!!! Absolutely frakkin A right! The attorneys for the bondholders MUST WIN or American contract law is dead IMO and with it, the influx of capital to America that has always made us strong, would YOU lend your money to ANY American business if Team TOTUS can arbitrarily rule by FIAT going forward?, ha ha pardon the pun had to do it

Good song for this one is YOU BELONG TO ME, not to UAW or Uncle Sam to the Senior Bondholders!

Via HA, here is the pdf of the motion filed by Case & White (Thomas Lauria) on behalf of the Senior non TARP lenders of Chrysler who will FIGHT and NOT GO QUIETLY INTO THAT DARK NIGHT! A nice summary here under 17., of the easy peasy ruling this should be and the precedent:

17. Finally, that the Treasury Department would take these unconstitutional actions to help the United States address difficult economic times is not an answer. Indeed, the same justification was expressly rejected in Radford, where Justice Brandeis noted that a statute which violated secured creditors’ rights, but which was passed for sound public purposes relating to the Great Depression, could not be saved because “the Fifth Amendment commands that, however great the nation’s need, private property shall not be thus taken even for a wholly public use without just compensation.” Id. at 602.

May 4, 2009. Tags: , , , , , , , , , , , , , . Big 3, Economy, Finance, Music, Obama Administration, Politics, TARP, Uncategorized, Wall St. 1 comment.

Senior Creditors Statement on Chrysler..

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Airtime: Thurs. Apr. 30 2009 | 8:08 AM ET

Senior creditors are set to make an announcement on Chrysler, stating their offer has been flatly rejected or ignored, reports CNBC’s Maria Bartiromo.

Oppenheimer, Stairway Capital and 19 other firms statement on Chrysler ….they made an offer last night and were rejected through the TARP Banks the TOTUS Car Czars would not even negotiate directly with these SENIOR holders of debt…..

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April 30, 2009. Tags: , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Taxes, Uncategorized, Unemployment Statistics, Wall St. Comments off.

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