Archive for finance

When Repiglicans are right, they’re right…

Posted in Uncategorized with tags , , , , , , , , , , , , on November 17, 2008 by unvarnishedtruth

...And Sarah Palin doesn't believe in dinosaurs!

And today they’re right, and the Democrats, most of them, including Obama, are dead wrong.

Hard-core GOPers are wondering exactly what the fuck General Morons and Ford (Found On Road Dead; Fix or Replace Daily) and Chrysler are going to do with another infusion of cash that will be any different from the countless infusions of cash they’ve already blown to hell.

Really, guys, what’s different this time?  Are you going to kill another electric car or Saturn concept after spending tens of billions developing it, in favor of cheap and easy pickups and 4x4s?  Are you going to spend billions of taxpayer dollars lobbying for weaker and weaker mileage and pollution mandates while you cry about the “unfair advantage” the Japanese have over you because…because…I dunno, because they build more efficient, better-made, more interesting and innovative vehicles?

Why should we throw more taxpayer money at you?  Why another dime? When times were good, you said the upside should be unlimited and no one should be penalized (in the form of extra taxes) for being “too successful.”  That was the free market economy at work, plain and simple, and if it benefitted some people disproportionately well that’s Capitalism, red white and blue.  But now the shoe’s on the other foot, and you’re crying to the government with your hand out, ready to accept Socialism.  What happened to that free market philosophy?  Is it a little harder to swallow when it goes against you?

So this Republican reluctance to flush money down the toilet is commendable.  Don’t give me this horseshit about we won’t give the dough to them without “strict oversight.”  Don’t we always hear that, whether the target of taxpayer generosity be savings institutions, insurance brokers, or carmakers.  Exactly what changes?  Not much.

Detroit hasn’t learned to be competitive in 30 years.  When was the last American model people really got excited about?  The kind that overturned conventions and signaled a true fresh start, not just in hype but for real?  The last I recall is the Taurus–back in the mid 80s.  It was, for its time, very innovative (even if much of the “innovation” was stolen from European design) and it sold well, and deservedly so.  But since then the U.S. auto industry, except for heavy trucks and even sometimes there, has laid one egg after another after another.  The biggest laugh it most recently gave me is when it introduced the Ford 500.  I immediately quipped that it was called that because that’s about how many they’ll sell.  Turns out, if you check the stats, I wasn’t far off.

Is it short-sighted and greedy management?  Fat and stupid workers?  Corrupt and power-crazed unions?  Answer: all of the above.  Everyone’s guilty—there’s no hero to this sad and epic saga, though the unions, the workers and the management honchos are all hoping there will be a deus ex-machina in the form of a bailout.  I love the argument industry leaders are giving: the failure of even one of the automakers (no one has the nerve to even call them The Big Three anymore) will disrupt thousands of lives, obliterate satellite businesses, destroy communities, cause massive unemployment.  Funny how they never advanced that argument when they off-shored countless jobs to Mexico and Guam (and got tax-breaks for doing it!), when they took their supersized profits in good times out of the community and often out of the U.S. period.  They did more in the last three decades to destroy community than Congress, by clamping down on bailouts at this point, could ever do.  Suddenly they are concerned about the communities!

They all deserve to go down, all of them.  Don’t tell me hundreds of thousands will be displaced in the country’s rust belt.  They would already have been displaced a quarter century ago if this country were operating on true free market Capitalism like it advertises instead of “soft-Socialism for Big Businesses,” which is the reality (and which Alexis de Tocqueville in many ways warned us about 150 years ago).

Hey, “Big” Three, nobody wants your vehicles!  Your sad sales wouldn’t even be half as good as they are if you subtracted fleet and rental car sales you force feed to dealers at below cost just so your books will look better than they are.  Do you know GM rents parking lots just so it can put up aging cars dealers can’t sell, no matter how much they lower the price?  Those cars are just sitting there rotting away.  Whom do they rent the space from?  Toyota.

Republican Senator Jon Kyl (R, Arizona) said just today: “The business model of the Big Three automakers, all experts have agreed, is a failing model. It’s got to be changed. Just giving them 25 billion dollars doesn’t change anything. It just puts off for six months or so the day of reckoning.”  Thank you, sir.  I like you more than your senior fellow senator—you know, the unbalanced guy who likes to start every sentence with, “My friends…”

United Auto Workers union chief Ron Gettelfinger today urged Congress not to allow the car makers to slide into bankruptcy protection.  “This industry is in a crisis situation not of its own making,” Gettelfinger said in an interview Sunday with The Wall Street Journal.  Ha, that’s a fucking laugh.

Gettelfinger went on: Without immediate aid at least one of the three leading US auto makers would file for bankruptcy, which also would likely cause the demise of other auto parts suppliers, dealerships and related businesses.

Good! Let’s get this show over with and get over the pain so we can get on with strategies for either rebuilding what little industry we have or finding something else to do with the real estate.  How will postponing the death with more chemotherapy make the patient any healthier, the pain any less intense when the end comes?

It’s bad enough we bailed out the big money lenders.  Instead this Christian nation should have done to the banks what Christ did when he entered Herod’s Temple–overturned those institutions violently and let the debris scatter where it may.

That’s true free market Capitalism, folks.  Remember, as the chicken-hawk draft-dodgers like to say loudest, freedom isn’t free.  It comes at a price.  That means free markets too.  Decisions have consequences.  Or, to put it more simply, what goes up, must come down.  Often with a big thud.

Happy landing.


Paging John Law…

Posted in Uncategorized with tags , , , , , , , , , on October 5, 2008 by unvarnishedtruth

"Hey, it's only paper..."

That’s the name I keep hearing in my head as I read about the government’s nifty bailout plan.

I’m glad we’re cracking down on career criminals…

Posted in Uncategorized with tags , , , , , , , , on September 28, 2008 by unvarnishedtruth

Rob a store (with a gun):

Your home


Rob a country (with a ponzi scheme):

Your home


Remember the clowns who wanted to privatize Social Security………..

Posted in Uncategorized with tags , , , , on September 22, 2008 by unvarnishedtruth

………….and invest it with these guys because private enterprise is always the best way to go?