I Want That Job

Although it hasn’t been finalized, it appears we taxpayers are going to make a 17-20 billion dollar loan to try to keep the American automobile manufacturers in business. Unlike the bailout of Wall Street, this one has some conditions attached. It will be called a bridge loan, and a repayment plan is to be negotiated with the borrowers, and might mean the firing of G.M.’s CEO, Rick Wagner. Somehow, if that happened, I think he will wish congress a Merry Christmas by telling them to please notice the mistletoe under his coat tails as he departs. He is young, handsome and rich, and will get along just fine on the millions he has made with GM. This morning, when asked at a press conference if he was going to resign, he said, “After all I have been through, do you think I would leave now!” This man is a tuff guy with a great attitude.

I was certainly impressed by the G.M. management team that accompanied him. Sharp, well educated and trained car guys who are really trying to take this company back toward its former glory.

Anyway, it appears congress want to appoint a car zar to oversee all this. That’s the job I want, and would be able to start immediately. Just a modest salary, and the ability to appoint a few relatives as assistants.

Car Zar! Wow, doesn’t that sound impressive? There probably isn’t that much to do, except be briefed daily on what was happening. Maybe I could get Governor Rod Blog of Illinois to get me the appointment.

After all. I used to work for three different divisions of G.M, was general manager of a metropolitan G.M. dealership, then later became the president of a couple of banks which were successful. I am used to hearing from the executives of G.M. at many different levels, although it was always from the top down. I was always willing, though never asked, to tell their management what to do, although some of my suggestions were physically impossible. Sounds like a good match to me! I could start immediately, but might have to work from home till it warms up in Michigan, or, of course, use one of their corporate jets to commute.

May I use you as a reference?

One thing I thought was great at the press conference, was, when asked if he thought G.M. could possibly match the quality of foreign made automobiles, Chairman Wagner, said, “Just get behind the wheel of a new Chevrolet Malibu, and you will have the answer!” Pretty brave, and good for him! By the way, I must admit I have never been behind the wheel of a new Malibu, but after that, I would certainly like to try it.

Later

Government $700M Bailout

700 Billion=$700,000,000,000.00!

How could we be in the hole that much? Could the brokers on Wall Street have possibly have made such huge blunders? They almost pulled it off in the 80’s, when the public picked up the tab on the S&L mess, only $92 billion that time, and we thought that was bad.

The crisis back in those days was caused by lack of regulation, and although some banks went under, not ONE CENT of public money went to save any bank or its customers. The FDIC had the funds to cover losses up to $100,000.00 of bank customers without going to any government agency! FDIC was completely funded by banks, but in order to save S&L customers, the FDIC funds were raided. and still the system was solvent.

Now, in this situation. the greediest of the greedy are being allowed to go so far as to ask the public for a complete bail out, without any penalties, except for the price of stock of some of the brokerage firms they manage!

It just isn’t right, my friends, it just isn’t right. Local banks are in grave danger. As usual, the regulators are making matters worse by over-regulating, and in so doing, they have brought the housing and small commercial building business to almost a complete stop! One of the biggest problems is how utterly complicated these problems and their proposed solutions are for most of us to understand.

More to come.