Those of us who are sometimes discouraged by Obama’s, well, odd choices for Cabinet & other top jobs, should just chill & think back six weeks when we still had a prospective President whose stated role model was Joe the Plumber (or Sam the Scab or whatever that guy’s name is), and who didn’t have and would never get the first clue about how to negotiate an economic compromise.

The Constant Weader at http://www.RealityChex.com

He was talking about “bankruptcy” and how the “bonds” are selling. Cerberus Capital and the BushCo pals (doesn’t Poppy Bush also have the Carlyle Group involved here) like former Treasury secretary John Snow and Dan Quayle will, according to Miller, benefit from the bankruptcy. This article seems to be saying the exact opposite! I am totally confused now.

Can anyone explain this story and determine if it’s true? http://sify.com/finance/fullstory.php?id=14815112

By Robert Farago
November 6, 2008

The following analysis was sent to TTAC by a New York City bankruptcy lawyer who wishes to remain anonymous. It’s twice as long as our usual editorial, but I think you’ll find it’s well worth your time. Thanks to you-know-who-you-are.] Cerberus Capital, a highly secretive NYC-based vulture investment fund, wants the U.S. government and taxpayers to bailout its failed investment in Chrysler and its failing investment in GMAC. Its partner in this raid on the US Treasury is General Motors, a woefully insolvent automobile manufacturer whose CEO is paid $40k each day. Here’s why a bailout for GM and/or Chrysler is a bad idea.

Background

Cerberus Capital uses hedge funds as the vehicles in which to invest in various companies. Apparently, the hedge fund known as Cerberus Series 4 is the owner of an 80 percent interest in Chrysler and a related fund owns or controls a 51 percent interest in GMAC. Not surprisingly for a company known for its secrecy, Cerberus has not disclosed which entities actually own the interests in Chrysler and GMAC, has not disclosed what fees Cerberus has taken or accrued from its investments, and has not disclosed what severance payments would have to be made if GM actually acquired Chrysler. For example, would Chrysler CEO Bob Nardelli get another big payday if he’s cut loose in a merger? The interrelationships among GMAC, Chrysler Financial, Cerberus and other entities are also a well-kept secret.

http://finance.yahoo.com/q/bs?s=GM

Yesterday, on one of the news channels, I saw a piece about a potential new form of energy from water with some other common elements like salt.

Sounds like warm piss to me.

Does anyone have a rough idea, or even a way to find out, how much in the way of federal, state and local taxes went to entice foreign manufacturers to set up plants in “their” area? Would or would that not be considered a subsidy for foreign auto manufacturers?

To me, it sees GM is asking for a one-time subsidy whereas foreign manufacturers have been sucking at the tax teat for quite a while, pardon the expression.

250,000 units of production will be cut during the first quarter of 2009.

DETROIT, Mich. (WXYZ) – General Motors has confirmed another round of production cuts.

GM announced that 20 assembly plants in the United States, Canada and Mexico will drastically reduce production. 250,000 units of production will be cut during the first quarter of 2009.

Some of the plants will be idled for one to two weeks, while others will be idled for five weeks or more.

The announcement of more cuts comes after a bill to provide $14 billion in emergency aid was rejected in the Senate late Thursday night.

GM has already announced it would lay off 2,000 workers at plants in Orion Township, Lordstown, Ohio, and Oshawa Ontario due to the financial crisis.

Meantime, GM is waiting for word on whether the White House will step in to help prevent the collapse auto industry.

http://www.wxyz.com/news/local…..HW6ew.cspx