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WyBlog, the best thing about New Jersey since the invention of the 24 hour diner.
Chris Wysocki
Caldwell, NJ
The nine most terrifying words in the English language are "I'm from the government and I'm here to help." - Ronald Reagan
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Technorati and Me
Technorati is indexing me again! They had to make a code change to fix the problem with my blog getting stuck in their queue. Kudos to Eric M. and the guys at GetSatisfaction.com where they have "community powered support for Technorati".
Well, they're "sorta, kinda" indexing me anyway. It's on a 24 hour tape delay or something. So I never get picked up by Memeorandum because they pull from Technorati and Technorati has stuff I posted yesterday listed as my latest blog entry. And that's old news to Memeorandum.
Wankers.
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Recent headlines from my Posterous Blog:
Wednesday, 09 September 2009
The taxpayers lost their shirts on the auto bailout
Barack Obama "invested" $81 billion dollars of your money in Chrysler and GM. That money will never be repaid. (h/t Memeorandum)
The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.
The prospect of recovering the government's assistance to GM and Chrysler is heavily dependent on shares of the two companies rising to unprecedented levels, the report said. The government owns 10 percent of Chrysler and 61 percent of GM. The two companies are currently private but are expected to issue stock, in GM's case by next year.
The shares "will have to appreciate sharply" for taxpayers to get their money back, the report said.
For example, GM's market value would have to reach $67.6 billion, the report said, a "highly optimistic" estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008.
Yes folks, it's another "we goofed" moment for the Obama Administration. They paid more for GM than it was worth at the height of the market. Those days are long gone. We'll be lucky to get back 10 cents on the dollar.
But the UAW (United Auto Workers union) is fat and happy. Our "investment"
was really a bailout of their pension plan. That $81 billion has ensured
that every current, former, and future UAW member will be guaranteed a fat
juicy pension and essentially free health care for life. Even UAW members
who haven't been born yet (they joined the job bank while still in the
womb!) will make out better than you or me.
Posted at 11:04 by Chris Wysocki
[/obama_watch]
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