"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson

What do woodchucks have in common with the big 3 automaker CEOs?  Those CEOs have sent socialist politicians to pick woodchuck pockets clean of the scrap metal cash they've been lucky enough to earn.  So the socialists in Congress want to be in the auto business and they want me to pay for it, or else!  Or else?  This was the theme of the hearings broadcasted live on CSPAN. 

At the Senate Banking Committee hearings with the big 3 CEOs, Chrysler CEO Bob Nardelli was set up by Tennessee Republican Senator Bob Corker to admit that when they idle an auto plant they have to continue paying their employees 95% of their wages even though they aren't working.  Sen. Chris Dodd (D-Conn.) chairman of the Senate Banking Committeee commented that taking care of their employees during such an economic downturn was simply the right thing to do.  Say wha?  With whose money?  Oh yeah, my money! 

It would be interesting to see a panel of business/economics professionals analyze the hard assets of the auto companies and arrive at recommendations with no preconditions of politics and/or limitations such as bancruptcy. Such an independent panel focused without emotion and political loyalties could serve the taxpayers.

Obviously the taxpayers can't trust the elected politicians given the betrayal they received in the current wall street bailout. At least the framework of recommendations received from an  independent panel would force the CEO's into modifying their rhetoric toward meaningful and quantifiable goals. At present they deceptively resemble the silent Salvation Army rep ringing the bell in front of Walmart.   The displays of arrogance and entitlement of these auto CEOs at the Senate Banking Committee hearings was surreal.    These guys just ooze sleaze. 

I'm looking through the fog of negotiating their ability to exist as 3 separate entities. The fact that they are all in the same condition confirms they do not serve any cause of competition in present form. I think this realization is widely accepted by politicians. This realization prevails even after full consideration of their obvious loyalty to Union Labor exchanged through campaign contributions and votes. Thankfully it's the Democrats that rule Congress at this time so all accusations of party politics per Union Busting are foundless.

Bridging economic downturns isn't a motivation to invest my money, quite the opposite. It's clear to me that these companies are bancrupt. The reasonable approach for me would be to pursue strategies to build one company from the hard asset residuals after bancruptcy protections. Debtholders would be served by efficient transferrence of real property to a remaining credit worthy company. Shareholders don't deserve anything beyond shareholder equity. By definition they never do.

The strategic management and Union management can only be forced into this process. It would require massive amounts of "good faith" of both management and Union reps to be proactive. Good faith between Management and Union is just another intangible asset which is also bancrupt. There's no reason to politely pretend it exists. Like children refusing to take their medicine, they will have to be forced into bancruptcy. This will be done through forced fiscal alignment in short order unless the Democrats betray the will of the taxpayers.

I believe Ford will emerge a leader in this process very soon if these child CEO's (especially that brat Wagoner) are sent home to think about what they've done. It's obvious to me that only Ford's CEO Mulally has the stomach and business opportunity to compete when the economy climbs back on the horse. My personal opinion of Chrysler CEO Bob Nardelli is that no more despicable creature has ever brushed by my life. He would do well for himself to run for political office.  

No Government intervention into the automaker's bancruptcy is warranted.  Let them fall, collect some scrap.  There is no valid philosophical justification for socialism.  No valid philosophy can't be practiced to the nth degree.  Socialism practiced to the nth degree is communism.  The only difference being that communism is established by military force, and socialism by vote.  The end result is identical.  Altruism remains the philosophy of death sacrifing the individual to the collective.  I am not an altruist. 

Woodchuck Pirate

It's a worthwhile endeavour to learn about the market and it's relationship with the economy. Through diligent research most people reach the conclusion that politicians are no more responsible for what happens in the economy and market than roosters crowing are responsible for bringing up the sun.

Business cycles reveal that the troughs are owned by the peaks. There can be no peak without a correction, no bull run without a bear. The severities of the cycles and their causes are widely debated, but never without political bias. The analyses are concocted to propogandize one candidate's claim over another.

Deficit spending and tax manipulations capture the interest of citizens effectively to stir faith in what their candidate tells them. No candidate ever owns up to the ill effects of the business cycle downturn. When a politician claims that their party is responsible for the economic prosperity and claims the other party is responsible for the economic downturn, they are feeding you lies. One would have to be beyond gullible to believe there is a convenient handoff of control to avoid responsibility. The realization that an ever expanding consumptive economy isn't sustainable is a core element of simple living. Government cannot control the economy and cannot control the market. The economy and the market and all it does is directly the responsibility of individual economic consumption. It's all your fault, the good and the bad.

Government can introduce fraud, corruption, moral hazard, and exacerbate the money supply with longterm practices such as spending every penny of social security tax immediately upon receipt, thereby ensuring crises such as the implosion of social security in the near future. However will Democrats who controlled Congress for 49 years own up to causing the implosion through spending the social security taxes instead of safeguarding them all those years? No.

And what of all the contraction in discretionary spending of those social security taxes now as the cost of medicare shifts their allocation from repairing roads and bridges to treating the growing population of the elderly? The business cycle is exacerbated without the cash flow it relied upon if it isn't replaced.

How will Democrats replace the social security tax spending? With taxes? Or have the Federal Reserve print money out of thin air? Will you afford them no accountability for the economic burden of these strategies while praising them for the short term prosperity? Why then praise Bill Clinton for the economic prosperity during his presidency if the business cycle was influenced by the deficit spending of Ronald Reagan?

Ronnie was the king of blank checks, until the wall street bailout which was supported by more Democrats than Republicans. And if anything is clear from this bailout it's that not one politician showed leadership in the process. Rather they hung Christmas ornaments upon the Federal Reserve's plan and screwed the taxpayer. Is this what Democrats and Republicans call leadership and stewardship of the economy and market?

The claims and crowings of these rooster politicians are easily picked apart by due diligence in objective research. But only by those who truly care. The rest are worshiping in blind faith at the altars of liberalism (the national religion) or trickle down economics. Neither of those Churches represent the interest of the nation. Imagine what 700 billion could have bought on main street. Then objectively look at what the Democrats and Republicans did with your money. Yep, it's a real beauty. No wonder most people retreat into blind faith.

Woodchuck Pirate