National deficit, in trillions of dollars.
I don’t care what party you are in, GOP, Socialist, Democrat or Green. It is not smart to run up debt bills like this. Look how the debt accelerates when Pelosi got the card in 2007! At some point, you have to say, “Cut up that #@*&%! credit card.” If you can’t afford it, you can’t afford it.
In this case it is Pelosi first, then the pres. that cannot be trusted with this credit card. They both ought to get taken out behind the proverbial woodshed to either cut up the credit card or immolate it in a fiery ritual and for good measure, trample on a picture of that guy in the Ditech.com commercial.
This cannot be good. The GM bailout deal breaks down and the feds end up with majority ownership of a bankrupt firm?
Somebody has to be running a scam.
DETROIT (AP) — A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.
GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company’s stock had failed. GM has received $19.4 billion in federal loans….
The government’s stake in the company originally was to be 50 percent, according to GM’s regulatory filings. But it now could be as high as 69 percent.
GM says debt-for-equity offer to bondholders falls short; bankruptcy filing almost certain
DAN STRUMPF, TOM KRISHER
AP Auto Writers
9:42 AM EDT, May 27, 2009
And I have no expectation that the president will be able to run an automobile manufacturer.
What a mess. At this point, it is so badly mucked up that it is not even partisan, though definitely political. In other words, not even the ACORN and the ACLU can benefit from this mess.
Posted in domestic