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Tulsa's own version of Cliff Clavin called in this morning to claim that Chapter 11 does not allow you to shake off bad debt. As usual he offered nothing to support his claim, blowhards seldom do. That call was followed by an accountant with some expertise in the area. The accountant informed us that Cliff was wrong again! Big surprise!
Maybe Cliff ought to put down the beer and put on some reading glasses and get informed!
Allowing the companies to go into bankruptcy is what should have been done from the start. As with multiple businesses such as airlines that have succesfully emerged from Chapter 11 bankruptcy, debts could be discharged and the companies could be restructured in bankruptcy court.
The Obama administration, wading deeply into the U.S. auto industry, is weighing a fix for General Motors Corp. and Chrysler LLC that would divide their "good" and "bad" assets and send the auto makers into bankruptcy to purge their biggest problems.
The potential move would transform two companies that have helped define U.S. industrial power over the past century. Following the ouster of GM Chief Executive Rick Wagoner, it would represent one of the biggest-ever government incursions into private enterprise.
And it would be fraught with political risk and controversy for the Obama administration, now that it is becoming clear that government involvement in the operations of GM and Chrysler will dwarf that of any other company receiving U.S. aid.
Among other things, a bankruptcy filing could hurt GM's unionized work force, angering a key Democratic constituency. The plan also exposes the administration to criticism that it is being tougher on GM and Chrysler than the banks that have repeatedly gotten government cash. Read the rest of the WSJ article HERE.
Here is what Bush or Obama could have done if they really wanted to save Detroit.
White House Auto Bailout a Recipe for Failure
Written By: Sam Kazman and John Berlau
Published In: The Competitive Enterprise Institute
Publication date: 12/19/2008
Publisher: The Competitive Enterprise Institute
Sam Kazman, General Counsel of the Competitive Enterprise Institute, issued the following statement on the White House bailout plan for car manufacturers:
“Today’s White House auto bailout represents both the continuation of a hand-out strategy that has proven worthless, and a missed opportunity to free the auto industry of a needless burden. What the President should have done was to lift the federal fuel economy standards on the grounds of economic practicability, similar to the government’s rollback of these standards in the late 1980s. The new standards have been estimated to impose a $50 billion R&D burden on the industry over the next five years. They could have been suspended at zero cost to taxpayers.
“Such a suspension would end up benefitting not only the auto industry, but consumers as well—by expanding the availability of new car models, minimizing R&D-induced price increases, and, most importantly, reducing the traffic deaths attributable to the vehicle downsizing promoted by the Corporate Average Fuel Economy (CAFE) regulations. The only obstacle to suspending CAFE is the holy-grail nature of fuel economy mandates among many politicians and environmentalists. It’s a pity that the President couldn’t muster up the courage to challenge that view in this time of crisis.”
Additionally, John Berlau, director the Competitive Enterprise Institute’s Center for Entrepreneurship, points out the economic impediments created by existing antitrust law:
“The deal does nothing to remove government impediments to what could be the most effective step for the auto companies to avert a collapse: a merger between Chrysler and General Motors. Experts have said that even in the companies’ dire straits, antitrust laws may serve as severe obstacles to a merger, based on outdated methods of measuring market ‘domination.’ The Detroit News reported that a merger review would take at least a year, effectively putting it off the table. If the government really wanted to make the companies viable, they would immediately suspend antitrust rules to allow a merger to take place.”
CEI is a non-profit, non-partisan public policy group dedicated to the principles of free enterprise and limited government.
In the first hour, we talked about President Obama's announcement regarding the auto industry bailout. Plus, reaction to the decision to ask the GM CEO to step down and forcing Chrysler to merge with Fiat.
In the second hour, more about the President's plans for GM and Chrysler. Plus, a visit with KFAQ's John Gibson talking about the news of the day.
In the third hour, I was joined by Eric Adams, with Men's Health Magazine, talking about the article "Flirting with disaster - Why men cheat and how to prevent it." Also, more of your thoughts on President Obama's plans for GM and Chrysler.
Online Links From Today's Show
Men's Health Magazine Online
In the first hour, we talked about the big flap over alleged video of Ashley Biden doing drugs. Does it really matter? Also, a visit with David Silver, auto analyst with Wall Street Strategies, talking about Obama's automaker bailout plan.
In the second hour, I was joined by inspirational author and speaker, Jim Stovall, talking about how we are all in sticker shock. Also, a visit with Pastor Bill Scheer with Guts Church, talking about Servolution Tulsa.
In the third hour, I was joined by OK Senator Randy Brogdon, talking about his concerns about the stimulus money that appears to have to many strings attached. Also, the Lebron James phenomenon.
Online Links From Today's Show
Wall Street Strategies Website
Jim Stovall's Website
A "friend" of Vice President Joseph Biden's daughter, Ashley, is trying to hawk a videotape that he says shows her snorting cocaine at a house party this month in Delaware.
The guy who shot the video showed the New York Post about 90 seconds of the 43-minute tape as proof he had it. The video was taken legally and apparently Ashley knew she was being filmed.
The video shows a 20-something woman with light skin and long brown hair taking a red straw from her mouth, bending over a desk, inserting the straw into her nostril and snorting lines of white powder. The woman looks like Ashley Biden, but it hasn't been confirmed that it is.
The guy who shot the video was hoping to sell it for $2 million... now he's willing to take $400,000.
Story
RELATED: Peddler's Lawyer, QUITS
Apparently, the video that supposedly shows Vice President Joe Biden’s daughter Ashley snorting cocaine was shot with a hidden camera.
And RadarOnline.com reports that the lawyer trying to peddle the tape while representing the man who shot it has quit.
(Tom Dunlap, an attorney for the Washington, D.C. firm Dunlap, Grubb and Weaver has dropped the seller of the tape as a client.)
The lawyer said that he is no longer involved in the attempted sale of the video and informed his client he would not continue to represent him. The lawyer said he did not want to be involved due to circumstances surrounding the publicity of the matter.
Source 2
Although I'd love to jump ugly all over "Plugs" Biden the reality is that his daughter is 27 she's an adult, she is reponsible for this not Papa Joe. -PC
Family of Irving 'Bud' Feldkamp, Owner of the Nation's Largest Privately Owned Abortion Chain, Dies in Montana Plane Crash
MEDIA ADVISORY, Mar. 24 /Christian Newswire/ -- Some of you may have seen the major news story of the private plane that crashed into a Montana cemetery, killing 7 children and 7 adults.
But what the news sources fail to mention is that the Catholic Holy Cross Cemetery owned by Resurrection Cemetery Association in Butte - contains a memorial for local residents to pray the rosary, at the 'Tomb of the Unborn'. This memorial, located a short distance west of the church, was erected as a dedication to all babies who have died because of abortion.
What else is the mainstream news not telling you? The family who died in the crash near the location of the abortion victim's memorial, is the family of Irving 'Bud' Feldkamp, owner of the largest for-profit abortion chain in the nation. MORE
That's U.S. Senator Jim Inhofe. He wants to hire me & Elvis to do some yard work. As you can see we dressed for the occasion.
In the first hour, we talked about "head games" played by doctors when they have no idea what's really going on. Also, a visit with Van Hipp, Chairman of American Defense International, talking about President Obama's proposal to send more troops to Afghanistan. And, Does Satan exist???
In the second hour, I was joined by Fox's Vatican analyst, Father Jonathan Morris, talking about the existence of "Satan". Also, calls for Oklahoma Governor Brad Henry to turn down the stimulus money.
In the third hour, I was joined by Tom Gresham, with KFAQ's Gun Talk, talking about the chatter from the Obama cabinet that American guns are fueling violence on the Mexican border. Also, an announcement from President Obama on his plans for Afghanistan and Pakistan.
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