Fitz919

The Most Significant Green Shoot Starts to Wilt

Consider all those closed car lots where cars used to be sold. If the property wasn't owned by the ones selling the cars, then there is now a lease on that property that isn't getting paid. Therefore there is another layer of trouble...Commercial real estate, and ultimately banks will take another hit. There is also the county that won't be getting any property tax revenue. I don't know of any place that isn't struggling with their budgets right now. Schools are taking big hits, programs are being cut, teachers are being layed off, all while Obama says the stimulus will "Green-fit" schools.

I ofcourse recognize the fact that the auto industry's business model doesn't produce a profit. The idiots at GM sold most of GMAC Financing to Cerberus when GMAC was the only thing that made any money. Inspite of the companies losing money, the UAW seemed to always get their raises. Well the UAW's gravy train is over...they're getting common shares...LOL. What they don't seem to realize is that they have to sell those shares to pay the benefits to retired workers.

These guys should have been in real bankruptcy back in November. Now they are in Obama's Twisted Bankruptcy. It's twisted because Obama is twisting arms, so that the outcome is exactly the way he wants it, and the bankruptcy judge, and the law are both irrelevant.