First Bernanke then Paulson speaks about helping mortgagees.
During all of this Nardelli of Chrysler was forced to grovel in public for the measly fee of about $14 billion.
The net result was at the end of Motors being grilled by our beloved clueless legislative, the Dow once again regurgitated.
What a difference between how Washington treats Wall Street and Main Street. Wall Street gets the silk glove treatment while Main Street gets the hob nail boot directly in the ass. Talk about irony. The blue collars are the salt of the earth and foundation of this country.
Where was Senator Shelby of the Banking Committee when the bailout of $8.5 trillion was embarked on for financial entities? Senator Shelby said screw Motors but never said screw the banks who also have a crappy business plan. You think the banks are now clear of all busted OTC derivatives? Like hell they are.
Now that this slippery road of bailouts has been taken, not helping Motors get to 2009 is going to result in millions more out of work when you deluge, not trickle, down the line to suppliers, auto retailers, used auto sales and general economic perspective.
The executives of the motor companies, according to markets, are weaklings. The legislative is clueless, Paulson is without market respect and Bernanke is simply ignored.
Not helping Motors will land Obama with a totally insolvable economic problem that will tank his Administration before it even starts.
The dollar is DEAD but simply does not know it yet.
What a mess. God help us all.
Truth Be Known:
Hyper-inflation is a currency event – not a velocity of money or economic activity motivated occurrence.
Gold is a currency , not a commodity. Gold was a perfect currency at $248 and will be so at $1650.
UN team warns of hard landing for dollar
By Harvey Morris in New York
Financial Times, 1 Dec 2008
The current strength of the dollar is temporary and the US currency risks a hard landing in 2009, according to a team of United Nations economists who foresaw a year ago that a US downturn would bring the global economy to a near standstill.
In their annual report on the world economy published on Monday, the economists said the dollar’s sharp rebound this autumn had been driven mainly by a flight to the safety of the international reserve currency as the financial crisis spread beyond the US.
The overall trend remained a downward one, however, reflecting perceptions that the US debt position was approaching unsustainable levels. An accelerated fall of the dollar could bring new turmoil to financial markets.
"Investors might renew their flight to safety, though this time away from dollar-denominated assets, thereby forcing the US economy into a hard landing and pulling the global economy into a deeper recession," the report said.
Publication of the annual survey by the UN’s Department of Economic and Social Affairs, its trade organisation Unctad and UN regional bodies, was brought forward by a month in the light of the financial crisis. It was launched in Doha to coincide with the UN-sponsored development financing conference in the Qatari capital.