GM, The Hummer, Bernanke and More... My Two Cents Worth

Once again, and much to the delight of the blogosphere, this week's headlines have provided a sea of opportunities for all those of us that like to give our two cents worth.

Before I even had a chance to get my first cup of coffee on Monday, various news outlets were already reporting that GM had officially filed for chapter 11 bankruptcy protection. Not surprised, I was. Not surprised at all. For the last few days, if not weeks, the word on the street was that this was inevitable. This was just a matter of time and it would happen sooner rather than later.

Shouldn't had this been done before we gave GM all those gazillions of dollars? What will happen to that money? Any bets on this? Will we ever see this money again? I'm not a betting man, but I put my money on "not".

What did this bailout accomplish? Nothing! Nada! Silch! Zero! Just a waste of money and time. We have Saturn in our back yard. Middle Tennessee is a state of shock. Representative Bart Gordon (D) of TN's Sixth Congressional District supported the bail out because it would save "all those jobs", although when the time came to cast a vote, he was no where to be found.

Has anyone else noticed how quiet the unions have been this week? Nothing to say, I guess. Will they be taking care of all those union members that loose their jobs? Or will they be added to the State's unemployment rolls? Governor Bredesen of TN already said that he's going to add people to the Unemployment service to hand deliver the unemployment checks to the auto workers so they don't have to travel to the unemployment office to get their check? What's up with that?

Speculation as to what would take place was the talk of the day. Which lines would survive, which would be sold, which would just disappear. Talks of possible buyers for Hummer, SAAB and Saturn were making the rounds.

On Tuesday, GM announced that it was in negotiations with a Chinese company, Sichuan Tengzhong Heavy Industrial Machinery Company. Reports speculate that a mere $80 million is the price tag for the Hummer Brand. I say "mere" because in the whole scheme of things that's a drop in the bucket.

So I have a few questions: Where will the new Hummer be built? Will they take production to China or use present facilities? Will the American people support a Chinese built automotive? If to be sold in the United States, will they have to abide by the new and improved fuel efficiency standards imposed by the administration? Will a Hummer ever run on 45 mpg? Will the government give Hummer an exemption to these standards in order to make the "deal" with the Chinese possible? If exemptions are made, will other vehicles get same exemption?

And what about the Humvee? Will the military version of the Hummer be made in China? The Pentagon says not a chance

With the nationalization of GM and Chrysler how will Ford fare? The government makes the rules for auto manufacturing, they'll have to make the rules to favor GM and Chrysler so Ford will have to follow. What will happen to Ford if this does happen?

So many questions, so little space.

Last Friday the Øbama administration sided with the Saudi Royals against the 9/11 families lawsuit. In a nutshell what this means is that the 9/11 families cannot sue in U.S. courts the Saudi Arabians for their part in the attacks of September 11. Nice going chief! The Saudis over your own American people.

This week he traveled to the land of his roots. This was all just a little to calculated for me.

And finally, this week's "Einstein Award For Brilliance" goes to Federal Reserve Chairman Ben S. Bernanke for declaring to the House Budget Committee that "large U.S. budget deficits threaten financial stability and the government can’t continue indefinitely to borrow at the current rate to finance the shortfall". No? Really?