Nancy Pelosi–“Bankruptcy is Not An Option”–Socialist Stickup of American Taxpayers!

Posted on December 4, 2008. Filed under: Blogroll, Economics, Employment, Energy, Investments, Law, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Taxes, Technology, Video | Tags: , , , , , , |

Big Spender

 

 

“Democracy must be something more than two wolves and a sheep voting on what to have for dinner.”

~James Bovard, Lost Rights. The Destruction of American Liberty (St. Martin’s Press: New York, 1994), p. 333.

 

Auto industry bailout – are we bailing out GM or UAW?

 

Reid/Pelosi Press Conference On Auto Bailout

 

FOX: DeMint Explains Opposition to Auto Bailout

 

Romney To Big 3: Fold

 

No More Bailouts!!!


 

 

Bankruptcy, Not a Bailout, Is a Better Option for Automakers

 

The Federal Government should not bailout or make billion dollar loans to any business, no matter how big.

No business is too big to fail or go bankrupt.

Bankruptcy is always an alternative.

Thousands of businesses go out of business or file for bankruptcy every day.

Thousands of new business start operations every day.

Congress has no Constitutional role to be lender of last resort to bailout or loan money to businesses that are losing money.

The primary reason the Democratic Party and Nancy Pelosi say that “bankruptcy is not an option” is that if the auto companies file for Chapter 11 bankruptcy, than the auto companies will ask that all contracts, including labor contracts between the auto company and the union be cancelled or amended and new terms and conditions negotiated.

The IAW opposes this and is pressuring Congress, namely the Democratic Party, to bailout the auto companies to prevent General Motors, Ford and Chrysler from filing for bankruptcy.

The IAW has been a major contributor of money and labor to get out the vote for the Democratic Party for many years.

The auto companies bailout is a political payoff by the Democratic Party to save the IAW.

The American taxpayer is not a lender of last resort whereby Congress loans money to companies that have failed in the market for whatever reason including Federal government regulation and higher taxes.

I will vote against any Senator, Congressional Representative, and Presidential candidate that votes for any bailout of any company, state, or local government.

Ban Bailouts!

 

“It is interesting to observe that in the year 1935 the average individual’s incurious attitude towards the phenomenon of the State is precisely what his attitude was toward the phenomenon of the Church in the year, say, 1500. … it does not appear to have occurred to the Church-citizen of that day, any more than it occurs to the State-citizen of the present, to ask what sort of institution it was that claimed his allegiance.”

~Albert Jay Nock, Our Enemy, the State, c. 1935 (Delavan: Hallberg, 1983), p. 34.

 

ABBA- Winner Takes It All

 

 

http://www.youtube.com/watch?v=LbJBvOKLh-A&feature=related 

 

Background Articles and Videos

 

48% Say Failure of GM Best for the Economy

“…Nearly half of U.S. voters (48%) say it is better for the economy to let companies like General Motors fail rather than providing government subsidies to keep them in business.
Thirty-five percent (35%) believe it’s better to subsidize their continued existence, according to a new Rasmussen Reports national telephone survey. Seventeen percent (17%) are undecided.

Sixty-four percent (64%) of Republicans and 60% of unaffiliated voters say it’s better to let troubled companies like GM fail, compared to 26% of Democrats. Fifty percent (50%) of Democrats think it’s better to subsidize them, but just one-quarter of GOP and unaffiliated voters agree.

Fifty-three percent (53%) of investors say it is better to let companies like GM fail, compared to 38% of non-investors.

In a survey last week, 46% of Americans opposed a government bailout for the Big Three automakers.

http://www.rasmussenreports.com/public_content/business/general_business/48_say_failure_of_gm_best_for_the_economy

Pelosi Says Bankruptcy by Automakers ‘Not an Option’

“…U.S. House Speaker Nancy Pelosi said she believes either Congress or the Bush administration will step in to aid domestic automakers because bankruptcy is “not an option.”

“I believe that an intervention will happen,” Pelosi said at a briefing in Washington. “Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option.”

Pelosi said Congress will either approve new loans for the auto industry or the Bush administration will provide funding through the $700 billion financial-markets rescue plan approved by Congress last month. …”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBR5nQbuo1bU

 

Chapter 11, Title 11, United States Code

“Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals with unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00 as of April 1, 2007.

“…When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either chapter 7 or chapter 11. In chapter 7, the business ceases operations and a trustee sells all of its assets and distributes the proceeds to its creditors. In chapter 11, in most instances the debtor remains in control of its business operations as a “debtor in possession”, and is subject to the oversight and jurisdiction of the court.[1] The court can grant complete or partial relief from most of the company’s debts and its contracts. Sometimes, if the business’s debts exceed its assets, then at the completion of bankruptcy the company’s owners all end up without anything; all their rights and interests are ended and the company’s creditors are left with ownership of the newly reorganized company. …”

“…All creditors are entitled to be heard by the court which is responsible for determining whether the plan of reorganization complies with the purposes of the bankruptcy law and provides for fair and equitable treatment of all parties in interest.

Some contracts, known as executory contracts, may be rejected if canceling them would be financially favorable to the company and its creditors. Such contracts include labor union contracts, supply or operating contracts (with both vendors and customers) and real estate leases. The standard feature of executory contracts is that each party to the contract has duties remaining under the contract. In the event of a rejection, the remaining parties to the contract become unsecured creditors of the debtor.

Chapter 11 is reorganization, as opposed to liquidation. Debtors may “emerge” from a chapter 11 bankruptcy within a few months or within several years, depending on the size and complexity of the bankruptcy. Debtors in Chapter 11 have the exclusive right to propose a plan of reorganization for a period of time. After that time has elapsed, creditors may also propose plans. Plans must satisfy a number of criteria in order to be “confirmed” by the bankruptcy court. Among other things, creditors must vote to approve the plan of reorganization. If a plan cannot be confirmed, the court may either convert the case to a liquidation under Chapter 7 or, if in the best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to nonbankruptcy law in order to satisfy their claims. …”

http://en.wikipedia.org/wiki/Chapter_11

 

Auto bailout bill up to $34 billion; White House “not ruling” it out

By Michelle Malkin

“…Cha-ching. Cha-ching. Cha-ching. The bill for the auto bailout expanded from $25 billion to $34 billion today. Groveling is hard work!

Here you go:

The heads of struggling auto giants General Motors, Ford, and Chrysler reappeared on the Hill yesterday to make their case anew. This time, they came more prepared. The most ambitious business plan proposed was by General Motors, the world’s largest auto company, currently teetering on the verge of collapse. It set out a plan to recapture revenue through deep cuts—including slashing 20 percent of its jobs, shutting nine factories, and trying to reduce pay through talks with the United Automobile Workers union.

Along with a more structured plan, however, the Big 3 also had an even bigger request: $34 billion in loans, compared with the $25 billion they’d asked for two weeks ago.

If you weren’t already feeling Scrooge-y, here’s the White House refusing to rule any bailout in or out: …”

http://michellemalkin.com/2008/12/03/auto-bailout-bill-up-to-34-billion-white-house-not-ruling-it-out/

 

Nancy Pelosi Press Conference Dec 02, 2008

 

Pelosi: Give Us A Reason

 

Inside Look: Opposing the Auto Industry Bailout

 

Jim Lacamp on Kudlow & Co November 18, 2008

 

Bailout: Two paths to take

Inside Look: Bankruptcy, Bailout, or Bust?

 

Related Posts On Pronk Palisades

Democratic Party Payoff: Barney’s Bailout Bill for the United Auto Workers (UAW)

Auto Company Bailout On Saturday Night Live–SNL

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Paulson Lied–Economy Died or Bailout Bolshevik Bureaucrats Corrupt Capitalism Credit China

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Defeat the Cram Down Bullshit Bailout Bill: Emergency Economic Stabilization Act of 2008

Bailout Bill vs. Rescue Economy American People (REAP) Law

The American People Want A Full Meal Buffett Deal–Not A Bailout!

Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

ACORN–Association of Community Organizations for Reform Now–Obama’s Red Shirts 

Thomas Sowell and Conflict of Visions–Videos

Unconstrained Obama vs. Constrained McCain: A Conflict of Visions


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5 Responses to “Nancy Pelosi–“Bankruptcy is Not An Option”–Socialist Stickup of American Taxpayers!”

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interesting posts.. by the way, i cannot load some of the photos… is it happening to me only or the rest of the readers?

AUTO BAILOUT OPTION

Please consider this option for the auto bailout. This will make Congress look like heroes to the American taxpayers and help the auto manufactures.

The auto manufactures would be able to sell 2.5 million vehicles which would keep people employed and the taxpayers would get a benefit from the bailout money which came out of their paid in taxes.

Instead of just giving the auto manufactures $34 billion dollars for a bailout, give each person who filed an income tax last year and made less than $100,000.00, a government voucher for $20,000.00 to be used toward the purchase of a new American made vehicle.

I’m not sure exactly how many people would fall in this category but the figures could be adjusted. Vouchers could be only good for the original holder and the car dealers would have to verify with the federal government that the voucher presented to them was truly sent to the person trying to use it and the vehicle would be titled in that name.

The $20,000.00 cap would keep sales targeted toward the smaller, more energy efficient models.

It is a win-win situation.

The majority of the American people including business owners oppose any bailout.

Congress is the problem not the solution.

Both the subprime loan crisis and the “mark to market” regulations are the fault of Congress, mainly the Democratic Party.

The auto companies should go into Chapter 11 bankruptcy–the sooner the better.

Consumers not Congress should determine what kind of cars they want to buy with their own money.

Economists call it consumer sovereignty:

http://en.wikipedia.org/wiki/Consumer_sovereignty

Most of the people in Congress have never started or run a business.

Congress has no Constitutional role in financing or running a business nor telling consumers what to buy with their own money.

Congress should not be telling the American people what kind of car or truck to buy including size, mileage and price.

Congress should mind its own business and follow the Constitution.

Buy your own car with your own money. Stop depending on government–there is no free lunch.

The Federal government should have no role as to which car you buy.

When it comes to cars, I buy them new and keep them for at least ten years or longer.

I have owned two cars, one from Buick and the other from Ford, and they were both crap in terms of needing repairs after three years. I paid for each car twice, once when I bought it and again in repair bills.

I will be buying a new car in the future and the car will be either a Toyota or Honda, either a new Camry or Accord. I am also considering a used Toyota Avalon or Lexus GS.

I will not be buying either a GM or Ford car until the reliability, quality, and price are a reality.

This will be in at least another twenty years, if ever.

The global auto industry has excess capacity and plants need to be closed.

Those companies that cannot compete will be closing plants or going out of business.

Very few companies or businesses last for 100 years.

Once great companies such as GM and Ford have lost in the market place.

Bankruptcy or liquidation is what they face–stop the nonsense in Congress.

Just say no bailout loans. Ban bailouts.

I favor the FairTax with a prebate:

What is the FairTax?
The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including:

A progressive national retail sales tax.
A prebate to ensure no American pays federal taxes on spending up to the poverty level.
Dollar-for-dollar federal revenue neutrality.
Repeal of the 16th Amendment through companion legislation.

http://www.fairtax.org/site/PageServer

The Federal Income Tax is so complicated, that nobody understands it and we are wasting time filling out tax returns.

Linn,

You are the first in reporting a problem with downloading images.

People are downloading one or more photos or images daily from my blog.

I might have copied an image directly to a blog post I was writing instead of first uploading to my blog’s image archive and then inserting the image in the post.

Thanks for the heads up.

[…] Nancy Pelosi–”Bankruptcy is Not An Option”–Socialist Stickup of American Taxpayers! […]


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