After skillfully managing the bailout of GM and throwing billions of dollars in taxpayer money at it, our man Timmy (Geithner) has told GM to prepare for bankruptcy:
General Motors Corp. is believed to be preparing to file for bankruptcy by June 1 after being directed to plan for a filing by the U.S. Treasury Department, according to a report Sunday in the New York Times.
The Times, quoting unidentified sources, said the Treasury Department has directed officials at General Motors to lay the groundwork for a “surgical” bankruptcy filing that could last as short as a few weeks for portions of the company. Those portions would be the “good” parts of the company, and the “less desirable” parts of the company would remain in court for much longer and possibly be liquidated, according to the Times.
One has to wonder who gets to determine what the “good” parts are, but that said, if the following is true, it won’t be GM’s present “health care obligations”.
The parts of GM that may get bogged down in a lengthy court restructuring or liquidation include the “unwanted brands, factories and health care obligations,” sources said in the report.
That should fire up the UAW. The union won’t be the only one who isn’t going to be happy with an attempt to rush through a GM bankruptcy.
A report in the Wall Street Journal on Sunday said that any attempt at a “quick” bankruptcy for GM could face legal challenges from bondholders of the company.
As they have every right to do — but it certainly isn’t going to make the bankruptcy either surgical or short. My guess is the bondholders are realizing that pirates aren’t only to be found off the coast of Somalia.
You want pithy, here’s pithy – from Gerald Warner of the UK Telegraph, speaking of the recent European foreign policy tour by President Obama:
President Barack Obama has recently completed the most successful foreign policy tour since Napoleon’s retreat from Moscow.
And that’s the opening line. Couldn’t help it – deep belly laugh in reaction to it. As you’ll discover, Warner is not an Obama fan. RTWT.
[HT: Scott Jacobs]
Anne Scott Tyson, at the Washington Post, seems to have the low-down on how the mission to rescue Captain Phillips went down.
The pirates apparently were growing increasingly agitated with the situation and were making threats when they made a fatal mistake and gave SEAL snipers 3 targets at once. Feeling that Captain Phillips life was in imminent danger, the on-scene commander called the shot and the snipers took all three of the pirates out.
Okay and well done. But there seems to be a whole bunch of spin on both sides as to what role Obama played. The left seems bound and determined to spin this as some sort of “military victory” which proves Obama has stones of steel and the right seems equally as determined to deny him any credit for the rescue, claiming it was the “on-scene commander” who made the decision.
Look – Obama was most likely briefed and asked for the go ahead to use both the military and lethal force if the situation called for it. He gave his approval for both. I doubt he tried to tell them what tactics to use or how to carry out the rescue. Instead he allowed those on the scene to make that determination. His concern was Phillips and resolving that situation in a way that the captain was rescued unharmed. By approving the use of lethal force, he made it clear he had no concern for the final disposition of the pirates and placed no constraints on the military in that regard, assuming the main mission – rescuing Phillips unharmed – was accomplished.
Great – that’s what he should have done.
But a “military victory”? It was a hostage situation – albeit on the high seas with lots of drama. But at its foundation, it was no different than a situation the local sheriff finds himself in with a domestic disturbance gone bad and hostages held in a house. The reason the national command authority and the military were involved at all is because the situation developed on the high seas in international waters. But at base, it was a run-of-the-mill hostage situation that law enforcement deals with routinely without presidential input.
So? So Obama did the right thing (at the right level of visibility) and so did the military. The situation was resolved. To the right – Obama did a good job. Get over it and understand that it wasn’t his job to “call the shot.” He gave the on-scene commander, through his authorization to use deadly force, the latitude to make that call himself without seeking further permission.
To the left – this was no more a “military victory” than was Ruby Ridge or Waco. Quit trying to make it more than it is. If you think popping 3 rag-tag pirates is going to be interpreted by Iran or North Korea as a demonstration of our military might, you’re dreaming. Obviously, had it gone bad, it would have reflected badly on the US. However it didn’t (thankfully). But it proves nothing more than in the situation presented – a hostage situation – we were able to resolve it to our advantage. That’s good and it reflects well on us. But a “military victory”? For heaven sake, get a clue.
In this podcast, Bruce, Michael, Bryan, and Dale discuss the Maersk Alabama Piracy conclusion, President
Bush’s Obama’s military and terrorism policies, and the poll that found only 52% of Americans beleive that Capitalism is superior to Socialism.
The direct link to the podcast can be found here.
The intro and outro music is Vena Cava by 50 Foot Wave, and is available for free download here.
As a reminder, if you are an iTunes user, don’t forget to subscribe to the QandO podcast, Observations, through iTunes. For those of you who don’t have iTunes, you can subscribe at Podcast Alley. And, of course, for you newsreader subscriber types, our podcast RSS Feed is here. For podcasts from 2005 to 2007, they can be accessed through the RSS Archive Feed.
Call in number: (718) 664-9614
Yes, friends, it is a call-in show, so do call in.
Subject(s): Pirates! The real kind and the one’s administering TARP. And we’ll also discuss the Rasmussen poll about capitalism and socialism.
Some form of strange aquatic life, not native to the coast of Somalia, helped Captain Richard Phillips escape his pirate captives. He’s now safe aboard the USS Bainbridge.
The pirates? Not so good:
The American captain of a cargo ship held hostage by pirates jumped overboard from the lifeboat where he was being held, and U.S. Navy SEALs shot and killed three of his four captors, according to a senior U.S. official with knowledge of the situation.
You knew it was coming – you just wondered when.
My guess is remaining pirates will now immediately go to remedial flag identification class and learn the difference between the US flag and the flag of Panama.
Is it driven by fear?
Jonathan Turley, writing in the Washington Post, says that much of the West is becoming increasingly intolerant of certain speech.
But now an equally troubling trend is developing in the West. Ever since 2006, when Muslims worldwide rioted over newspaper cartoons picturing the prophet Muhammad, Western countries, too, have been prosecuting more individuals for criticizing religion. The “Free World,” it appears, may be losing faith in free speech.
Among the new blasphemers is legendary French actress Brigitte Bardot, who was convicted last June of “inciting religious hatred” for a letter she wrote in 2006 to then-Interior Minister Nicolas Sarkozy, saying that Muslims were ruining France. It was her fourth criminal citation for expressing intolerant views of Muslims and homosexuals. Other Western countries, including Canada and Britain, are also cracking down on religious critics.
Tolerance, it seems, is only reserved for speech which praises tolerance. If, instead, the speaker is intolerant of things for which the state believes they should be tolerant, there is no tolerance.
Heh … yeah, fairly convoluted but it certainly appears to be the case. And, of course, not all religions are equal in that regard. Speak of Islam or Muslims as Bardot did in France and face charges. Say similar things about Christianity, and expect your speech to be greeted with … tolerance.
There’s a movement within the UN to ban religious defamation. It is backed by such paragons of religious freedom as Saudi Arabia. Imagine the fate of someone like Christopher Hitchens should such a resolution pass – it would certainly limit his ability, and most likely his desire, to travel, unless he’s willing to risk being jailed in some backwater theocracy for blasphemy and the defamation of religion.
As it turns out, it doesn’t even have to be a backwater theocracy for that to happen any more:
While it hasn’t gone so far as to support the U.N. resolution, the West is prosecuting “religious hatred” cases under anti-discrimination and hate-crime laws. British citizens can be arrested and prosecuted under the 2006 Racial and Religious Hatred Act, which makes it a crime to “abuse” religion. In 2008, a 15-year-old boy was arrested for holding up a sign reading “Scientology is not a religion, it is a dangerous cult” outside the organization’s London headquarters. Earlier this year, the British police issued a public warning that insulting Scientology would now be treated as a crime.
And, of course, you remember the infamous Canadian Human Rights Commission “trail” of Mark Steyn and Ezra Levant for daring to speak ill of Islam.
And, of course, this caught my eye in Turley’s article:
No question, the subjects of such prosecutions are often anti-religious — especially anti-Muslim — and intolerant. Consider far-right Austrian legislator Susanne Winter. She recently denounced Mohammad as a pedophile for his marriage to 6-year-old Aisha, which was consummated when she was 9. Winter also suggested that Muslim men should commit bestiality rather than have sex with children. Under an Austrian law criminalizing “degradation of religious doctrines,” the 51-year-old politician was sentenced in January to a fine of 24,000 euros ($31,000) and a three-month suspended prison term.
No doubt, then, this is just fine by the Austrians. After all, it is merely the implementation of the “religious doctrine” they feel compelled to protect by suppressing free speech:
A Saudi judge has refused for a second time to annul a marriage between an 8-year-old girl and a 47-year-old man, a relative of the girl told CNN.
The most recent ruling, in which the judge upheld his original verdict, was handed down Saturday in the Saudi city of Onaiza, where late last year the same judge rejected a petition from the girl’s mother, who was seeking a divorce for her daughter.
Why should Austria say nothing about this?
“We hear a lot in the media about the marriage of underage girls,” he said, according to the newspaper. “We should know that Sharia law has not brought injustice to women.”
That’s right – because pointing out this outrage against children would be considered a “degredation of religious doctrine” and the Gestapo state would prosecute you and put you in jail.
It’s a sad day for free speech when speaking out against blatant child abuse and, more likely, pedophilia, can be considered a crime punishable by jail, isn’t it?
In fact, it is a sad day for free speech when – in the name of “tolerance” and “acceptance” for things which have never been tolerated or acceptable in Western culture – speech is suppressed and punished.
But here we are.
Earlier in the week I pointed out that the Obama administration was defending their assumed right to continue the wiretaps they so roundly condemned when the Bush administration did them.
And, of course, we all remember the consistent condemnation by candidate Obama of Guantanamo Bay and the denial of habeas to prisoners there as a horrible denial of rights.
Of course that was then and this is now, and it appears what was considered a principled stand now appears nothing more than election year rhetoric.
The Obama administration said Friday that it would appeal a district court ruling that granted some military prisoners in Afghanistan the right to file lawsuits seeking their release. The decision signaled that the administration was not backing down in its effort to maintain the power to imprison terrorism suspects for extended periods without judicial oversight.
But that was a mortal sin when BushHitler was in charge, wasn’t it?
As Insty reminds us:
Yeah, it’s as if all that talk about the evil power-grabs of the Bush Administration was just insincere electioneering. What made those power-grabs evil, in Obama’s eyes, wasn’t that they were power-grabs. It was that they were by the Bush Administration.
This is, at least to me, an example of the entitlement mentality which has been fostered in this country:
When the woman who calls herself Queen Omega moved into a three-bedroom house here last December, she introduced herself to the neighbors, signed contracts for electricity and water and ordered an Internet connection.
What she did not tell anyone was that she had no legal right to be in the home.
Ms. Omega, 48, is one of the beneficiaries of the foreclosure crisis. Through a small advocacy group of local volunteers called Take Back the Land, she moved from a friend’s couch into a newly empty house that sold just a few years ago for more than $400,000.
Michael Stoops, executive director of the National Coalition for the Homeless, said about a dozen advocacy groups around the country were actively moving homeless people into vacant homes — some working in secret, others, like Take Back the Land, operating openly.
The entitlement mentality is further enabled by morally misguided groups that confuse legitimate civil rights concerns with outright theft:
In addition to squatting, some advocacy groups have organized civil disobedience actions in which borrowers or renters refuse to leave homes after foreclosure.
I have some empathy for those who find themselves in a situation where they are forced from their homes because they can’t afford to pay what they agreed to pay (and I’m especially sympathetic to those who have children). But I cannot condone activities which assume a “right” to something they don’t own. And I certainly don’t define actions to secure what isn’t rightfully theirs as “civil disobedience”.
It’s theft. Property rights are a fundamental building block of a free society. Allow the subversion of those rights and the society won’t be free for long.
And groups and “community organizers” that encourage such subversion or enable the thieves are accessories to theft and should be treated as such.
Instead, they’ll most likely receive federal “stimulus” money.
How does one pound on CEOs and their perks when the same person (who has just run up record deficits and signed a 410 billion pork bill) indulges himself in this sort of waste of the taxpayer’s money?
When you’re the president of the United States, only the best pizza will do – even if that means flying a chef 860 miles.
Chris Sommers, 33, jetted into Washington from St Louis, Missouri, on Thursday with a suitcase of dough, cheese and pans to to prepare food for the Obamas and their staff.
He had apparently been handpicked after the President had tasted his pizzas on the campaign trail last autumn.
I assume Fightin’ Joe Biden will be calling him out on this. And Al Gore will be lamenting the pizza with the huge carbon foot print.
This is what I mean when I smack this guy around for lack of leadership. This is a classic case study of how not to lead. He still doesn’t seem to realize that a real leader leads by example, not by decree.