I’ll be shocked and amazed if this isn’t some sort of ruse to trick everyone to get short, only to crush them later on with some last minute, back of the envelope fuckery.
As of now, foreign markets and U.S. futures are decidedly negative. Should Obama do the right thing and let GM go bust, the market will be funnier than a suicide bomber, dressed as a banana, inside of a munitions factory— run by a bunch of gay guys in gorilla costumes.
Developing…
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Way too much uncertainty for GM to maintain the gains that have been made over the past week or two. Why doesn’t that fuck ask the GM union head to quit too?
FAIL.
http://www.cnbc.com/id/29950420
there will most certainly be back of the envelope fuckery. some bullshit like F getting tax money to buy GM assets or china using their moon-sized pile of cash to buy everything, thus being able to finally rename their ‘chery’ brand to ‘chevy’.
Yeah, it will be messed with, but I think we will see a good sell off before the messing starts.
Keep your eye on the dollah.
Hollah!
____________
NO WAI. The Chart Addict, thanks, the beginning of that link is crazy-important.
The Obama administration autos task force Monday rejected the turnaround plans of General Motors and Chrysler LLC and warned both could be put through bankruptcy to slash debts.
That means that the bondholders may get raped. Yeah, that would set off some panic in the corporate bond markets and send yeilds shooting to shark-loan-land.
I want to see these fuckers in bankruptcy court before I believe in that last part. Too much back and forth going on for months now.
SRS to the moon:
http://www.newsday.com/business/ny-bzmall2812594563mar28%2C0%2C1079473.story
what a stunning surprise. i think obama will Do the Right Thing this time. even dunkin donut coffee drinkers are against bailing out gm, and chrysler. they should have never gave them money to begin with. they should have offered DIP financing and guaranteed all warranties.
This has nothing to do with the auto sector.
Another smokescreen to shift attention away from the banks and the latest shenanigans, as reported at zerohedge.com
It never ends, this fuckery.
ibankammo.com
Obama in DO THE RIGHT THING, PART 2.
Directed by Spike Lee
In Theaters everywhere tomorrow.
I love this line:
“Aides note that Obama inherited the auto mess from his predecessor, President George W. Bush.”
So when does this prick step up and be president and stop making excuses?
It’s so tired.
never. Obama inherited George Washington’s mess.
He inherited the “white mess.”
I love double entendres’es.
How can they possibly operate in bankruptcy? To get the union monkey off their back they have to cease operations for 2 years, correct? A couple of sites show their pension plan is actually overfunded. Others sites are dubious.
There will be a huge cascade of bankruptcies by auto suppliers. Good times.
George Washington was a Chinese mole. I read it on the internet.
i find it hilarious that the futures are down over 2% on shocking news that some banks need more aid and gm/chrysler are failures. i’m just mad i sold all my srs at the close.
nice buy Fly.
NO, it’s not about that… it’s about a former community organizer thinks he can dictate the future of GM and get rid of the CEO no matter how much he deserved to go.
Obviously GM wasn’t producing green cars under Wagner.
This is great:
“In an effort to bolster consumer confidence, Obama planned to announce government backing of warranties for GM and Chrysler vehicles. An administration official said there is no price tag yet associated with that promise.”
you wouldn’t need to “bolster consumer confidence” for warranties if they weren’t going to declare bankruptcy…
Don’t need warranties if people don’t buy the cars anyway.
It has been leeked. Pelosi came up with the answer…
http://www.youtube.com/watch?v=rAqPMJFaEdY
I hope I’m wrong, but GM going bust will pull down the suppliers that and hanging on by their fingernails, and mark the beginning of the next leg down of the economy. I’ve got no idea if this is priced in to the markets.
Honestly why should anyone give a shit if GM goes to Chap 11. We already know they’re done for. Furthermore the plants aren’t going anywhere and someone will simply buy them at a cheap price and the process starts again. The bondholders become the new equity holders. that’s all.
Big deal.
There’s no way the O’man is walking away from the carmakers, that’s his constituency. It’s just posturing.
——————
Here’s something about the banks.
This entire Geithner thing could become a circus.
This entire bank/ Washing ton thingi is becoming a circus.
The Congress put pressure on he account the body (the FASB) to change the rule book aon market to market threatening the body that would remove the power to make changes:
Four days after U.S. lawmakers berated Financial Accounting Standards Board Chairman Robert Herz and threatened to take rulemaking out of his hands, FASB proposed an overhaul of fair-value accounting that may improve profits at banks such as Citigroup Inc. by more than 20 percent.
The changes proposed on March 16 to fair-value, also known as mark-to-market accounting, would allow companies to use “significant judgment” in valuing assets and reduce the amount of writedowns they must take on so-called impaired investments, including mortgage-backed securities. A final vote on the resolutions, which would apply to first-quarter financial statements, is scheduled for April 2.
Now the concern is that the banks will want to hold onto their position and the Geithner plane won’t go so well as the banks will be reluctant to let go of their positions.
The bulls will spin this ‘doing the right thing’, thing .. and Cramer and his exorcist spinning bobble head, says it isn’t too late to sell … me thinks we will bounce somewhere .. no elevator shaft today
McFly,you actually think that this is a plan by the gov’t to INTENTIONALLY screw stockholders?! That’s pretty cynical, even for you.
BTW, here is some more crap to place under the “IBankCoin” title:
IBankCoin:
–can retire anytime it wants.
–finds you amusing.
–has a degree in everything relevant.
–has been to Area 51.
–predicted the crash of ’29.
–wants for nothing.
–will not be ignored.
–compels you.
–is a very good driver.
–is worth every penny.
–has had enough of your incessant whining.
–bows down to no man.
–is 100% organic and hormone-free.
–is too busy to return your calls.
–is all in.
–is calling your bluff.
–will beat it out of you.
–will try anything once, in fact iBC once experimented with homosexuality in college but didn’t care too much for it.
–stares death in the face.
–is the cornerstone of our civilization.
swatter
Two problems:
is 100% organic and hormone-free.
–will try anything once, in fact iBC once experimented with homosexuality in college but didn’t care too much for it.
No one would want to be involved with a site where the owner devours organic and hormone free food and had gay tendencies in college.
You need to provide some real evidence with these two as they’re unpardonable.
Juice..you are the Mr.Costanza of IBC.
Auto suppliers going to fall like leaves and the spiral continues. Banks are probably shy what another 10% on the Legacy Years. Really this GM thing is crazy shit. Obama trying to beat the full court pressure.
mrkcbill
Could you patiently explain something to me… say Gm goes into Chap 11. What will happen is that bondholders will come down a notch into equity… It won’t mean the plants close down so why are the component makers in such strife. People will still be buying cars in the US and the federal government has undertaken that it will offer warranty protection.
So why is this a huge deal?
just for you young ‘un’s who have never lived through a fascist, Soviet style regime, the expunging of Dylan Ratigan’s bio and photograph within seconds after his firing is an old technique used by the Soviets to intimidate other officials who might stray from the party line. So, you can be sure that Ratigan’s ouster was coming from somewhere high up, and that everyone at CNBC has gotten the message: go negative on our pals at Goldman Sach’s and you’re going to be looking for a job flipping burgers. (I hope I’m wrong but I doubt very much Dylan is going to get another job at a network). But meanwhile for the rest of you young ‘un’s look at how the so called socialist states behave compared to the US.
by the way, the Fly is correct in saying that there is no way in hell the Fed is going to let the 10 or 20 year rise, they’ll empty every bit of paper into those bills even if we’re wheelbarrowing our bucks to market to buy a half a dozen eggs and a twinkie
Dear Fly,
Please keep us abreast your plays today. Could it be the market needs to crash in epic proportions again to instill fear in all the sheeple so they can pass more bull shit laws that further steal freedoms in order to then rebuild the market when all the “junk bids” and “joe six packs” never wanting to hear of the market again? As a consequence the middle class loses their hard earned $$$ in the market and those with the foresight to see this shit show for what it is reap the benefits by raping the rest in the progress? That is all.
Respectfully,
Some Dude
I wonder if the bond holders like PIMCO will get flushed out too??………doubt it
J–
Ah, so you’re the one who gave me the neg. I was just seeing if you were awake. BTW,you wouldn’t happen to actually be Fly-in-the-ointment would you, trying to detract attention away from your detractors, i.e. those that have pointed out that YOU voted for B. Hussein Obama. And as far as proof is concerned, I cannot reveal my sources. Moreover, why no credit for the other 90% of the list?
Here are some more that hopefully will meet with your approval:
IBankCoin:
–is honored to serve as your leader.
–will not stand idly by.
–is a blackbelt in Brazilian jiu jitsu.
–has reduced you to a quivering blob (of protoplasm)
–has enough friends (thank you very much).
–is more popular than Jesus.
–feasts on your anguish.
–reuires super unleaded.
–is breathtaking.
–is the answer to all that ails you.
–is like a fine wine.
–is waiting for your apology.
–does not need closure.
–does not brake for small animals.
–deliberately runs over small animals.
–can fend for itself.
–is sanitized for your protection.
–will open a can of whoop-ass.
–will not take no for an answer.
–is losing patience with you.
no I didn’t vote for the community organizer in the White house. I can’t. I think ,if it were possible, he’s worse than Bush.
Those are far better points. I was worried about the organic food and the gay in college points you raised.
Obama is not a community organizer, never was. Had he actually done something for somebody, that person would be on the front of people magazine with her story. Nobody on this planet loves the guy more than the Neo Cons. In fact there is a new group of these clowns, the same WMD boys who got us into Iraq, who are foaming at the mouth about what an incredible guy he is. Bernie Sanders is your socialist. Obama is full blooded Republican. Bush likely gave him a blow job a ala Monica Lewinsky during their visit.
Get your politics straight.
Prof.
A republican?
spending magnitudes more.
more intervention
raising taxes on the producers
Moving to the lefties theater of war Afghanistan and get out of Iraq.
Like I said markets love to trash on Friday and Monday. I like FXP but I will wait a little. I sense some fuckery. Hedge funds are back in and if you look at the premarkets they are fucking over every smart guy they can. I’m not sure what they are doing but FAS was being bought from 05:00 until 07:00 and didn’t start to sell until almost 09:00. I will wait until at leas 10:00 to buy.
You gotta love days like these….all these assholes on Fast Money still talking up the market on friday, in fact some said they bought shit friday. Pros they are…..
By the way Lennar just announced they are reducing mortgage rates to 3.625%.
this on DJN
J, Read the fine print. He’s doing absolutely nothing in Iraq except changing the titles of name badges and adding private contractors. He’s asking for 150 billion for Afghanistan and expanding the war to Pakistan (that’s the reason the neo cons set up their group) and meanwhile doubling the private contractors overall, he’s refusing to nationalize the banks, he’s hired every big business shill in America for his cabinet. He’s on record as saying that the Republicans were the party of ideas. He’s got a friggin organic garden to attract a couple of billion dollars worth of trust fund money for his next election, and he’s downing another box of skin pigment pills to make sure the old ones don’t wear off. WTF, this guy is George W. Brown. Them are the facts. Bush couldn’t have done a better hose job of the American people himself.
The bottom is in!
Update: The bottom is in here!
Update 2: This is the bottom ovah heah.
Update 3: Your fired — Obama
UUP up 19 cents at the open.
Looks like within the next day or so we’re going to see the Agosto Index trigger a buy.
Oh, that rally that went into a coma on Friday? Looks like it just got rushed to the ICU.
GS and MS shorts from last week are on a winning streak. May bankers burn
J, the bumper sticker on my 20 year old 200k car reads: “Politicians and diapers need to be changed often, and both for the same reasons.”
And by the way, don’t let the old car fool you.