June 5th, 2009

NO bull shit

Some GM retirees to lose VIAGRA benefits

A UAW trust is taking over GM’s retiree healthcare costs, removing those obligations from the company’s books. In return, the trust gets 17.5 percent of the new GM and an opportunity to buy another 2.5 percent later at a discounted price.

Among other things, the new UAW deal cuts off coverage for retirees’ erectile dysfunction drugs, except for certain cases involving high blood pressure.

Yes, my friends, only those GM retiree's with high blood pressure will get free viagra now! This is just one of the many, many reasons GM should be called GREEDY MOTORS. I have no empathy for any of the union workers who killed this company. There are hundreds of other benefits, many, which are still on the books, that killed the goose that layed the golden eggs for GM employees and the UAW. There is not a corporation or company in the world where employees worked less and received more benefits than at GM. 

Zip car, which has 300,000 members and shares ownership of cars does not own one GM car. Zip car has 26 vehicle models in their fleet, including FORD. Today on CNBC, the CEO said that in the six year history of the company, not ONE request for a GM model had been made by a single member.  

Yet, the ObamaNation is giving GM $50 billion of our taxpayers dollars. We will not get one penny back from the "new" GM. Government Motors is DEAD ON ARRIVAL. 

I will never spend another penny on any GM product. The last time I bought a GM car was in 1976, when I purchased a Pontiac Firebird!  Millions of other American car buyers have done the same, leaving GM behind. GM has been in denial for the last decade. GM employed the most greedy union workers on the planet who produced shitty products.

GM was competitive in their truck and suv product lines over the past decade.  But now that Chairman Obama is running GM, trucks are out and the VOLT is in. Good luck with all that GM!   Sasha and Malia may drive a Volt. They will eligible for employee pricing!  How many others will shell out $40,000 for this bucket of volts?

The taxpayers are paying off  the union workers for $50 billion dollars so they will vote the straight DEMOCRAT ticket in the next election.  BO is running for election in 2012 and he is using taxpayer money to finance his campaign.

The ObamaNation wants to continue the fiscal and moral destruction of what was the greatest nation on earth.  The free market economy is going to be brutally murdered by Obama if the voters don't come to their senses. The ObamaNation continuation of Collective, Statist & Fascist agenda and policies will destroy this country for sure.

citi in crisis

Wall Street: Still Clueless

This dude, knows of what he speaks. I finally got back to even in my TSP (fed employee version of a 401K) this week. Moved ALL of it to the " G fund". I am shocked and amazed that stocks are up over 30% this year. But I am taking my money and running. Here is why:


"OK, it's official: Wall Street is still clueless as far as Main Street is concerned. Otherwise, why would investors keep driving stocks higher in the face of the recent sharp rise in yields, which will make it that much harder for businesses to find their bearings in an already shaky economic environment?"

Just as telling, why are investors buying shares in corporate America when corporate executives -- the individuals on the ground who actually know what is going on -- are on the other side of the trade, as the Pragmatic Capitalist reveals (below) in "Despite "Green Shoots" Insider Sales Spike"?

The latest data on insider selling shows little relief in the relentless unloading of company stock by corporate insiders.   In the last two weeks insiders sold over $335MM in stock vs listed insider purchases of just over $12MM.   As has been the trend over the course of the last few weeks the list of insider selling has been long and the amounts have been staggering.  The buy side, on the other hand, is represented by low rated, low priced stocks whose insiders rarely purchase over $500K.

One might think that with all of these “green shoots” the insiders at major U.S. corporations would begin buying up their own shares voraciously.  Especially after a nice little run like we’ve seen lately.  After all, with stocks still 35% off their highs and a full blown economic recovery (supposedly) on the horizon it would make nothing but sense than to buy your own shares, right?

Although there were signs of life in early May the overall trend in buying remains very low.  As we’ve noted before it’s not the mountain of selling that most concerns us, but the total lack of buying.  Insiders sell for many reasons, but they only buy their own stock when they are confident that the price will rise.  As of now, insider buying remains incredibly weak which is more than likely a vote of (no) confidence in future business operations.

Mr. Wolf says: SELL, SELL, SELL. The worst is yet to come in the equities (stock) market.