3/5/09

GM, the Dow, and jobless claims

So this morning the news shows an 'unexpected' drop in jobless claims, down to 639,000; the auditors, whoever they are, are saying there is 'doubt' that GM can survive without filing bankruptcy 'if it can't execute a huge restructuring plan.' And, the Dow has ...let's see if we can' use some MSM hyperbole here...'shot skyward' 150 points to close at a stupendous 6876.

Don't hold your breath over GM being able to pull its corporate head out; they are still whining and mooching and holding out their hat for more billions. Let 'em go bankrupt. Going bankrupt does not mean they 'can't survive'; it means they can't survive without the restructuring inherent in bankruptcy. That will finally force the cleanup, rather than prolonging the mess with your tax dollars and mine. We have dumped enough down the toilet of executive incompetence and union bloodsucking. Any bets that the Clowns of Congress will see it that way?

The jobless claims are down 10,000 from the previous week and 10,000 less than expected by the 'experts'.

Now, if we can just get that president of ours to knock off the Chicken Little "the sky is falling" every time he opens his mouth, and if we can get the Congressional Clowns to quit stuffing themselves with pork roast, and if we can just get Obama's apppointees to figure out how to use TaxCut or to come up with more credible stories about their tax oopsies, we might actually start to pull out of this mess.

Don't kid yourself, though. See the preceding article from the Wall Street Journal, and we still have the handout mentality in the Orchid Office, over in the Capitol Clownery, and throughout a good part of the country.

And let's not forget little Timmy Geithner, our new Eunuch of the Treasury. He has a whole new excuse:

For five weeks, Treasury Secretary Timothy Geithner has battled the worst economic crisis in generations with no key deputies in place. That’s made for a rocky debut for the man President Barack Obama put in charge of addressing the financial crisis.

With an awkward first television appearance, a bank rescue plan that lacked promised specifics and two restructured bailouts that raised taxpayer risk, Geithner has failed to calm financial markets desperate for answers.

Critics say part of the problem is that Geithner is flying solo: Not one of his top 17 deputies has been named, let alone confirmed. And without senior leadership, lower-level Treasury employees can’t make decisions or represent the government in crucial conversations with banks and others.

As Geithner strives to address the financial crisis, advance Obama’s agenda and work with foreign leaders to stave off economic disaster, he’s assembled a 50-person “shadow cabinet” of would-be appointees. Those people have received hall passes and can advise Geithner, but they lack any authority.

“Everyone would think it’s a travesty if the Defense Department didn’t have a lot of their people in place, because you’re in a crisis fighting a couple of wars,” said Tony Fratto, who was a Treasury spokesman under President George W. Bush. “But Tim Geithner is fighting wars on a few fronts himself, and he doesn’t have the generals there to help him.”


What? We're not getting anywhere in the Treasury Dept because Geithner doesn't have any help? That's a pretty good blanket fingerpointing. Remember that Geithner is one of those who can't use TaxCut, yet he oversees the IRS. He's the guy who is supposed to be chasing down tax cheats. Well. He is well qualified, wouldn't you say?

And then we have this:

U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.

It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.

“We don’t believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don’t think that’s good economic policy and we think changing those incentives is good for the country,” Geithner told the Senate Finance Committee at a hearing on the White House’s proposed budget for the 2010 spending year.

The Obama administration’s budget would levy an excise tax on oil and natural gas produced in the Gulf of Mexico, raising $5.3 billion in revenue from 2011 to 2019.

This new 13 percent tax on all oil and gas production in the Gulf would only affect those companies enjoying a loophole that allows them to avoid paying royalties on the energy supplies they drill


More attacks by the Obamanians on the dirty, money-grubbing capitalist swine. Waydago. See the previous post on the Origins of Munny, Timmy. It might clue you in a little bit.