Thursday, March 05, 2009

Sinking into the Abyss (again)

  • $GM going bankrupt? General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.
  • Back in December, remember how the politicians were stumbling all over themselves to give the US auto companies money so that they could survive?  Then there were those who warned that any amount of billions given to the automakers was just postponing the eventual bankruptcy, because these companies didn't have viable business models. 
  • Well, here we are in March, and the money must've run out and they want more.  Will we get fooled again or just let them shut down?
  • Another beautiful day in the market 'hood.  Everything trounced as usual.  More bad news.  Although new jobless claims dropped and some of the retailers are showing some good numbers.  So, how bad is it REALLY?  Yes, it's not good but it's being sold as something worse than horrible.  Is most of that political to push through huge government spending programs? Maybe this isn't the 1930's but 1974 or 1981. 
  • Boy wins tropical island. Nice!  A 4-year-old boy has won the use of an uninhabited tropical island, with white sand beaches and clear turquoise waters, in a Taiwan lottery aimed at boosting spending during an economic downturn.
  • So summary of Lost last night: 3 years later 3 years earlier.  And James is really Captain Kirk and gets all the girls!