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September 1st, 2009:
It looks as though the Dow experienced the best month of August since 2000. Stocks climbed 45% since March, but many investors are a little worried about the month ahead. September is usually the worst month out of the year and the drop in numbers in the last two days in August have got them a little edgy. Since March the only month that didn't gain a pretty good amount was June but it didn't loose much. Oh well. The country is going in debit to its government anyway. I feel sorry for the working class people in about ten years. That so called middle class won't be so much middle class. They will probably be trying to figure out how to reuse toilet paper.

December 29th, 2008:
Billionaire investor Kirk Kerkorian, has invested in all of the Big Three auto manufactures at one time or another.
None of them listened to his advice and now he has given up on them.

Kerkorian's Tracinda Corp. no longer owns any shares in Ford, a spokesperson for the investment arm said Monday. Tracinda, which sold 7.3 million shares of Ford common stock in October, had said it might continue dumping its holdings through the end of the year. Mr. Kerkorian had about 133.5 million shares remaining.

Gone now is his 6.1% stake in Ford

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Double Dipping:

Just think; a couple months ago Cerberus Capital Management (Chrysler) was in talks about a merger.
Or as I would call it just as many others would: a stock swap.

The deal in the end was that the two who are partners in GMAC were about to eliminate compition by dumping all but seven of Chrysler's models. ( It cause some ruckus because there would be jobs lost at Chrysler.) But then came along the $700 billion hand outs and that made for a new game plan.

Then GM said in order to stay alive they needed money so they could build an electric car.
Next was the announcement of the opening of a new factory in China that was to build an electric car.
(Kinna what the auto manufactures did to Australia: Move the jobs overseas.

However, Bush had weak knees and handed them $19 billion.

Next on the agenda was to do some stock swapping at GMAC so that they would be able to classify the company as a bank in order to get their hands on more of that tax payers money.

Sure enough, they will double dip and get more of the hand out money.

And oh, to my knowledge, the restructuring over site committee doesn't look at anything they do with less than $25 million.
Hell, you can do a lot with $24 million. Rule No. 10, but then just how stupid are we?

And note: Cerberus, which led an investment group that bought a 51 percent stake in GMAC from the automaker for $14 billion in 2006
Now it is expected that GMAC is looking for about a $6.4 hand out.

December 4th, 2008:
      So far the auto manufactures are proving to waste our law maker's time and haven't received a dime.
      The deal is: the automakers have lost more this year than they are asking for and it takes about 14 months to produce a new model of a car. They would be back within a year asking for more money.
    It's quite clear the Big three don't know what they are doing and besides, nobody wants to help them anyway.

November 15, 2008: Today in the Wall Street Journal,
on Page W1, David Yermack published an article :

Just Say No to Detroit

Yermack writes about what the legendary economist Michael Jensen whom said in his 1993 presidential address gave to the American Finance Association.
    Mr. Jensen's presentation included the ranking of which U.S. companies made the most money-losing investments. He said that top[ two on his list were GM and Ford. Between the two they had destroyed $110 Billion in capital between 1980 and 1990.
     In this article, it mentions Roger Smith, a chairman and chief executive for General Motors, and how he thought that general Motors should exit the auto manufacturing business because many other companies made better vehicles at lower cost.
   David Yermack goes on and says that we would be better off if Washington allowed these companies to go bankrupt and disappear.
  Basically he say that: Given the abysmal performance by Detroit's Big three, it would be better to send each employee a check than to waist it on a bailout.

On the from page of WSJ there is a bit about how Senate Majority Leader Harry Reid plans moving forward with a bill that would give the auto industry access to the $700 Billion Troubled Asset Relief Program. (TARP)         Good thing the Bush administration and the Senate Republicans oppose giving the auto manufactures access to TARP.
    However Bush is pushing Congress to speed up the release of $25 billion in already-approve loans to the auto industry.
Gee, tax payers sure give away their money to any industry that wants a hand out. Suckers.

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