400-408 – • IBD (6/2/09) When the Government Determines Success.
Investment-Equity of the New GM: Total invested $96.5B. Bondholders invest $27B or 28% and get 10%. Feds invest $50B or 52% and get 60%. UAW invests $10B or 10% and get 17.5%. Canada invests $9.5B or 10% and get 12%.
With General Motors' long-awaited "pre-packaged bankruptcy" finally here, America is on the verge of a new era" one where government, not investors and consumers, is the final arbiter of success. GM's bankruptcy pushes bondholders aside in favor of the U.S. government and the UAW. Though bondholders hold $27 billion in debt, they'll get just 10% of stock.
How's that compare with the other "stakeholders?" For spending $50 billion to bail out GM, the government will get 60% of the equity in the new GM; the UAW, which along with other unions gave millions to Democrats, will be repaid for its loyalty with 17.5% of the stock for $10 billion of unsecured debts.
So the government, with roughly two times what private bondholders have on the table, gets a stake five times bigger. And the union, with about a third as much "invested," gets a 70% bigger stake. Even the Canadian government, with its $9.5 billion "invested," ends up with 12%.
They call it "restructuring." We call it theft. Never in our memory has there been a more thorough, systematic effort to disenfranchise the shareholders and bondholders of a major American firm.
• Stratfor Geopolitical Diary (6/2/09) The Significance of GM's Bankruptcy.
413-423 – • NRO Editors (6/2/09) Fannie Motors.
• Kansas City Star (6/2/09) GM reveals incentive package as it tries to shed workers.
• Paul Ingrassia (6/2/09) How GM Lost Its Way: Timid management and coddled workers couldn't compete with Toyota. Mr. Ingrassia won a Pulitzer Prize in 1993 for covering the last crisis at GM. His book on Detroit's current crisis, "Crash Course," will be published by Random House in January.
• Breitbart (6/2/09) AP source: GM to sell Hummer to Chinese company.
428-437 – • Uwire (6/1/09) 'Young Conservative Anthem' Causes Internet Buzz: A viral video on conservative values, produced by two college students, is a hit on YouTube. Here's the YouTube link (youtube.com/watch?v=lkeZ2P4SiY8). [Lyrics below].
443-452 – David Rufful & Josh Riddle, the two Dartmouth students behind the Young Con Anthem.
458-508 – Ken Timmerman, contributing editor at newsmax.com and author of Shadow Warriors: The Untold Story of Traitors, Saboteurs, and the Party of Surrender, available at (kentimmerman.com). Ken says that Putin recently offered Iran "civilian" nuclear technology, largely free, if they would stop the pursuit of nuclear weapons, and they turned it down. Iran is not pursuing nuclear technology for energy, and at least Russia knows it. Do we?
• Washington Post (6/2/09) Obama says Iran's energy concerns legitimate.
• BBC (6/2/09) Obama hopeful on Mid-East peace.
• Fox News (6/2/09) Little Rock Shooting Suspect Joins Growing List of Muslim Converts Accused of Targeting U.S.
512-523 – Ken Timmerman
• Ken Timmerman (5/27/09) Republican Donors Hit by Chrysler Closings.
528-538 – Jill Martin-Rische, daughter of the original Bible Answer Man Walter Martin, is Executive Director of Walter Martin Ministries (waltermartin.com) and a trained apologist in her own right, she and her late father, along with co-author Kurt Van Gorden are the authors of The Kingdom of the Occult – they also have a Spanish version available.
544-554 – Jill Martin-Rische
555 [1:30] Robert Micone/Bill O'Connor aka "The Money Guys" at Applied Financial with 5 offices around the southland, 866-SEEK-COUNSEL, and online at appliedfinancialplanning.com.
558-608 – Jean Twenge, associate professor of Psychology at San Diego State University and author of Generation Me, and her latest The Narcissism Epidemic: Living in the Age of Entitlement (narcissismepidemic.com), she blogs at narcissismblog.com. 10% of adults, aged 20 to 30, are clinically narcissistic. What does this mean for us, long term?
612-623 – Jean Twenge
628-638 – • Fox News (6/2/09) Mother Allegedly Used Young Sons to Commit 20 Armed Robberies in Arizona.
644-652 – What's the worst thing your mom ever asked you to do, maybe steal something, or lie to someone, or deceive someone? I tell the story about how my mom got new carpet when I was 9 years old.
657-700 –
• WSJ (6/2/09) Why Obama Voted Against Roberts: 'He has used his formidable skills on behalf of the strong in opposition to the weak.'
• Thomas Sowell (6/2/09) "Out of Context".
• Michael Barone (6/1/09) GOP Should Run Against the Power of the Center.
Official Lyrics to Young Con Anthem
Serious C: "Yo this ones for all the young conservatives.
I rep the Northeast and I'm still a young con, Let your voice release, you don't have to be obamatrons.
I debate any poser who don't shoot straight, Government spending needs to deflate, Your ideas are lightweight,
Ya careers in checkmate. I frustrate. I increase the pulse rate.
I hate when, government dictatin, makin, statements, bout how to be a merchant,
How to run a restaurant, how to lay the pavement, Bailout a business, but can't protect an infant
Deficiencies are blatant, young con treatment.
I stand one man, outnumbered at my college, Thank you Miss Cali for reminding us of marriage
Can't support abortion, and call yourself a Christian, I support life, you're a puzzled politician
Terrorists were imprisoned at Guantanamo Bay, Now they're in our neighborhoods, planning out doomsday
No such thing as utopia, no government can control ya, baby ya,
Reap the benefits hard work, self reliant
Listen to Stiltz, my dude's a lyrical giant, Yo Stiltz... make it two time... please"
Stiltz: "I'm 6'9 head and shoulder above the rest, Liberals playin checkers, I'm playin chess
My conservative view is drill baby drill, You can say you hate me but, I'm praying for you still
My dislike for thee most def is not hyperbole, Taxes are the subject and I will spit them verbally
I'm just livin life a conservative philosophy, Sorry Hilary not a right wing conspiracy
We need more women with intellectual integrity, I'm talkin Megyn Kelly not Nancy Pelosi
My main motto is you best work hard, It's not the hand you were given, but how you lay down your cards
I don't speak lies but I spit the facts, 28% the new capital gains tax, Porkulus bill lacks a few stats
The more money we spend, the more mine is worth Jack.
The Bible says we're a people under God, Usin radar for radical Jihad
AIG was hooked up by Chris Dodd, A classy gift ain't an Ipod
The standards of my crew ain't republicans dude, I'm reppin Jesus Christ and conservative views
Study history and true conservative moves, Every single time they refuse to lose
I'm starting to see a modern day Jimmy Carter, When really nothin but a Reagan era starter"
Serious C: "Yo, We americans son, Hit ya with some knowledge, The movement has begun,
Everyone can succeed, Because our soldiers bleed, for us
I said it in the verse, now I'll say it in the chorus"
Stiltz: "We young conservatives son, Hard work is our motto, The movement has begun
EVERYONE can succeed cause our soldiers bleed, daily, My views are rock solid, no chance you can break me"
Serious C: "Phase me, make me, into something that ain't me, Serious c... can't nobody shake me
great like the Gatsby, poppin posers like acne
Don't matter if your gay, straight, Christian or Muslim, There's one thing we all hate, called socialism.
It's loathsome, and America ain't the outcome, Raise taxes on the people, And you're gonna feel symptoms, problems
I gotta message for a young con: superman that socialism, waterboard that terrorism"
Stiltz: "I fulfill the role that's inherently mine, Teaching politics through my rap and my rhyme
I'm signing off this track with a question in mind, How will this country get its precious change in time?
Three things taught me conservative love: Jesus, Ronald Reagan, plus Atlas Shrugged
Saving our nation from inflation devastation, On my hands and my knees praying for salvation"
Serious C: "Yo, We americans son, Hit ya with some knowledge, The movement has begun, Everyone can succeed
Because our soldiers bleed, for us, I said it in the verse, now I'll say it in the chorus"
Stiltz: "We young conservatives son, Hard work is our motto, The movement has begun
EVERYONE can succeed cause our soldiers bleed, daily, My views are rock solid, no chance you can break me."
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