Archive for the ‘Stupid’ Category

The President yelled ‘JUMP’, GM and Chrysler asked ‘how high?’. Yesterday, Chrysler jumped as high as the Mr. Obama wanted them too.

Chrysler LLC has reached an agreement on a framework of a global alliance with Italian automaker Fiat SpA (FIA.MI) that has the support of the U.S. Treasury, Chrysler’s CEO Bob Nardelli said on Monday.

“We appreciate the willingness of the (autos) Task Force, along with industry and financial experts, to consult closely with us in order to achieve this significant step,” Nardelli said in a statement.

Chrysler, owned by private equity Cerberus Capital Management, was deemed by the task force to be not viable as a stand-alone company and was given 30 days to complete an alliance with Fiat or be cut off from U.S. government funding.

Sad, sad, sad. Almost as sad as the fact that the U.S. taxpayer is now paying for his/her own GM auto warranty.

The United States needs a safer way to shut down large nonbank financial firms without destabilizing the entire financial system, Federal Reserve Chairman Ben Bernanke said on Friday.

“We have such a regime for insured depository institutions, but it is clear we need something similar for systemically important nonbank financial entities,” he said in prepared remarks to a community bankers convention in Phoenix.

We also need a way to make sure that officials in our government don’t start adopting regulations and passing legislation that are clearly unconstitutional. I bet we see the “never to big to fail” idea long before we see any real legislation to fix this mess that doesn’t borderline on violating at least one clause of the U.S. Constitution.

If you have no idea what I am talking about, check out the next post I make.