OBAMA APPEARS TO BE READY TO BAIL OUT BIG3 AND FOREIGN AUTO

One of the stories you will not read in the MSP or hear on the TV is the substance of the Video conference between German Chancellor Angela Merkel and President Obama this last Thursday.
Der Spiegel Internet has a report today of the subject of that conversation, and it will be a surprise to those who need to not believe that Obama is spending this Country into a bottomless pit.
If ever there was a doubt about Obama's International, One World leanings this story should help allay any doubts.

"When Chancellor Merkel and President Obama spoke by video conference on Thursday there was plenty to talk about: NATO, the G-20 summit and the ongoing crisis at General Motors and Opel. The two leaders agreed to consult on how to rescue the US car maker and its German subsidiary.
The two also agreed to "close consultation" on the future of the embattled US automaker General Motors and its German subsidiary Opel, according to German government spokesman Ulrich Wilhelm".

Obama's auto task force has been working at solving the crisis at the "big three" car makers, GM, Ford and Chrysler. General Motors and Chrysler have received $17.4 billion (€12.9 billion) in federal loans since December and are seeking billions more to stay afloat.

"The German government is waiting to see what the outcome of the US auto bailout plan will be before making a decision on whether to support Opel. German Economics Minister Karl-Theodor zu Guttenberg was in the United States recently to sound out the White House and GM on how Opel could survive, possibly by cutting ties with its US parent company( as did Mercedes fom Chrysler). Opel, which has some 26,000 employees in Germany, is looking for some €3.3 billion ($4.2 billion) in loans or guarantees from the German government to stay in business. The company's best chance for survival would be if an investor stepped in, but so far none seems to have come forward.

Further investigation into what is going on in Germany's dilemma with the Auto industry, reveals that the German government has instituted a program called "scrapping bonus" for new automobile purchases by people who have cars over nine years old.
"Launched in January,this scheme has become the single most popular initiative taken by Chancellor Angela Merkel's strange-bedfellows coalition of the conservative Christian Democrats (CDU) and the left-leaning Social Democrats (SPD). For weeks, the atmosphere at German car dealers has been like a county fair. This car bonanza was supposed to stop soon. The government had allotted €1.5 billion ($2.03 billion US) for the stimulus program -- enough to provide €2,500 bonus payments for around 600,000 trade-ins. Hundreds of thousands have already applied and the funds were only expected to last several more weeks at best. On Wednesday, though, Merkel and her vice chancellor, Frank-Walter Steinmeier (SPD), agreed to extend the program with another billion euros, so that the boom can continue".

The problem with all this Federal spending is that Germans are buying cars made in Asia more than German cars. Just as here in America the Germans prefer the fuel efficient cars that last longer over their own!

"Leading the pack is Daihatsu (where sales have increased by 230.5 percent), followed by Hyundai (an increase of 198.8 percent) and Lada (sales are up by 175.8 percent). The first German company to even appear on the list of top sellers is General Motors subsidiary Opel, which comes in at eighth place. It's hardly surprising, then, that Daimler chief Dieter Zetsche is rejecting calls to extend the scrapping bonus. It's difficult for him to look on as the German government provides what he describes as financial aid to his Asian competitors".
Here at home, behind all the rhetoric and smoke screen, the only thing Obama wants to accomplish is to satisfy the Union demands. After all they provided 50 million dollars to his campaign!
It is time for all concerned Americans to shout loudly "We have had enough of your profligate spending to satisfy your voters. Now is the time to save America for all Americans!

THE USA LEMMINGS

Konrad Hermann Josef Adenauer whose career spanned sixty years, beginning as early as 1906, he is most noted for his role as the first Chancellor of West Germany from 1949–1963 and chairman of the Christian Democratic Union from 1950 to 1966. He was the oldest chancellor ever to serve Germany, beginning his first ministry at the age of 73 and leaving at the age of eighty-seven.
One of the most cogent things he said while in office when speaking about people in general and politicians in general was that
"God put limits on human intelligence but no limits on stupidity"!

Never has this phrase been more appropriate than today when we have
the Congress of the United States apparently ignoring the Constitutional limits on their powers. The bill to abrogate legal contracts made by AIG and their executives is a direct violation of the Constitution no matter how heinous the bonuses were, they still were legal agreements( contracts) between a business and a person or persons that is inviolate per our basic constitutional document that is the underpinnings of our Republic.

The blind faith and hope of supporters and voters of a President who is proposing a debt that exceeds all the debt inflicted on the taxpayers of the USA since George Washington to George Bush. Illustrates the lemming like action of the public.

Driven by strong biological urges, Lemmings will migrate in large groups when population density becomes too great. On occasion, and particularly in the case of the Norway lemmings in Scandinavia, large migrating groups will reach a cliff overlooking the ocean. They will stop until the urge to press on causes them to jump off the cliff and start swimming, sometimes to exhaustion and death. Lemmings are also often pushed into the sea as more and more lemmings arrive at the shore.Source :Wikapedia

The fact that the public has no been frightened to the point of protest at the fast pace that the President is taking us down the road to Socialism. Is illustrated by his statement today that the jobs lost may never be returned, and we don't want them back because they do not pay enough. His answer is to replace private sector jobs with government jobs to enlarge the base of people who are dependent on the Federal Government.

I expect the "Journalists", and Television talking heads to support and fail to ask probing questions of the President about the massive inflation and devaluation of our dollar that will result by his spending binge on welfare programs. They are by action neo-Marxists who would like the private enterprise system fail and be replaced by the neo-Socialism that Obama is pushing.
But why are the people who will have to pay for this disaster , and those who have children and gran children who will inherit ,because of their silence, an even larger debt to the tax collector.

The Hills Blog has this quote that illustrates my point clearly.
"The United States wouldn't even be eligible to enter the European Union if it wanted to because of its debt levels, Sen. Judd Gregg (R-N.H.) claimed Thursday.

"We won't even be able to get into the EU if we wanted to," Gregg said this morning on MSNBC, "because our government is so large and so huge."

The European Union's Stability and Growth Pact (SGP) adopted in 1997 requires a budget deficit to be less than three percent, and requires a national debt beneath 60 percent of Gross Domestic Product (GDP).

"We've been lectured by France on the fact that we're not fiscally responsible right now," Gregg, the man who refused the position of Commerce Secretary, noted with incredulity.

According to the Congressional Budget Office, the yearly budget deficit would fall well beyond that threshold in coming years.

Still, Gregg expressed resignation with the likelihood that the Obama administration's proposed budget would emerge successfully from Congress.

"He's in charge, and they've got the votes here in Congress,"

And to illustrate how well Obama has be successful in restoring the image that Europeans have of the USA after the negativity toward Bush and the Iraq war. This story from the Financial Times shows he has apparently failed. "European Union hopes for a new era in relations with the US were thrown into chaos on Wednesday when the holder of the EU presidency condemned American remedies for the global recession as “the road to hell”.

Barely a week before Barack Obama is due to arrive in Europe on his first official visit as US president, Mirek Topolanek, the Czech Republic’s prime minister, put the 27-nation EU on a collision course with Washington.

Mr Topolanek said EU leaders had been disturbed at a summit in Brussels last week to hear calls from Tim Geithner, the US Treasury secretary, for more aggressive policies to fight the global downturn.
“The US Treasury secretary talks about permanent action and we, at our spring council, were quite alarmed at that . . . The US is repeating mistakes from the 1930s, such as wide-ranging stimuluses, protectionist tendencies and appeals, the Buy American campaign, and so on,” he told a European parliament session in Strasbourg. “All these steps, their combination and their permanency, are the road to hell.”

And God help us!!

WILL OBAMA DESTROY OUR DOLLAR?

There are strong signals from the major holder of our Treasury Bonds, China, that they no longer trust our dollar.
The President of the Communist Chinese Republic, Hu Jintao, wants the International money Fund/Bank to establish a new dollar because they believe the dollars they receive in interest are devalued. They believe this, not as President Obama would like US to believe, that Bush created this economic mess, but because Obama's printing presses are running so fast that the dollars he is putting into circulation will become worthless in rapid order.

The following is a direct quote from China. "Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.

“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.

Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.

“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.

China has little choice but to hold the bulk of its $2,000bn of foreign exchange reserves in US dollars, and this is unlikely to change in the near future.

To replace the current system, Mr Zhou suggested expanding the role of special drawing rights, which were introduced by the IMF in 1969 to support the Bretton Woods fixed exchange rate regime but became less relevant once that collapsed in the 1970s".

Today, the value of SDRs is based on a basket of four currencies – the US dollar, yen, euro and sterling – and they are used largely as a unit of account by the IMF and some other international organisations.

When will the insanity in Congress and the Oval office stop? I hope the end game is NOT to bankrupt America and the Change we have been promised is the same that Lenin, Marx. PolPot and Moa promised!

DO YOU KNOW WHERE YOUR TAX DOLLARS ARE GOING?

I believe all concerned citizens of the USA should by now be aware that President Obama is literally throwing money we do not have and will not have for generations to come in a vain attempt to stem the downward spiral of economy. So far there are few signs that the trillion dollars spent by his cohorts in Congress has had any substantive effect on the economy. His supporters and people who are taking advantage of the depressed prices of Citi-Corp. and many other depressed stocks have manage to buy enough stocks to cause a brief rally on the corner of Broad and Wall street at the stock exchange. But this is only the calm before the "perfect storm" that awaits us!

In the European Union the leaders do not believe in the spend part of the tax and spend theory for attacking a recession. Most are Socialist countries so they already have he tax piece in place. But they do believe in the old theory of when in trouble call on the Americans to bail us out. They have had us pull their irons out of fire ever since the World War of 1917!

Now a story you cannot find in our Obama propaganda Media network of TV and Newspapers is found in the Internet site of the left leaning Der Spiegel from Berlin Germany that I have based my post for today.

AS many of you already know the first stimulus package included billions of dollars that went from the American banks and financial giants like AIG directly to there European counter parts.
This money was appropriated under the false pretense that it would be used exclusively to bail out our banks to help stem the economic recession we find ourselves in. Little did we know that over 44 bllin dolars wouls end up in England, France, Germany and Switzerland of all places!

The following is a direct quote that illustrates the Germans are here begging for more money to bail out Opel the car manufacturer that is partially owned by failing GM!

"Germany's Economy Minister Karl-Theodor zu Guttenberg has crossed the Atlantic in a bid to save Opel, the German subsidiary of troubled US carmaker General Motors. The minister is holding a series of talks on Monday and Tuesday with leading bankers, politicians and the GM management to clarify outstanding concerns in Berlin about the long-term viability of the German automobile manufacturer.

The German government was unconvinced by the rescue plan GM Europe submitted earlier this month, arguing that it left too many questions unanswered. The plan envisages spinning off Opel and the UK-based Vauxhall into a new subsidiary, which it says would require €3.3 billion ($4.2 billion) in state aid to be viable.

On Sunday before leaving for the United States, Guttenberg said "I hope GM and the US government will be ready to shed some light on the issue." One of the main concerns the minister will address is the ownership of patents and other intellectual property that Opel would need to continue operating. He will also sound out the willingness of GM and the US government to actually let go of Opel.

German Chancellor Angela Merkel is reluctant to throw such a huge amount of money at a company unless it stands a good chance of surviving the current downturn, which has severely affected the automotive sector. In particular, Berlin wants to avoid any state aid being somehow funnelled across the Atlantic to prop up Opel's troubled parent company. ( If the German Chancellor will not bail out Opel, why should the American Taxpayer?)

The Obama administration's auto task force has until March 31 to determine whether GM and Chrysler are commercially viable". We can only hope God intercedes and this travesty will not happen, But don't hold your breath! Unions contributed over 50 million dollars to Obama's presidential campaign, and thus far he has passed legislation that appears to be pay backs to his campaign supporters and to establish rapport with the EU!