JibJab's satire of Obama, the superhero

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Visteon files for Chapter 11, GM awaits its own fate

A former Ford Motor Company subsidiary has filed for Chapter 11 bankruptcy protection today. Visteon Corp. has been struggling with reduced demand from automakers as they have planned extended plant shutdowns this summer. Visteon is as important to Ford as Delphi Corp., is to General Motors.

Speaking about General Motors, or should I say Government Motors, it is planning to file for Chapter 11 bankruptcy protection in the next coming days. It will join Chrysler, LLC. in that feat. In the proposed GM deal at this time, bondholders representing $27 billion in debt would be offered 10 percent of a reorganized GM, according to Reuters. The rest of the deal is: U.S. Treasury would own 72.5 percent and the United Auto Workers would own 17.5 percent of the new GM.

Socialism is here to stay. The government is beginning to own everything.

Meanwhile, Press Secretary Robert Gibbs says that GM shareholders must sacrifice if the automaker is going to survive:


IN THE NEWS:
Associated Press: Visteon files for Chapter 11 bankruptcy protection
Reuters: GM makes new bondholder offer ahead of bankruptcy

Geithner: Bailout repayments from large banks to help smaller banks

Treasury Secretary Tim Geithner said on Wednesday that the bailouts to only the larger banks is not fair to smaller community banks. So what better way to make it fair? How about have the government take control over the smaller banks too! Geithner said the Obama administration will use bailout money repaid by large banks to provide additional capital infusions to smaller banks.

But, I thought the smaller banks knew how to run their businesses. I hope these banks don't fall for this. The U.S. government wants total control over the banking system. They want capitalism to die.

IN THE NEWS:
Associated Press: Geithner: Bailout repayments will broaden program

Geithner has no clue

Thank you Senator Dodd. I am Tim Geithner and I am an idiot. I have no idea what I am doing. I can't do my own taxes. I have no clue on how to fix the economy. How did I get this Treasury Secretary job? I have no idea. What is money? I know I am the TARP guy, but what is TARP? Did I tell you that I am an idiot?

Treasury Secretary Tim Geithner admits he has no idea what he is doing today in a press conference:
Part One


Part Two


IN THE NEWS:
Reuters: Excerpts from Geithner's speech on bank plan
Politico: Costly bank rescue plan aims to increase trust
CNBC: Stocks Tumble as Bailout Plan Is Unveiled

Tax evader approved as Treasury Secretary

Timothy Geithner has been approved to be the next Treasury Secretary. He failed to pay his taxes for more than eight years. He owed the IRS $34,000 in taxes. But he was the only person in the world who understood TARP funds, as the Obama administration and the news media has said. He is the right man for the job. Yet, he doesn't know how to pay his own taxes and he's going to be in charge of the administration that is in charge of the federal tax system. Wow!

After all, it's only a "careless mistake" in forgetting to pay thousands of dollars in taxes. That's what he said and Sen. Harry Reid. Amazing!

IN THE NEWS:
Fox News: Senate Panel Approves...
MSNBC: Committee approves...
Wall Street Journal: Treasury's Top Post...