Frankly we're dead tired of politicians telling us one thing and the market telling us another. After reading Warren Buffett's biography, I have learned many lessons.
Lesson #1: The market is always right. Politicians spend money, they don't earn money. They have no idea what it's like to risk everything you own to make a profit and support employees, communities and the business overhead. Worse, most of them including Obama, want to take whatever profit is left and give it away to everyone else to support their spending.
Both Detroit papers are eating crow this morning. If you went to bed last night thinking Chrysler was safe, you gagged on your morning coffee.
Granholm is worse. She still lives in a fairly land and she zooms across the country ignoring the realities of her state. She is already spending $125 MILLION PER MONTH more than budgeted. Her deficit is nearly doubled and yet what is she doing about it? Raising taxes and introducing a gradual income tax so those that are making any money in Michigan can give more to her.
Lake Orion is wearing black because it doesn't know if it's 4,000,000 sq. ft. Pontiac plant is going to survive. The plant makes the popular G6 model but we know that Pontiac is being flushed down the preverbal toilet next year.
GM is closing plants and recently told its salaried staff to take a long vacation this summer; you are not needed. June 1 is the deadline for GM to declare bankruptcy. Let's make it tomorrow. We need to know already our future so we can plan accordingly.
But no, the politicians love this. Obama has criticized Bush over "water boarding"; I think residents of the state of Michigan has been tortured for 8 years and we don't even know when it's going to end.
Private equity can't run a car company. A GE executive can't run a car company. Heck, Bill Ford Jr. himself stated he can't run a car company and he wisely stepped aside. Whatever our future here in Michigan is, let's get some people who can run a car company or two and perhaps in the same odds as winning the $220 MILLION lottery, someone who can run this state.
Happy Thursday!
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