bankrupt – Page 2 – The Burning Platform

WHERE THE F$#K IS OBAMA GETTING $1 BILLION TO GIVE TO THE NAZI UKRAINIANS?

Don’t you love bipartisanship when it comes to spending money we don’t fucking have? How can the American people be so lazy and willfully ignorant about what their corrupt politician leaders do on a daily basis. This Ukrainian episode again proves we are ruled by one PARTY. The Ukraine is a bankrupt, insolvent nation. Not our problem. If a country can’t pay its debts, tough shit. They were bankrupt and insolvent before their little CIA instigated revolution. They owe the Russians $20 billion for gas they have already used.

So Obama and the snakes in Congress on both sides of the aisle are singing kumbaya and acting like old pals as they fuck you again. Where the fuck are they getting $1 billion to give to Ukraine? And don’t be fooled by the bullshit about this being a loan. They are fucking insolvent and will never ever repay the loan. This is $1 billion pissed down the toilet.

In case you haven’t fucking noticed, this country adds $2.8 billion PER DAY to the National Debt. If we have to borrow $2.8 billion per day more than the previous day, how the fuck can Congress pretend we have ONE BILLION fucking dollars to give to these Nazis? In case you hadn’t noticed, the National debt now stands at $17.5 TRILLION. The “cooperation” between Obama and Congress has resulted in the debt rising by $200 Billion in the last month alone.

Obama and the Congressional scum are going to borrow $1 billion from future unborn generations and give it to Nazis in the Ukraine so they can pay Putin for his gas. Does that make sense to you? Is this how an empire in decline operates during its death rattle? Make no mistake about it, deficit spending is a tax on future generations, either through direct taxation or through indirect inflation. And the iGadget distracted masses don’t give a shit.

Anyone who thinks voting for some new corrupt scumbag will fix this, just observe the actions of Republicans and Democrats. Obama, Boehner, Kerry, McCain, Schumer, Feinstein, King and the rest of the traitors in Congress all agree to spend money they don’t have to prove we are still an Empire. There is no hope to change this shit at the ballot box.

I can’t wait until this fetid pustule of a nation has to eat at a banquet of consequences.

U.S. lawmakers say to vote on Ukraine aid package soon

WASHINGTON (Reuters) – In a rare show of support for President Barack Obama, Republican leaders in the U.S. House of Representatives said on Wednesday they would work with the White House to address the crisis in Ukraine and vote on legislation offering financial aid soon.

native advertising

House Majority Leader Eric Cantor said the Republican-led House will consider a $1 billion loan guarantee package for Ukraine and look at measures to “put significant pressure on Russia to stop the flagrant aggression to its neighbor in Ukraine.”

“The world community should stand united against this invasion, America should be leading and we’ll vote soon on legislation to aid the Ukrainian people,” Cantor told reporters.

House Speaker John Boehner also said that the House will work in a bipartisan way with Obama, a Democrat.

A bill to assist Ukraine, backed by both Republicans and Democrats, is also making its way through the U.S. Senate.

That legislation could be introduced as soon as this week, with a vote in the Senate Foreign Relations Committee as early as March 11, said an aide to Senator Bob Corker, the top Republican on the committee.

Senators have been discussing ways to aid Ukraine’s new government and isolate Russia. Among other things, the Senate legislation would also authorize funds to provide at least $1 billion in loan guarantees to support Ukraine’s economy.

But the Republican leadership also had some harsh criticism of Obama’s foreign policy.

“With regard to Ukraine, the steps that have not been taken over the last three or four years, (by Obama) frankly, allowed Putin to believe that he could do what he’s doing without any reaction from us. But given where we are, we’re here, in a bipartisan way, trying to work with the president, to strengthen his hand,” Boehner said.

He said this includes the loan guarantee bill as well as consideration of a “toolbox” of sanctions authority that is similar to those used against Iran in recent years to persuade it to rein in its nuclear ambitions.

Boehner also criticized Obama for failing to approve liquefied natural gas exports, which could help lessen the dependence of European allies on Russian gas.

But since 2011, the U.S. Department of Energy has approved six proposals to export liquid natural gas, most recently on February 11. Supporters of U.S. energy exports have pounced on the crisis in Ukraine to pressure the Obama approval to speed approvals of LNG.

Cantor said it was important that the costs of the Ukraine loan guarantee be offset with other savings, but the House will proceed to a vote on the measure without a cost estimate from the Congressional Budget Office to move it quickly.

Any dispute in Congress over how to pay for the measure could slow its progress.

PLANO WE HAVE A PROBLEMO – JC PENNEY ENTERING RETAIL GRAVEYARD

The JC Penney farce is approaching its tragic ending. They will be joining Montgomery Ward and hundreds of other defunct retailers in the relatively near future. I predicted this the day they hired Ron Johnson. One year ago they reported 2nd quarter results that were absolutely horrific. The Wall Street assholes cheered. The stock soared that day. The retards who call themselves investment analysts drove the stock from $20 to $30 within a month. Their thesis was that it couldn’t get worse. As usual they were wrong. The stock traded at a 13 year low today, down 60% since the Wall Street crowd said buy last Sept.

The new CEO, who was the old CEO, is now going to be the ex-CEO again. They have no top management in place. The stores are a mess. Their suppliers won’t supply without COD. They are burning through millions in cash every day. Their balance sheet is a disaster. Last year their 2nd quarter same store sales were NEGATIVE 22%. That is almost impossible to accomplish. They report earnings on the 20th. I’ve seen estimates that same store sales have fallen another 16%. OMG!!! This is a death spiral.

The new CEO should have experience with liquidation plans. JC Penney will be filing bankruptcy. They will be closing hundreds, if not all of their stores. No one will notice. Sears and Kmart will follow. The long emergency methodically rolls on. Luckily, all those vacant rotting store fronts won’t result in the Too Big To Trust Wall Street banks writing off the loans to mall developers. The landlords will pretend they are getting rent and the banks will pretend the loan payments are being made. Accounting is awesome.

From JCPanic To JCPandemonium

Submitted by Tyler Durden on 08/09/2013 11:18 -0400

While outlining the ridiculous spectacle of the last 24 hours news flow on JCPenney is useful for some, a step back to view this charade for what it is – a hedge fund manager massivley under-water, a company careening into bankruptcy, a board desperate to show it has any relevance, and a most senior creditor (Goldman Sachs) chomping at the bit to securitize the firm’s T-Shirts and small appliances… the entire ‘bounce’ from yesterday has been retraced as Ackman and JCP’s board fling insults at each other… JCPanic has been downgraded to JCPandemonium… on its way to JCPoof…

First this…

*ACKMAN TELLS JCP NEW CEO SHOULD BE IN PLACE 30-45 DAYS:CNBC
*QUESTROM TO CNBC: JCP BOARD ‘DOESN’T HAVE A SENSE OF URGENCY’

Then this…

*J. C. PENNEY CO SAYS BOARD DISAGREES WITH ACKMAN :JCP US
*JCPENNEY CHAIRMAN: ULLMAN RIGHT PERSON TO REBUILD COMPANY

and now this…

*ACKMAN:JCP BOARD HAS CEASED TO FUNCTION EFFECTIVELY RECENT WKS

Bear in mind that credit markets throughout all of this have been serially unimpressed… 5Y CDS now at new record highs 1232bps (equivalent running) or ~70% probability of default…

THE GREAT POSTAL FRAUD

“One of the things the government can’t do is run anything. The only things our government runs are the post office and the railroads, and both of them are bankrupt.” – Lee Iaccoca

You may have heard that the U.S. Post Office lost $16 BILLION last year. You may also have heard that Congress snuck a requirement into a bill that had nothing to do with the Post Office, mandating that they must deliver on Saturdays, even though eliminating Saturday delivery would save the Post Office $2 BILLION per year. Congress evidently can’t read a financial statement or interpret a chart. I’m sure the trends detailed on this chart will reverse themselves shortly.

While reading an editorial today supporting the Post Office in its efforts to save money by eliminating Saturday delivery I saw another MASSIVE LIE perpetuated by the MSM and the government.

Here is the Orwellian statement:

“The U.S. Postal Service is an independent governmental agency that doesn’t take taxpayer funds.”

This is complete and utter bullshit. This statement also described Fannie Mae and Freddie Mac until 2008. They were just little old independent government agencies helping out the housing market – until the shit hit the fan!!! Then they became albatrosses around the necks of the American taxpayer. You own them now. They have lost $200 billion of your tax dollars, and will lose billions more before all is said and done.

You can access the U.S. Post Office financial statements online. Here is their December 2012 report:

http://about.usps.com/who-we-are/financials/financial-conditions-results-reports/fy2013-q1.pdf

The honesty of the people writing this report is refreshing. They essentially admit they are BANKRUPT and unable to meet their financial obligations. In other words, a truly INDEPENDENT entity admitting they can no longer operate. How is this for honesty:

“The Postal Service continues to suffer from a severe lack of liquidity. The Postal Service held total cash of $2.9 billion and $2.3 billion as of December 31, and September 30, 2012, respectively, and had no remaining borrowing capacity on its $15 billion debt facility (See Note 3, Debt, for additional information). The increase in cash balances for the quarter is largely attributable to the seasonal impact of holiday mailings, along with additional revenue resulting from this year’s political campaign and elections. Cash balances generally decline during the remainder of the fiscal year, as revenue is not as strong in the remaining quarters. By the end of this fiscal year, the Postal Service projects it will have a liquidity balance that will be less than its average weekly expenses of $1.3 billion. This low level of available cash means that the Postal Service will be unable to make the $5.6 billion legally-mandated prefunding of retiree health benefits due by September 30, 2013. Further, this level of cash could be insufficient to support operations in the event of another significant downturn in the U.S. economy.

Through the three months ended December 31, 2012, the Postal Service has suffered 5 quarters of consecutive net losses and net losses in 14 of the last 16 quarters. The net loss of $1.3 billion for the first quarter of the year included $1.4 billion of expense accrued for the legally-mandated prefunding payment for retiree health benefits. The requirement of the Postal Accountability and Enhancement Act, Public Law 109-435 (P.L. 109-435) to prefund its retiree health benefit obligations, a requirement not shared by other federal agencies or private sector businesses, plus the precipitous drop in mail volume caused by changes in consumers’ uses of mail, have been the two major factors contributing to Postal Service losses since the recession ended in 2009. Without structural change to the Postal Service’s business model, it will continue to be negatively impacted by these factors and, absent legislative change, it anticipates continuing quarterly losses for the remainder of 2013.”

The politicians that are mismanaging this country use governmental accounting fraud to cover-up the fact that the obligations of this bloated pig of an operation are going to be paid by YOU, the taxpayers of the United States. Today, none of the past, current, or future liabilities of this INDEPENDENT GOVERNMENT AGENCY are reflected in the Federal budget projections or the National Debt calculation.

Do YOU want to know how much YOU really owe? Brace yourself.

In the past six years they have lost $41 BILLION and they have a cumulative deficit of $36 billion. How many INDEPENDENT organizations can run up deficits of $36 billion without going out of business? YOU are on the hook for these accumulated deficits, just like you were on the hook for all of the Fannie and Freddie backed toxic mortgages.
The Post Office will lose another $10 to $15 billion this fiscal year. You will be on the hook for that too.
They have $15 billion of debt on their balance sheet, with $9.5 billion payable in the next 9 months. How will this INDEPENDENT government agency that is losing $16 billion per year pay off $9.5 billion? They won’t. The government drones will pass a bill in the middle of the night extending the terms with no cash flow requirements or expectation of repayment. I wonder if I can get a loan like that?
The really interesting stuff is buried on page 42 of their report. I wonder why it is all the way back there? In addition to their $15 billion of debt, they have another $70.5 BILLION of unfunded future obligations. The two biggest are:
- $33.9 Billion of payments for pension and health benefits for retirees, all due within the next 5 years. It’s not cheap providing gold plated benefits to government workers.
- $25 billion for workers compensation and sick leave payments. Yikes!!! It must be all that stress, because the mail never stops. It keeps coming and coming. It’s almost enough to make someone go postal, or at least file a stress related workers comp claim.

This really sounds like a promising story. Mail volumes continue to plummet. Someone should tell Congress the internet age has arrived. The Post Office has thousands of money losing, unneeded outlets. It has 637,000 employees when it only needs 300,000. Over 70% of Americans favor ending Saturday delivery, so Congress passes a law making that impossible to implement, ensuring $2 billion more losses per year. That’s par for the course. Over 70% of Americans were against passing TARP too. And according to your leaders in Washington, and parroted by the MSM, you are not on the hook for their losses.

It’s beyond laughable, but so is most of what is going on in this tragedy of a country, disguised as a comedy. The truth is that you are on the hook for the $36 billion of accumulated deficits, the $85 billion of debt and contractual obligations, and the annual $16 billion losses they continue to pile up. But what’s $120 to $150 billion among friends? Bennie can print that out of thin air in a few days. Why run an operation efficiently at a surplus, when you can keep hundreds of thousands of union government drones employed (until they go on workers comp) by sticking it to the working American taxpayer. I sure hope I don’t get a visit from the Postmaster General because of this article.

http://youtu.be/6nKlzQo3Wqo

JC PENNEY FIRES 2,200 EMPLOYEES – FORGOT ONE

Ron Johnson is the gift that keeps on giving. One of his biggest stockholders – Vornado Realty – sold 10 million shares at a price 50% below when they purchased the shares. That sounds like a vote of confidence. Johnson is also being sued by Macy’s for signing an illegal agreement with Martha Stewart. If he loses, there will be tons of empty shelves in JC Penney stores across the land. Sales are still plummeting. Of course, there are still a couple of Wall Street shills telling you it’s the best time to buy. Now Johnson fires 2,200 dedicated employees as he still collects his multi-million dollar pay package and commutes by a company Jet from his home in San Francisco.

This douchebag has to go. There is only one employee that needed to be fired and his name is Ron Johnson. The Board of Directors of this company is a fucking joke. They hired this asshole and watched him destroy a 100 year old company in one year. This is nothing but a death rattle. Unless they fire this fucker in the next month, JC Penney will be declaring bankruptcy within 12 months.

Troubles pile on in rough week at J.C. Penney

Kyle Kurlick/The Commercial Appeal

Teresa Chavez gives a garment a critical look at a Penney’s store in Southaven, Miss. Investors know how she feels after looking critically at J.C. Penney’s remake.

By MARIA HALKIAS

MARIA HALKIAS The Dallas Morning News

Staff Writer

[email protected]

Published: 06 March 2013 11:17 PM

Expect events of the last seven days to make it into academic case studies about J.C. Penney Co.’s attempt to become America’s favorite store.

And Penney employees found out Wednesday that things can get worse. About 2,200 people were laid off in stores and district offices.

Some bullish analysts changed their tunes Wednesday, and the stock price has lost 35 percent of its value in just the last five trading days. Former Penney chairman and CEO Allen Questrom said the board needs to act, adding that chief executive Ron Johnson should be replaced.

The third week of a trial over a contract dispute with competitor Macy’s over Martha Stewart merchandise continued in a reporter-packed New York courtroom. The trial may be adjourned until April because of scheduling conflicts.

The Plano-based department store chain’s new low points included Tuesday’s news that 10 million shares of stock were sold by a major shareholder who, oh yes, happens to be a board member.

Wednesday, Penney’s stock price fell 53 cents to hit a 52-week low of $14.43 a share.

All that follows last week’s news that Penney lost almost $1 billion and had a sales decline of a whopping $4 billion, falling to $13 billion in 2012.

Most of Wednesday’s staff cuts happened in about 100 stores that had significant sales declines last year, and the employee count will be reduced to match each location’s new level of business, said spokeswoman Daphne Avilla.

Administrative and back office jobs were cut across the chain of 1,100 stores and in 55 district offices.

In stores, department management duties are also being consolidated.

Staff cuts “will not impact the store experience,” Avilla said. “We’re not cutting folks on the floors. And our hope is to later be in a position to build back up our workforce.”

Penney’s stores, which range from under 65,000 square feet in small towns to more than 200,000 square feet in major malls, employ from 50 to 400 people per location.

Martha Stewart trial

Finally, on Friday, even if the trial isn’t over, New York Supreme Court Justice Jeffrey Oing will decide what sheets and towels Penney can sell starting in May when the retailer plans to have new home departments ready for shoppers. Martha Stewart designed products in a few categories that were believed outside her agreement with Macy’s.

Last summer, the judge issued a temporary order that prohibited Penney from selling Martha Stewart-branded products in the key home categories of bed, bath, tabletop and cookware. Instead, Penney developed products in those categories with Stewart’s help under the Everyday brand.

On Friday, Oing will rule whether Martha Stewart Living’s involvement in designing that product violated the Macy’s contract.

Penney is developing alternate plans and will make a statement after the judge rules, Avilla said.

Questrom, who spent five years in the early 2000s at Penney pulling it out of years of missteps, is frustrated that the board hasn’t forced Johnson to take his ideas to Middle America more slowly and test new merchandise and pricing.

“All these people are worried about Johnson keeping his job. It’s crazy,” Questrom said in a phone interview Wednesday. “What about all these Penney employees?

“It’s an old company, and he’s putting the nails in the coffin if they don’t start making some changes. There’s no reason to wait another quarter.”

The board “has allowed this to go on too long,” Questrom said. “I have to believe they are looking for his replacement.”

Silence

Penney board chairman Tom Engibous, the retired chairman and CEO of Dallas-based Texas Instruments Inc., didn’t respond to a request for comment. Other board members also declined to comment.

Johnson declined a request for an interview as well.

One could say that board member Steven Roth, chairman of Vornado Realty Trust, commented on Johnson’s performance and Penney’s prospects Tuesday when he sold 10 million shares of Penney stock. Roth and Pershing Square Capital founder William Ackman joined the board in 2011 after they amassed a 26 percent stake in Penney. Ackman has been Johnson’s most vocal supporter on the board but hasn’t commented this week.

On Wednesday, some analysts who had supported Johnson’s plans to turn Penney into a collection of mini shops within stores and adopt an everyday-low-prices strategy downgraded Penney.

Citi’s top retail analyst, Deborah Weinswig, visited Plano on Tuesday and met with Johnson and other top executives. She concluded that Penney will either continue limping along and spending money or the company will be sold and/or “senior leadership” will leave.

She downgraded Penney to a neutral rating from a buy and titled her report: “Wish I knew then what I know now.”

“We believe the potential for asset sales, a private takeover and senior leadership changes could support the shares and limit further downside from here,” Weinswig wrote.

Oppenheimer analyst Brian Nagel downgraded Penney stock after concluding that the company could go through all of its $900 million in cash this year and continue to post losses.

“The market is unlikely to afford JCP any benefit of the doubt until clear evidence of a turn emerges,” Nagel wrote in a report.

Johnson promised a year ago that Penney’s transformation would be self-funded, but asset sales were necessary last year and will likely continue, analysts said. JPMorgan analyst Matthew Ross said Penney will probably have to borrow money to keep building new shops.

FREE SH*T “DISABLED” ARMY MASSING ITS FORCES

Whenever I hear a liberal MSM talking head say that Social Security is not a problem, I could spit.

Obama and Romney both declared the Social Security system sound. They lied to the American people that it will only require minor tweaks to keep it solvent for a hundred years. Liberals hate math. The Social Security System has an unfunded liability of $18 trillion. This means our politicians have promised $18 trillion more than they can possibly pay out. I guess $18 trillion is trivial to a liberal minded person like Krugman or Obama. Lucky for them that 99% of all Americans don’t understand what unfunded liability even means. The chart below gives the gory details. The Social Security system had a negative cashflow of $47.8 billion last year, after running a $48 billion deficit the year before. You may notice that 77% of this deficit was created by the SSDI program, where the depressed masses gather after their 99 weeks of unemployment run out. Do you have a headache? Are you depressed because liquor stores don’t accept food stamps? Did you pull a muscle getting on your government provided rascal? Trouble hearing your Obama phone? Then you are eligible for SSDI.

The funniest line item on the chart is the Assets at End of Year line, which shows the Social Security system having $2.7 trillion. Even using this funny number, the SSDI will be broke in three years. Al Gore told us this money was in a lockbox. They take it out of your paycheck and put it into a fund, waiting for you to retire and collect what you’re owed. Right? Wrong! If you tried to observe the vault with the $2.7 trillion on deposit, you’d be looking for a long long time. You see, the noble politicians in Washington DC took the $2.7 trillion and spent it on undeclared wars overseas, ethanol subsidies, investments in Solyndra, turtle crossings, tax breaks for hedge funds, TARP, bailing out AIG, subsidizing GM, $800 billion stimulus packages, cash for clunkers, homebuyer tax credits, predator drones, DHS, Sandy relief and thousands of other buckets of shit. There are nothing but IOU’s in the vault. The $2.7 trillion is long gone. The U.S. government had to borrow $47.8 billion to fund SS last year. They will have to borrow over $50 billion this year. There will be 10,000 per day turning 65 for the next decade. The borrowing will rise exponentially. If the $2.7 trillion actually existed, why would we need to borrow?

The trust funds are required by law to hand over all surplus revenues to the Treasury and the Treasury then provides “special issue” non-marketable bonds—essentially electronic IOUs—to the trust funds in return for the cash. These “IOUs” become part of the national debt. When the Treasury pays “interest” that increases the value of the Social Security Trust Funds it does so by increasing the number of IOUs it owes the trust funds. When the Social Security program runs a net cash flow deficit, as it has in the last three fiscal years, the Treasury needs to borrow cash from the “public” to keep the program funded.

Does this look like a trend that is going to reverse itself or level out with 10,000 Boomers turning 65 years old every freaking day?

These costs will be exceeding $1 trillion per year in the near future. Meanwhile, the number of workers per retiree will continue to fall as it has for decades. In 1945 there were 42 workers per retiree. In 1965 there were 5 workers per retiree. Today there are less than 2.5 workers per retiree. There are only 1.6 full time private workers for every one retiree. With Obamacare working its magic of destroying jobs across the land, there is much less revenue going into the Social Security System. The system is unsustainable and ignoring the problem will not make it go away.

A recent article on Bloomberg below barely scratches the surface of the massive fraud going on in the SSDI program. Those who think we owe them a living are faking disabilities by the millions. The number of annual applications were flat at 2.1 million per year between 2004 and 2007. They now exceed 3 million per year, as the Obama administration has actively attempted to get more people on the dole. In a matter of a couple years, there were suddenly 40% more people getting disabled. Amazing!!!

Shockingly, as 1.4 million people have been kicked off the 99 week unemployment rolls, the number of people applying for SSDI skyrocketed. Just because the scumbags on Wall Street and in the rest of corporate America commit fraud on a massive scale does not mean we should look the other way when lowlifes in our community do the same thing on a smaller scale. The working middle class pays the bill for the cost of both frauds. More than 90% of all the people who go onto SSDI never go back to work. This program was supposed to be short term until people could recover and go back to work. There are now 8.83 million people so disabled, they supposedly can’t work. There are only 12 million officially unemployed people in the country. The government is so incompetent, they barely check the applications for SSDI. Anyone with an ounce of brain power (this disqualifies anyone on MSNBC) knows that at least 50% of the people on SSDI are capable of some form of employment.

The Social Security system is already broke. The money is gone. Pretending all is well is for fools and there are millions of them in this country. If someone within the leadership of this country was honest with the American people we could fix the Social Security system. A combination of age adjustments, means testing, and reconfiguration of income levels subject to the tax could make it viable. Too bad Washington is inhabited by snakes, scumbags, liars and knaves. Corrupt lowlife politicians, lying liberal media whores, and a delusional populace will ignore the Social Security problem until it becomes a crisis of epic proportions. Then they will propose wrong solutions and implement them badly. Some things are easily predictable.

OBAMA SAID GM WAS A SUCCESS STORY

Have you heard Obama and his minions bursting with pride over their “successful” saving of GM? The storyline perpetuated by the MSM and political hacks is that General Motors has been reborn and his doing fantastic. After the taxpayers ate all of their debt in bankruptcy, these marketing geniuses are on track to make 35% less income on flat revenue in 2012 versus 2011. The stock is down 45% since January 2011. Has Obama and the big fans of government bailouts mentioned this on CNBC lately?

Not only are their financial results horrific, they’re also fraudulent and supported by government debt, with the future losses going to you. GM has been channel stuffing for the last two years. They record sales when they force their dealers to take delivery of their Volts. The dealers don’t have any demand for these piece of shit GM lemons, but GM keeps reporting “strong” sales. They’ve stuffed 67% more automobiles down the gullets of their dealers in a fraudulent effort to appear successful. The dealers have reached capacity. Maybe Obama can create a car lot on the White House grounds for his union pals at GM.

Who could ever forget our friends at GMAC/Ditech? They were the automobile and housing subprime loan specialists in the good old days of the 2003 – 2008. You bailed them out to the tune of $20 billion. They decided to change their name for some reason. They are known as Ally Bank and are still 85% owned by YOU/Obama. As you can witness in the mean streets of West Philly, any lowlife subprime dirtbag can get a loan from Ally Financial these days. If I was a non-trusting soul, I might think that Obama and his buddy Geithner have given a wink and a nod to Ally and the other Wall Street shyster banks to open the flood gates on loans to people who won’t pay YOU back.

So keep supporting the huge GM success story. I love fairy tales.