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By Nick, Section News
Posted on Thu Nov 20, 2008 at 02:19:34 PM EST
Tags: (all tags)

Wow, you fly out of Lansing early enough in the morning and you just about miss everything.

While we were away...

Auto state Senators claim they've got a compromise on a massive bail out of the Big 3. Only problem... no one bothered to tell the rest of the Democrats.

The Majority Party continues to stall and to obfuscate and to avoid even a vote on a Michigan specific bail out (not that I'm complaining, necessarily, though it'd be nice to see how they each vote).

Meanwhile, those same majority Dems just stripped Michigan Congressman John Dingell of his chairmanship on the powerful Energy and Commerce Committee.

Nevermind that Dingell is the longest tenured member of the House. Nevermind that he's from Michigan, the state whose lifeblood is tied to energy and commerce legislation like no other... wait, yes, we probably should mind that. It's why they kicked the man out of his seat. More Democratic hostility to the Great Lakes State... lovely.

Not that Detroit's captains of industry did themselves any favors yesterday when they each arrived to testify before Congress, tin cup in hand, begging for taxpayer money... then flew home the same way they'd come, on three seperate private jets at an estimated expense of $60,000 round trip total.

I just arrived in DC myself and my roundtrip ticket in coach cost me about $500. Think they'd be any more sympathetic to me if I went to testify?

< Thursday in the Sphere: November 20 | On billion dollar deficits, new home value numbers and mass transit >

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And in other news... | 13 comments (13 topical, 0 hidden)

One more problem here. (none / 0) (#1)
by KG One on Thu Nov 20, 2008 at 03:48:06 PM EST

The fish paper ran the same article this morning as well, with this interesting blurb:

Senate Majority Leader Harry Reid raised the prospect of calling the Senate back into session in December. House Majority Leader Steny Hoyer, D-Md., said earlier this week it was possible that the House could come back in December as well. General Motors Corp. and Chrysler LLC could run short of cash by the end of the year.

Gasp!

Cancel Congress' Christmas Vacation!!!

Why, that's almost unheard of...

The time has come. (none / 0) (#2)
by LookingforReagan on Thu Nov 20, 2008 at 04:05:18 PM EST

For Michigan Repulicans to introduce an article of Secession in the legislature. If they don't want Michigan as part of the USA any longer then fine. We will set up for ourselves. But we must get rid of Granholm first. Then hold elections for President of the Republic of Michigan. Thad McCotter gets my vote.

I apologize in advance by maidintheus, 11/20/2008 08:44:00 PM EST (none / 0)

Asking democrats to take a stand on something... (none / 0) (#3)
by KG One on Thu Nov 20, 2008 at 05:02:28 PM EST

...that doesn't involve raising taxes?!?

Why that's unheard of!!!

Rep. McCotter gets my nod, too.

The Independent Republic of Michigan (none / 0) (#4)
by WadeHM on Thu Nov 20, 2008 at 05:45:28 PM EST

I'd go for that. Granholm goes back to Canada, eh? I'd like that too.

I'll volunteer by maidintheus, 11/20/2008 08:46:51 PM EST (none / 0)

I'm a smart man... (none / 0) (#8)
by John Galt on Thu Nov 20, 2008 at 09:14:44 PM EST

I'm a relatively smart man. But how does a private company owned by a major 'investment firm' run out of money?

When you're owned by what amounts to a giant piggy bank, you shouldn't need any loans.

I don't hear that Cerberus or GMAC are filing for bankruptcy. So why does Chrysler face this threat?

Something smells fishy.

Just remember what lincoln did (none / 0) (#9)
by jgillmanjr on Fri Nov 21, 2008 at 01:39:02 AM EST

Secession didn't jive back when Lincoln was in office, and it sure as hell wouldn't jive now.

Civil war kids, remember that?

Yeah, yeah, by maidintheus, 11/21/2008 08:20:06 AM EST (none / 0)

I'm not saying I disagree by jgillmanjr, 11/21/2008 03:15:54 PM EST (none / 0)

Yep by maidintheus, 11/21/2008 04:36:26 PM EST (none / 0)

GMAC becomes a bank.. sells off debt (none / 0) (#11)
by michiganmav on Fri Nov 21, 2008 at 10:12:16 AM EST

GMAC is majority owned by the private equity firm Cerberus, which also owns most of Chrysler. General Motors Corp., which itself is running out of cash, owns a 49 percent stake in GMAC.

Earlier this month, GMAC reported its third-quarter loss widened to $2.52 billion also is launching cash tender offers to buy or swap debt held by its units and mortgage business(which was reported yesterday as $38 million in the AP article but its missing today)Residential Capital LLC for cash, new notes or preferred stock, in a move to boost capital levels and reduce debt, which ResCap. represents $1.91 billion of that GMAC $2.52 billion loss.

Bailout to the rescue for GM financing arm
With housing and car sales in the dumper... where's their business plan for viability?

Thad's the Rad (none / 0) (#12)
by michiganmav on Fri Nov 21, 2008 at 11:13:35 AM EST

I watch CSPAN quite a bit, Mr. McCotter has been on my list of quiet hero's for some time.

When do you do bold things in a quiet way there's not much fanfare involved.
My only question is, When does the parade start?

http://www.youtube.com/watch?v=y6ZiatsF7yg

And in other news... | 13 comments (13 topical, 0 hidden)

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Who are the NERD fund donors Mr Snyder?
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Raise the curtain.

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