Kudos to Reason TV for the Warranty video. Sometimes the best tonic in troubling times is humour. Certainly Bailout Mania extending to government subsidized GM/Chrysler warranties is laughably pathetic and wrought with the potential for untold taxpayer liability, fraud and abuse.

Nick Gillespie from Reason, shining as always, this from April 13 but applicable to today’s news of the ‘bankruptcy’. My favorite point? The statement from Gillespie that, – “the government shouldn’t be involved in bailing out companies that are not good enough to compete….one of the problems with the bailout-mania that has hit the United States government, we are damaging the risk/reward incentive system that’s at the heart of the free-enterprise model.”

Gillespie just plainly makes too much sense, note the ejaculative reactions of the bobblehead Phil Lebau, his actions, appearance and demeanor speak volumes. This Lebau, ostensibly a media ‘expert’ on the automotive industry has been the bullhorn on CNBC for the automotive industry bailout mania. Note his scorn for Nick’s mere mention of the sanctity of free-enterprise. He can hardly contain himself. He truly reminds me of the useful-idiot characters in Atlas Shrugged that help usher in totalitarianism/socialism to a crumbling US economy. Chastising selfishness, egoism, self-interest, as inherently evil aspects to free-enterprise they fulfill their wish and destroy the free-market. The cronies; iron-fists of the day assume control. “This isn’t what we wanted,” the useful idiots proclaim as the nation crumbles and a new reality of oppression, malaise, and misery ensues under socialism/totalitarianism.

And on my theme of the last note above, I have the Obamanation, the President of the United States and General Motors. Transcribed from his speech if you can’t stand watching it –

“When my administration took office and began going over Chrysler’s books, the future of this great American car company was uncertain.” This one is easy – raise your hand if you think that an American administration and President should have the ability to go over a company’s books? Since when do politicians, career attorneys et al. have the business know-how to even grasp the minutia of an infinitely complex auto company? Atlas Shrugging – Check

“But GM can’t put this plan into effect on its own. Executing this plan will require a substantial amount of money that only a government can provide.” A total fabrication, a lie told often enough often times becomes the truth. By plan He means the federal government’s plan. Not a plan that would have been devised by a typical bankruptcy proceeding. Only a government under the Obamanation can provide printed and inflated dollars to fund a giant auto-industry social experiment in socialist policy. The US taxpayer surely cannot afford it, the taxpayer effectively skewered on a shis-kebab, side by side with the auto business. Atlas Shrugging – Check

“These steps have put our government in the unwelcome position of owning large stakes in private companies for the simple and compelling reason that their survival and the success of our overall economy depend on it.” Ah-ha moment, the classic definition of socialism? From Dictionary.com – “a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.” The Obamanation and the dictionary are in total agreement. Atlas Shrugging – Check

“What we are not doing — what I have no interest in doing — is running GM. GM will be run by a private board of directors and management team with a track record in American manufacturing that reflects a commitment to innovation and quality. They — and not the government — will call the shots and make the decisions about how to turn this company around. The federal government will refrain from exercising its rights as a shareholder in all but the most fundamental corporate decisions.” Perhaps the most ominous here, in my opinion. Simply stating something does not make it a truth – the government is running GM. What about the strong-arm greenie tactics, the increased Union role via Obamanation cronies, and government conducted dealer closings? Note that He tries to calm the public by saying the He has no interest in running GM, yet he has the caveat, in all but the most fundamental corporate decisions. Atlas Shrugging – Check

Update 1 :While pouring over sites today I found this here at the NYT. It is a story about a Mr. Brian Deese a Yale Law School student 31 years of age, he is a key player in the administration’s ‘automotive task force.’ I come away from this story awash in thoughts of a Law School student ostensibly in power over key companies in the US auto industry. Atlas Shrugging – Check.

Update 2 : Even Robert Reich is skeptical of the Obamanation’s plan for GM in today’s Financial Times here.

Update 3 : KeithHennesy.com has the best writeup I have seen, basic facts about the Obamanation GM bankruptcy. Click here for this.

Upate 4 : The Wall Street Journal has a great article pointing to the many things that eventually led to GM’s downfall. In particular, a strike in 1998 played dominance……read it here.