“We don’t want your tired, poor, huddled masses yearning to trash the planet” The Federal Reserve, 2009 – Robert Singer

(Robert Singer) – Having trouble understanding the events since the October 2008 financial crisis?
Any of this sound familiar:
* · Banks hoarding their TARP funds
* · Gas prices going up when they should be going down
* · Automobile dealerships closed without regard to profitability
* · Health Care reform: The Kevorkian is out of jail early

Fifty thousand General Motors retirees face destruction of benefits

The bankruptcy of General Motors, and the organization of a “new” auto company in its place, is being carried out at the expense of tens of thousands of active and retired auto workers, along with dealerships, other small businesses, and entire communities.

GM, Amtrak and an Increasingly Fascist America – Ron Paul

Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable.

MSM: GM plans almost 50,000 job cuts as it seeks $16.6bn

General Motors plans to axe costs by cutting almost 50,000 jobs in return for more billion-dollar loans from the US government.

MSM: GM, Ford, Chrysler Lost About 988 Auto Dealers During 2008

General Motors Corp., Ford Motor Co., and Chrysler LLC said about 988 of their auto dealerships closed or were consolidated last year.

MSM: Possible Toyota job cuts as auto crisis rolls

(Reuters) – A warning of unprecedented staff cuts at Toyota, the world’s biggest auto maker, and word of a possible first quarter loss by Volkswagen piled fresh pressure on struggling car manufacturers on Friday.

GM to temporarily close 20 plants to slash output

General Motors Corp. said Friday it will temporarily close 20 factories across North America and make sweeping cuts to its vehicle production as it tries to adjust to dramatically weaker automobile demand.

GM said it will cut 250,000 vehicles from its production schedule for the first quarter of 2009, which includes a cut of 60,000 vehicles announced last week. Normal production would be around 750,000 cars and trucks for the quarter, spokesman Tony Sapienza said.

Video: Ron Paul – Printing Money Only Prolongs The Pain

Amidst the hand-wringing of the automaker bailout debate, Ron Paul took the opportunity on the House floor yesterday to remind Congress that the real culprit behind the financial crisis is the Federal Reserve, and that allowing the Fed to continue to print money without audit will only prolong the pain.

MSM: Car Sales Crater Worldwide

PARIS (Reuters) – The global automotive industry faced a fresh wave of bad news Monday, as data showed drops in Swedish, Japanese and South Korean November car sales, with figures for France, Spain and Italy due out later in the day. Automakers are cutting production as well as seeking help from governments to survive as they battle against the effects of the financial crisis and worsening economic climate on consumer confidence.

MSM: GM hits lowest price since Depression

Shares dipped to $1.70 as hope fades that automakers could get financial bailout from Congress before Thanksgiving.

NEW YORK (AP) — Shares of General Motors Corp. plummeted to a low not seen since the days of the Great Depression as hope that the automakers could receive a financial bailout from Congress before the Thanksgiving holiday continued to fade.

MSM: Auto Sales Worst Since 1983

Shell-shocked consumers stay away from showrooms. GM sales down by 45%, Ford off 30%, and Toyota 23%

A combination of plunging consumer confidence and shortage of credit is pushing auto sales to their lowest monthly levels since the early 1980s—and the automakers themselves to the financial breaking point.

MSM: US motor industry: The great breakdown

Such is the severity of the downturn in the global car industry that US manufacturers are now pushing for their own state bailout. Stephen Foley reports from New York

Why stop at the banks? Now governments around the world are pouring taxpayer money in to bail out loss-making financial institutions, it is getting harder to argue against subsidies, loans, guarantees and other forms of government assistance for other industries, too – particularly since the economic pain is now being felt far from Wall Street.

MSM: Chrysler to cut 25 percent of salaried work force

DETROIT – Chrysler LLC, whose owner has been in talks to sell the automaker to General Motors Corp., said Friday it will cut 25 percent of its salaried work force starting next month and warned that it will make more restructuring announcements soon.

Bill Heard Enterprises Folding Dealerships Nationwide

One of the nation’s largest car dealerships has closed sales operations, possibly forever.

Bill Heard Enterprises Inc., which operates the Bill Heard Chevrolet dealership in Plant City, closed its sales operation there this week, said Paul Baker, executive manager of the dealership.