Why do we allow the media to use this term and then piggy-back upon it?
In a bankruptcy, companies are restructured and/or assets sold to satisfy creditors ACCORDING TO RULE OF LAW.
This is a government takeover/bailout that is being referred to as a bankruptcy.
The losers are both creditors and taxpayers. The winners are the UAW presumably counterparties to CDS.
And who is buying Hummer and why is it being kept a secret? Whatever happened to “transparency”?
Our Overlords in Washington label this bailout/takeover a “bankruptcy” and the mainstream media (of “the economy will recover later this year” fame) mindlessly parrot this term over and over again until it is adopted even by those who would argue against this action. In reality, this is not a bankruptcy at all. Nor was Chrysler’s.
We are in very dangerous, Orwellian territory here.
And what is a “pre-packaged bankruptcy”? Since when is our justice administered through the courts “pre-packaged”? Where is the justice for American ‘taxpayers’? (‘Taxpayer’: a legal term – you ceased being sovereign Americans and became ‘tax-payers’, ‘citizens’ of the Federal Government, serfs really, with the 14th amendment diktat.)
So now we are treated like the serfs we are by our Federal Overlords, with no say in what happens to the fruits of our labor, confiscated as they are by those with the monopoly on force. Yesterday they were given to Goldman Sachs and Morgan Stanley, as laundered through AIG. Today they are given to auto works unions. Where will your hard-earned dollars be sent tomorrow?
If there’s any Patriotic American out there who is not yet gravely concerned, this should be your wake-up call.