What's left of Chrysler and GM announced they may need a bit more than the 17.4 billion dollars they originally asked for. How much more? Oh maybe just an extra 20 billion dollars or so. Just put it on our tab.

General Motors and Chrysler went hat-in-hand to the US government Tuesday, calling for billions more in loans to stave off bankruptcy and win extra time to undergo painful restructuring.

Both companies met Tuesday's deadline to present plans to the US Treasury to convince government overseers of their long-term viability, one of the conditions of a 17.4-billion-dollar government bailout.

But in grim news they warned they both would need billions more in US government funding if they are to stay afloat, and would have to shed tens of thousands of jobs worldwide as well as cut unpopular lines.

General Motors said it could require a further 16.6 billion dollars to bring its total in US government aid by 2011 to 30 billion dollars, and said it would cut 47,000 jobs around the globe in 2009.

"If the new, even lower downside volume sensitivity scenario occurs, GM will require further federal funding ... which could bring total government support up to 30 billion dollars, by 2011," GM said in its restructuring plan.

Chrysler meanwhile called for an additional five billion dollars from the US government bailout loan program, as the industry, one of the key pillars of the US economy, reshapes in the wake of a global collapse in auto sales.

780 billion or so in Porkulus spending, possibly up to 30 or 40 billion in total for the auto makers UAW retiree health care providers, untold billions for banks and housing and pretty soon, we're talking some real money.

Posted by: DrewM at 04:02 PM | Comments (83)
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Conventional wisdom says that Obama lost control of the stimulus bill when he delegated it to Nancy Pelosi to craft. Well, I don't think it's fair to give Nancy all the credit. Many of the ideas in the Spendulus abomination bear the unmistakable whiff of the Messiah's input.

To Wit: Our friends at Naked Emperor News have unearthed yet another telling video from Obama's past:

more...

Posted by: Open Blog at 12:30 PM | Comments (101)
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The price of a stamp will go up 2 cents in May. The Postmaster General has proposed reducing postal delivery to five days a week. And he gets compensated (if the Washington Times is correct) $800,000 in pay, benefits, and perks.

The changes, approved by the Postal Board of Governors and contained in a little-noticed regulatory filing in December, brought Mr. Potter's total compensation and retirement benefits to more than $800,000 in 2008. That is more than double the salary for President Obama.

The new compensation package, much of it deferred to later years, goes beyond a newly beefed-up salary, now $263,575, that Congress arranged for him as part of a 2006 law to make top postal salaries more competitive with those in the private sector. At least four other postal officials got more than a quarter-million dollars in total compensation in 2008, according to Postal Service records reviewed by The Washington Times.

This misses the point. There are no comparable postal salaries in the private sector because it is illegal in this country for private companies to infringe on the postal service's monopoly. The post office, bless their hearts, tries so hard but suffers from having to please someone other than the customer and shareholder. That is, having to please Congress.

Posted by: Gabriel Malor at 12:25 PM | Comments (53)
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Patterico has the rundown on Senator (for now) Burris', um, evolving, statements on what actions he took on behalf of Blago. Talk about Change!

Meanwhile, even Democrats are starting to talk about investigating Burris and the truthfulness of his testimony before Illinois House of Representatives.

llinois Atty. Gen. Lisa Madigan led a growing chorus of Democratic officials Monday calling for a deeper investigation of U.S. Sen. Roland Burris' explanation about how he was appointed by now-ousted Gov. Rod Blagojevich.

Burris has maintained there was nothing inconsistent between his testimony before state lawmakers and a recently filed affidavit outlining more extensive contact with Blagojevich insiders than he had previously disclosed. But Illinois Republicans pressed their call for a perjury investigation by the county prosecutor in Springfield and on Monday, Democrats expressed increasing discomfort over Burris' evolving explanation of efforts to get the seat.

"This is a particularly frustrating revelation," Madigan said of Burris' recent disclosure that he had contact with five Blagojevich insiders. "I encourage the Sangamon County state's attorney to take a closer look at this in the interest of truth, integrity and transparency."

Blago! You magnificent bastard!

Posted by: DrewM at 11:45 AM | Comments (84)
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Just two weeks after there were reports that the Obama administration would delay any decisions on increasing troop levels in Afghanistan, the administration is about to announce just that.

The troop deployment to Afghanistan will be announced as a "remissioning," meaning many, if not most, of the forces were already scheduled to deploy to Iraq but will now be diverted to Afghanistan.

That will reportedly include two Marine combat battalions and one Army combat brigade. According to one Pentagon official, because this "remissioning" will, in fact, redirect troops from Iraq to Afghanistan, it will be politically characterized as a "drawdown" of U.S. military forces in Iraq, permitting the White House to claim in this one announcement that President Obama is making good on two campaign promises -- withdrawing forces from Iraq and sending additional forces to Afghanistan.

Godspeed to the troops and their families.

UPDATE: Remember the US commander in Afghanistan asked for 30,000 more troops but apparently Barack H. Obama Super Genius knows better.

And why is this even an issue? Aren't our "allies" in Europe and elsewhere just rushing to provide more troops now that the Lightworker has replaced that mean Mr. Bush?

Posted by: DrewM at 11:20 AM | Comments (48)
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Having waited a few comfy days to sign the most important emergency legislation eveh, Obama is now ready to take on the housing crisis.

Well thank goodness.

Though administration officials are tight-lipped about details, one idea that has been floated is for the federal government to reduce monthly mortgage payments by modifying loans.

Sheila Bair, the U.S. FDIC chairwoman, has advocated reducing payments to between 31 and 38 percent of a family's gross income.

Funny, I would have advocated that if I had been like, a loan officer or something. For goodness sakes! Don't let your payment exceed 97% of your gross income. Cause, well you know, you can't PAY that.

You know.

These are the details in the spring, that make a young man's fancy lightly turn to thoughts of love.

Posted by: Dave in Texas at 11:16 AM | Comments (70)
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Going on right now. Correct me if I'm wrong, but did Presidents Bush 43, Clinton, Bush 41 hold big to-dos before signing legislation?

Update: Oh, it's a comedy routine! ::Gag::

Posted by: Gabriel Malor at 10:54 AM | Comments (128)
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Not so much as it turns out.

`We have tried spending money. We are spending more than we have ever spent before and it does not work. I say, after 8 years of the administration,''... "we have just as much unemployment as when we started, and an enormous debt to boot.''

The administration and the expert? FDR's The Secretary of the Treasury, Henry Morgenthau.

Yeah, we're screwed. Hard.

Posted by: DrewM at 10:36 AM | Comments (40)
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Another eeevil corporation forces "just folks" to spend money during a recession. Wal-Mart, despite posting a loss for the fourth quarter, beat the pessimistic estimates and had the strongest sales result in its history. The retail giant's net sales for the fourth quarter were about $108 billion, an increase of 1.7% compared with a year earlier.

Retailers of all kinds have been struggling as the economy has deteriorated, but Wal-Mart's strong appeal to the frugal-minded shopper has kept it afloat, even though results have been negatively affected by the strong dollar and weak consumer spending trends.

"Wal-Mart recorded the strongest sales result in its history in the fourth quarter, with $108 billion in sales," said Chief Executive Mike Duke. "We achieved this through the hard work of our associates, helping our customers save money so they can live better."

"Our performance relative to competitors was exceptionally strong in the fourth quarter and throughout the year," Duke observed. "We expect this momentum to continue."

I realize this is my second Wal-Mart post in as many weeks (and stand by for a third after the Ninth Circuit rules on the Wal-Mart sex discrimination suit). Yes, I already got the email accusing me of being a paid shill for the super-retailer. No, I am not getting paid to support the company. As I said last time, I have an unnatural fondness for a store where I can buy toothpaste without having to get a mortgage.

Posted by: Gabriel Malor at 10:09 AM | Comments (68)
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Fantastic.

Federal regulators on Tuesday charged Texas financier R. Allen Stanford and three of his firms with a "massive" fraud that centered around high-interest-rate certificates of deposit, and raided some of the companies' offices.

In a complaint filed in federal court in Dallas, the Securities and Exchange Commission alleged Stanford orchestrated a fraudulent investment scheme centered on an $8 billion CD program that promised "improbable and unsubstantiated high interest rates."

Stanford's assets, along with those of the three companies, were frozen. Stanford's firms include Antigua-based Stanford International Bank, broker-dealer Stanford Group Co. and investment adviser Stanford Capital Management, which are both based in Houston.

The bank's chief financial officer, James Davis, and Stanford Financial Group's chief investment officer, Laura Pendergest-Holt, were also charged in the complaint.

U.S. District Court Judge Reed O'Connor has appointed a receiver to handle the frozen assets.

The charges come amid an investigation that has lasted more than three months and included the SEC, the Financial Industry Regulatory Authority, the U.S. brokerage industry's self-policing body, and the Florida Office of Financial Regulation. Investigators visited the Florida offices of Stanford Group last month.

Bernie Madoff emails to say, "A measly 8 billion? Friggin' pikers".

Posted by: DrewM at 10:02 AM | Comments (28)
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