THE DOT - if this turns orange or red be alert

Monday, June 1, 2009

DC is more rotten than Denmark

A 35 year was running TARP and now a 31 year old runs GM - that's a freaking joke but more so is the pattern I can see now clearly. In the banking sector foe's were destroyed or taken over for nothing like JPM did and Goldman as it collects all clients from the other brokers as the credibility of all others was destroyed.
Ford is a active a central member of the Bilderberger and guess who does not go bankrupt although they made nothing better than the competitors business wise. The symbol of the UAW is very similar to the one of Rotary that is strange to begin with but that Ford turns out to be the big winner is not a coincidence they are a member of the 'club'. The European 'Opel' was given away at the worst point of time as they have the best line up of products they ever had - the fact that Magna took over needs to be investigated as its a strange conglomerate with Russian's controlling a big stake.
America has the wrong President - far too old for such a demanding job - well after all the best ┼čis not the age about the candidates _Alexander one of the biggest Emperors ever did that as a teenager but also have both candidates no specific expertise in their fields. Obama should not speak about he can not run the banks and car corps _ I am sure he would have trouble running a kindergarten as he is just a puppet of the Bilderberger club since no man would hire those people deliberately - I am talking about his entire stuff where I hardly can see a qualified person ( I never has sympathies for the Rps either since they are run basically by the same power - not that anyone thinks I have political motives). Denmark is far more rotten than I thought that's very obvious as many calls of the change Obama team are even stupid or ruthless but in any case nothing crucial has changed at all. Soon we will see the kids in big trouble as N. Korea, Pakistan and Iran after the reelection of Ahmadineschad will give them more headache than all Asperin can handle he will ahve 5 frontiers for military conflict. On top the economy will drop back in worse scenario's starting Q4.

The 31-Year-Old in Charge of Dismantling GM

It is not every 31-year-old who, in a first government job, finds himself dismantling General Motors and rewriting the rules of American capitalism.

But that, in short, is the job description for Brian Deese, a not-quite graduate of Yale Law School who had never set foot in an automotive assembly plant until he took on his nearly unseen role in remaking the American automotive industry.

Nor, for that matter, had he given much thought to what ailed an industry that had been in decline ever since he was born. A bit laconic and looking every bit the just-out-of-graduate-school student adjusting to life in the West Wing — “he’s got this beard that appears and disappears,” says Steven Rattner, one of the leaders of President Obama’s automotive task force — Mr. Deese was thrown into the auto industry’s maelstrom as soon the election-night parties ended.

“There was a time between Nov. 4 and mid-February when I was the only full-time member of the auto task force,” Mr. Deese, a special assistant to the president for economic policy, acknowledged recently as he hurried between his desk at the White House and the Treasury building next door. “It was a little scary.”

But now, according to those who joined him in the middle of his crash course about the automakers’ downward spiral, he has emerged as one of the most influential voices in what may become President Obama’s biggest experiment yet in federal economic intervention.

While far more prominent members of the administration are making the big decisions about Detroit, it is Mr. Deese who is often narrowing their options.

A month ago, when the administration was divided over whether to support Fiat’s bid to take over much of Chrysler, it was Mr. Deese who spoke out strongly against simply letting the company go into liquidation, according to several people who were present for the debate.

“Brian grasps both the economics and the politics about as quickly as I’ve seen anyone do this,” said Lawrence H. Summers, the head of the National Economic Council who is not known for being patient whenever he believes an analysis is sub-par — or disagrees with his own. “And there he was in the Roosevelt Room, speaking up vigorously to make the point that the costs we were going to incur giving Fiat a chance were no greater than some of the hidden costs of liquidation.”

Mr. Deese was not the only one favoring the Fiat deal, but his lengthy memorandum on how liquidation would increase Medicaid costs, unemployment insurance and municipal bankruptcies ended the debate. The administration supported the deal, and it seems likely to become a reality on Monday, if a federal judge handling the high-speed bankruptcy proceeding approves the sale of Chrysler’s best assets to the Italian carmaker.

General Motors

Mr. Deese’s role is unusual for someone who is neither a formally trained economist nor a business school graduate, and who never spent much time flipping through the endless studies about the future of the American and Japanese auto industries.

He lives a dual life these days. He starts the day at a desk wedged just outside of Mr. Summers’s office, where he can hear what young members of the economic team have come to know as “the Summers bellow.” From there, he can make it quickly to the press office to help devise explanations for why taxpayers are spending more than $50 billion on what polls show is a very unpopular bailout of the auto industry.

Several times a day he speed-walks to Treasury, taking a shortcut through the tunnel under the colonnade, near the kitchens. The other day he talked about how sharply perceptions of the industry’s future changed after Mr. Obama’s election.

“At the first meeting with Rick Wagoner,” he said, referring to GM’s recently deposed chief executive, “they were in a very different place. He said publicly that bankruptcy was not a viable option. It’s been a long process getting everyone to look at the options differently.”

In fact, from before Inauguration Day, few in Mr. Obama’s circle saw any other choice. Every time Mr. Deese ran the numbers on GM [GM 0.7757 0.0257 (+3.43%) ] and Chrysler, he came back with the now-obvious conclusion that neither was a viable business, and that their plans to revive themselves did not address the erosion of their revenues. But it took the support of Mr. Rattner and Ron Bloom, senior advisers to the task force charged with restructuring the automobile industry, to help turn Mr. Deese’s positions into policy.

“The president’s instruction to us was that we had to come up with a solution that would work on a commercial basis, that didn’t involve indefinite federal financing,” Mr. Deese said. “But we didn’t want liquidation, which would have even worse effects. So the question was how do you design a very substantial restructuring, and do it fast.”

Mr. Deese’s route to the auto table at the White House was anything but a straight line. He is the son of a political science professor at Boston College (his father) and an engineer who works in renewable energy (his mother). He grew up in the Boston suburb of Belmont and attended Middlebury College in Vermont. He went to Washington to work on aid issues and was quickly hired by Nancy Birdsall, a widely respected authority on the effectiveness of international aid and the founder of the Center for International Development.

But he wanted to learn domestic issues as well, and soon ended up working as an assistant for Gene Sperling, who 17 years ago in the Clinton White House played a similar role as economic policy prodigy. Eventually, Mr. Deese headed to Yale for his law degree. But his e-mail box was constantly filled with messages from friends in Washington who were signing up to work for the Obama or Hillary Rodham Clinton campaigns. Mr. Deese chose Senator Clinton’s.

No comments:

About Me

I am a professional independent trader