Lauria: One of my clients was directly threatened by the White House, and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight. That’s how hard it is to stand on this side of the fence.
Beckmann: Was that Perella Weinberg?
Lauria: That was Perella Weinberg.
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EP, get some rest. I’ve been woking all weekend off and on and I need a break, too.
EP getting heated. A pure hate-filled adrenaline rush fueling this overtime work.
How has this not gained any traction? Didn’t this originally broadcast on Detroit’s 760 on Friday?
I feel like my grandfather. This world is going to shit.
at least alan hevesi knew what to allegedly do– get some “chooch” dvds out of it. did the o get any book sales out of it or was it just a threat that will be summarily denied and shot down?
EP– you know better than to start these he said/he said stories. the despots always win in the game so it’s useless covering them.
We are now officially a Facist state. Congratulations, everyone.
Kenny Boy
Isn’t this sort of in the same vein as the Ken Lewis story. Wonder when the third anecdote will come out?
Thanks EP for reporting on this. I hope other media outlets cover this important story. You the heck wants to do business/buy secured first liens in this environment where contract law is quickly being replaced by thuggish Venezuela tactics. Invest in China, where capital and contracts are given more respect than in Obama’s America.
So EP is looking for more communists under her bed. Who cares? If you really believe in free enterprise, this is a non-issue. BO and his minions did not threaten to use the police power or any other instrument of state majesty to compel PW to do anything. They threatened to “embarrass” PW — which any private person is free to do, and which many private people on the left have no doubt already tried to do. So what if that embarrassment is leveraged through the white house press corps? PW has plenty of resources at its disposal to leverage its own response. Even if the white house has a resource advantage, resource advantages are common and hardly cause for alarm in our free-market system as long as the resource advantage does not come from the state’s monopoly over the legitimate use of force. PW and BO are simply customers competing in the free market for public approval — I say let them compete. PW is always free to exit that market if it doesn’t care what the public thinks. And if it does care what the public thinks, I don’t see why it should worry about “embarrassment” as long as it hasn’t done anything “embarrassing” (whatever that means).
By the way, not clear how this attorney is serving his client’s interests by airing this information. Good to see that PW has already fired White & Case.
I’m sure dipshit commenter #8 would happily consent to allowing the President of the United States and the WH press corp to smear the reputation of him and his employer.
Never buying a Chrysler or GM car again. Okay cars, just unfortunate what is happening to these brands as they choke under the grip of the UAW and and an American version of Hugo Chavez. We will look back at this time as a period of great blunder, when we wrongly thought that state and union-owned car companies are somehow going to fix our problems.
…and yes, there is something wrong with “embarassing” a firm using the White House press corps., don’t try to put a positive spin on it. You are the same douche that would be up in arms if Bush did anything even close to this. Happy-to-give-up-everything-to-Obama dumbasses like you are the reason why Obama has been able to disregard contract law and make thuggish threats. I would be outraged if Bush did this, and same for Obama.
#8…yeah, and you probably have nothing in your life to be ‘embarrassed’ about….I’m sure you meant to say that you are confident Obama would not embarrass someone like you because you would know better than to disagree with the Messiah.
@9 what’s the difference whether the white house smears someone’s reputation or another company/private person does it? Reputation-smearing enjoys a long and proud tradition in the free market. See generally attack advertising. Not sure why the white house should be prohibited from competing on the same terms as other participants in a free market.
–@8
I don’t even understand the nature of the threat…it’s not as though the WHPC is a government office.
I’m assuming that it’s a clumsy tough-guy bluff from former NY Timesman Chooch Rattner but it only makes him look amateurish and in over his head. Given enough time, he’ll implode through his miscalculations.
Odd though how his name is not being brought up much by the (friendly) press in the bungled showdown with the Chrysler bondholders. Probably a fair indication it’s likely to go sideways.
Lauria is doing what he’s paid for. But section 363 of the U.S. bankruptcy code allows for Chapter 11 debtors to sell assets before creditors can challenge the general reorganization plan. He’s got to spin his no win situation as lawyers do so well.
The unions are not supposed to be even in the same room with those who, by law, are entitled to be the first in line. In fact, the unions have NO PLACE in the line at all, unless of course, you were major donors to a politician who wants to be in office as long as the minions will carry them.
No offense to Counselor Lauria of Dan Arbess, but this is to be expected from our new administration. Noone will stand in obama’s way, certainly not hedge funds. Now obama will use this excuse to raise everyone’s taxes.
That’s exactly right. The UAW has no place at the table. Why they get 55% equity while the SENIOR first lien holders get 29 cents on the dollar and death threats from the pitch-fork mob simmered up by the White House is directly related to the votes the UAW gave the current administration. This should be embarrassing for the White House if his voters could actually read and understand the precedent-shattering takeover being conducted by the executive branch. But Obama has nothing to worrying about, the press loves to kiss his ass and most of his voters have no idea what it means to buy a senior secured note, much less anything about the capital structure of a company, so he has nothing to worry about….until this whole undertaking fails and he falls flat on his face. Goodluck to Lauria and the holdouts for fighting the good fight. I hope they are able to delay this as long as possible, ignoring the pitchfork mob and threats from a bully.
I’m not a bankruptcy attorney, so excuse my ignorance on this issue, but it seems that everyone is conflating reorganizations and liquidations. Sure, in a Chapter 7 liquidation proceeding, the secured lenders will be first in line and the pension holders will be placed pari passu with the non-secured claim-holders. Also I’m pretty sure the other secured holders are subordinated to the UST loans. If I’m wrong, correct me, but if I’m right, it means that, in a liquidation, Chrsyler would probably barely have enough money to pay off the UST and surely wouldn’t have enough to the other secured obligations. However, a restructuring is an entirely different animal–in a prepack, the terms are agreed upon beforehand from negotiations between all creditors and other claim holders. In this situation, even the secured lien holders may take a huge haircut because they know that they are worse off in a Chapter 7. In this situation, the UST is the most senior secured lien holder so they have the most bargaining power.
Given that, it’s a basic negotiation between quasi-contentious parties whose only aligned interest keeping Chrysler alive. As a caveat, I don’t like the US Gov’t being involved in this, but, as long as they are, they should negotiate like any other private party. Hell, as long as my money is on the line via the UST, I want them to fight to get it back. This is the price we pay for being invested. Sucks, but it’s reality.
18 here. One more thing–I also think that the secured lien holders should have fought harder and not p*ssed out. It’s a contentious issue and they could have easily rallied the public against the US Gov’t. What the hell is the fun of negotiations if you tuck your tail between your legs and shy away when it gets tough? I’m unimpressed and think they should have fought harder if they really believed in their cause.
I could swear they aren’t going anywhere near Chapter 7, someone actually posted the pdf, maybe dealbreaker, and it was Chapter 11, as I recall. It is very sad that these people followed the lead of congress and instead of not touching the pension money and making sure it was all there no matter what, they all appear to have followed “the congress and social security” model which we all know, didn’t work. What is so ridiculous is that the baby boomers can’t possibly expect the next generation to carry the bulk of their payments.
@#12
First the .gov has no business participating in a free market. When they do, it’s called Fascism.
Second, These tactics are unbecoming of the office of the President of the US. The are on par with third world dictators and street gang thugs.
Why does everyone care? As long as gays can marry and everyone can get abortions – why does anything else matter?
21: As much as I agree with your initial sentiment, I don’t think you’ve taken the time to view the full picture. If the gov’t hadn’t intervened, Chrysler and GM would have gone into Chaper 7. While I think these companies generally suck and this may be best for them, it would have cause close to 1 million new unemployed people, which we would pay for. I don’t give a damn if our president is a democrat or republican, he or she will never be applauded for making a speech to the US people saying “I have made a conscious decision today to cause close to a million people to lose their jobs. This is America, and we are a great country. We can’t be that way with a 20% unemployment rate and no viable businesses. Suck it up, our banking system survived and, apparently, our auto industry will survive because we will never allow ourselves to be a second rate and impoverished country.
Why did the TARP banks take the deal? Because it is small change next to their TARP and other benifits (i.e. FDIC insured bonds).
The government should have stepped infront of the secured holders before it gave any money to the auto industry.
But that being said, this is 1/200 of the curruption that has been served up in the finance industry.
The banking system has survived, true but the whispers at the coffee stations say that they aren’t really viable, even the ones thought to be viable with the CEO’s who are hot and maybe could have gone into acting, they’ve done such a good job. Who, in their right mind, is going to buy either a Chrysler or GM car? This is a sad position since if they do survive and they manage to put aside all the union and management crap and come up with some amazing car, everyone will be wary. It will be a watch and see you buy it first kind of system. They were dieing on the vine casue no one wanted their cars. so, you can save them and the jobs for now but what happens when ultimately no one buys the cars? As it is didn’t they say they are closing 4 plants. So, if those 4 cities are dependent on the plant for their very existence and the plant leaves then we have another town where everyone moves out and we find yet another dumb model we have followed go down the drain. You can’t have a whole town dependent on one company. Even if they are Chrysler and no one thought they could ever fail again.
21 to 23
I disagree. Both GM and Chry should have been pushed into a Ch7.
This would have caused a temporary swell in unemployment, but broken the union death grip on the companies.
As in any free market; when a need arises it gets filled.
The restructuring in Chry’s current Ch11 won’t be enough to return them to profitability. Because the UAW will still have the reigns.
Funny, this crowd loved Obama 6 months ago… Now, not so much…
Lose your Thomas Pink, put on some Brooks Brothers and get back to acting like real bankers.
Haven’t you guys seen the plethora of sites on this internet describing ways that the TARP guys are making enormous money gaming the system. And the way the mortgage lenders are making enormous money gaming the system. Until Obama gets them to stop trying to “game the system” we are going further down that primrose path. So, he says he is going to diminish their power and they are going to shrink. Sure, sure, can’t wait to see this. These Banksters are the “king of the hill, top of the heap”, they are a force to be reckoned with. And if you throw in the “hedge fund guys/gals” well you have a veritable battle of wits, literally. Interesting to watch from an entertainment perspective but, this is our country’s financial health we are watching. Plus, what about all thsee people posting rumors about how certain countries aren’t going to buy our debt a comment they attribute to a democratic congressman? And all this is more complicated by the fact that somehow a bird and a ig and a human got together and mixed it up and we have a totally new flu.
Obamar is announcing monday morning that we will be replacing bankruptcy law with a version of card check. All creditors, employees, union members,…and uh, i guess the shareholders too, will decide how the company reorganizes with a “public” vote. Just a full disclosure, if you vote against the “public good” you will be getting a visit/re-education from some friendly community organizers.
Drudge is a little slow on getting the word out
http://blogs.abcnews.com/politicalpunch/2009/05/bankruptcy-atto.html
@27 lol
26: 18, 19 and 23 here. I used to agree with you and sometimes think I still do–that GM and Chrysler should have gone into 7. But the more I learn about the auto industry, which is a lot now because of my job, the more I realize that the auto industry has basically been a government sponsored entity since it began, so none of this is surprising to me. If the dems weren’t taking it over, the republicans were creating laws that made it terribly difficult for foreign companies to compete, thus ensuring that they didn’t have to innovate and create better cars. Instead of becoming better companies, they would spend enough money lobbying to ensure they were protected. Their real downfall was when foreign autos started building cars in the US, and in the South, where they were able to utilize the laws of right to work states. Once this happened, it became more “American” to buy a Toyota, BMW, etc, because our countrymen built them.
So, long story short, none of this is shocking and none of this is a “Democratic” thing.
Interesting: “A Perella Weinberg Partners spokesperson told ABC News on Sunday that ‘The firm denies Mr. Lauria’s account of events.’ The spokesperson would not elaborate.”
They love the man but not so much his policies. Who needs Goebbels when the main stream media gives you and your crew a daily most loving ass rimming whilst helping you and your Partei get a little of that populist outrage going?
Just don’t mention our own wealth and waste or Michelle’s $500 sneakers, OK my friends?
33: I think I now know why the W&C attorney no longer represents them.
#33, the damage has already been done, the seed has been planted. Folks remember what Ken Lewis said, they see the how the TARP has morphed so they are going to assume that Perella Weinberg Partners are between a rock and a hard place and had no choice. So, in essence everyone will secretly believe that Lauria, a well thought of partner in a big law firm was in fact being totally candid.
This is off topic but since someone mentioned the sneakers. MO needs a stint on “What not to Wear” yesterday.
“”He stands my clients up as basically the reason Chrysler is going into bankruptcy,” Lauria said. “He wrongly says they’re not willing to make any sacrifice. And then he says he does not stand with us.”
Lauria said the president saying he doesn’t stand with his clients “kind of sounds like ‘You’re fair game.’ In whatever sense. People are scared. They have gotten death treats. Some have been told people are going to come to their houses. God forbid if some nut did something, I’m just wondering how the president would feel.”
http://blogs.abcnews.com/politicalpunch/2009/05/bankruptcy-atto.html
This is getting frightening and out of hand.
36: But on that note we’re (mostly) all Wall Street kids, so the way we view the world is skewed. Realistically, I bet a majority of Americans believe that PW was being too greedy and is the enemy and that the Pres saved the US automotive industry and thereby hundreds of thousands of jobs. Sometimes we do need to step back and consider there is another world out there.
@33- “Posted by guest, May 03, 2009 9:25PM
Interesting: “A Perella Weinberg Partners spokesperson told ABC News on Sunday that ‘The firm denies Mr. Lauria’s account of events.’ The spokesperson would not elaborate.”
link?
#40, the link in #38 contains that comment.
White House Denies Claims of Threat to Chrysler Creditor
http://dealbook.blogs.nytimes.com/2009/05/03/white-house-perella-weinberg-deny-claims-of-threat-to-firm/
“1.May 3rd,2009 10:05 pm
Those Hedge Fund Managers and Owners should be ashamed of themselves as to be that greedy. How do these people sleep at night knowing that because of their money grubbing greed they are directly responsible for thousands of American workers losing their jobs. We are one of those families here in Kokomo, Indiana and you have no idea what this is like not knowing what your future holds day by day. Americans need to come together and defend the American worker and the products they build. No more foreign cars and foreign products. Shame on all of you.
— Posted by Renee Dodson”
http://dealbook.blogs.nytimes.com/2009/05/03/white-house-perella-weinberg-deny-claims-of-threat-to-firm/
Alright, enough of this shit. How will this effect Muffie’s birthright?
Well…I guess we are all totatly fucked. Let’s go tip some cows!
The Other Guy from Delaware
Lowly Assistant beat me to it. Well played.
Obama just lost the support of anyone with a net worth of >$5k.
@47 – it doesn’t matter as long as 50% + 1 person have negative net worth.
Never thought I’d say this, but anyone wanna move to Canada?
Just read the Dealbook story and now Lauria has some explaining to do. It is a lost case and most likely his billable hours are going to be much less than he expected.
Comments (like @39) that discount the set of Americans not directly employed by an i-bank of hedge fund based on their (largely correct) perception of that group as being greedy are off base in one major respect.
Almost everyone that voted red over the last few decades did so in a state comprised of folks not tied to either a GS or a DESCO. And they did so for one major reason – the belief in upward mobility. They don’t give a shit about some dickhead managing money for family offices. They want to believe they live in a country where they can jump tax brackets.
So yes, there’s probably a bemused response of “who gives a shit” about this sort of story, but don’t kid yourself, all right leaning middle-class (and up) not clipping income off some spread or carry on a rapidly depreciating security are scared shitless about what’s happening.
The sad irony is by essentially making it impossible for the ambitious to better their situation, all Obama and his commie policies have essentially done is stratify wealth along existing lines. Maybe he’ll be able to confiscate a chunk, but mostly what he’s done is send overly capitalized people into a deep industrialist coma, riding out his hopefully single term.
#50, your too optimistic.
The rules have changed for the foreseeable future. Quite possibly forever. Well, at least until John Galt takes over the TV’s and radios.
Is it nearing time for a producers strike?
Posted by guest, May 03, 2009 11:04PM
#49
Except, there was something said about a conference call and if you listen to the interview of Lauria he never says anything about a conference call.
Actually, the WHPC should be the most embarrassed by all of this. The fact that so many people could think this is true, whether or not it is or it isn’t, in the scheme of things doesn’t matter but that so many people would believe the WHPC has been reduced to a hit squad should be really concerning to the WHPC. It also didn’t help matters that the bondholders had to go through the TARP banks, how dumb is that. Great way to make sure all communications are spot on, play telephone. You all remember how we used to laugh when the message at the end bore no relation to the message at the beginning. Essentially, with no communication, feeling you are being backed to the wall, you might not want to play ball either. Maybe this is why when the Cardinals choose a Pope they are locked in the room until they reach a concensus and choose a new Pope. They light a fire signaling the task is done and then exit the room. Maybe that is what needs to happen here if they don’t want it in a bnkruptcy court.
50: 39 here–I grew up in one of those red states. They didn’t vote republican for the chance of upward mobility. In fact, most of them don’t have the type of ambition to care to move up. They voted republican because they don’t like taxes and they believe in the moral ideologies of the religious right.
I won’t elaborate here, but the DB readership is generally intelligent and can figure out what that means.
The questions you should all be asking yourselves should be why Perella Weinberg was in these bonds to begin with.
There is no point in trying to peck a fight with the government over your bonds you bought at 20 cents on the dollar. Put your money elsewhere.
It’s funny, but I laugh at all of the folks up in arms about this (this is a story, by the way, no one will give a shit about by tomorrow AM). Everything Obama has done he basically campaigned on, and thousands of Wall Streeters (including myself) donated and voted for the guy. As far as I am concerned, this is good news; Chrysler, GM, etc will be jobs banks for a while until the transition to profitability can be made more painlessly. Once we have universal health care, all of these auto companies will be able to compete pretty easily even with a UAW. Always take the long view; in the meantime, get the hell out of Chrysler / GM equity / debt.
55: You may be one of the only non-ignorant ones on this blog. 18, 19, 23, 39 & 54 here. Way to actually think about the issues and not just blindly accept some BS argument from either the left or right side.
As a fellow wall streeter, I’m generally unimpressed with our colleagues because they managed to lose their creativity of thought in college and grad school.
By the way, tonight’s commentary illustrates severe weakness in the political knowledge and instincts of Dealbreaker readers and writers.
- Most people who vote red vote that way because they are social conservatives.
- Most people who vote blue vote that way because they are either minorities or social liberals
That covers about 80% of voters. Most voters don’t give a shit about senior creditors or John Galt or whoever else.
Some of us don’t want universal health care. some of us would rather pay the premium for a family to have health care and leave the system as it is. Now, that does not mean that the system can’t be improved. Of course it can but some of us don’t want to have socialized medicine and have to go to India for surgery.
With all the money that has been spent they could have systematically paid the mortgages for the people under water and prevented a lot of the foreclosures.
I smell a random examination of some sort
“”We must now save the entire industry from itself,” Jackson said as part of the keynote address Sunday night at the Detroit NAACP’s 54th Fight for Freedom Fund Dinner at Cobo Center.
“We cannot have joy while Chrysler is in bankruptcy and GM is in line. There is a sense of joy because it’s high noon in our politics, but it’s midnight in our economy.”
http://hosted.ap.org/dynamic/stories/U/US_NAACP_DINNER?SITE=FLTAM&SECTION=US
To 58 – Of course many people don’t want universal health care or even expanded health insurance for poor folks that they have to pay for. That’s why they donate money to and vote for the GOP. However, the GOP has gone to the point where non-ideological, moderate college educated folks (the people who used to be the GOP base) feel embarrassed to support the party. That’s how Obama can win states like Connecticut on a regular basis. Fix your own house, then you can compete on ideas.
#61, I didn’t say that. I said I don’t want universal health care that does not mean that I don’t want to make sure that everyone in America has health insurance. I don’t want the single payer system which becomes socialized medicine which isn’t working elsewhere. If you need proof of that look at how many people from around the world come to the United States for their health care and you learn they would have had to wait months to see a specialist. I just think that we are an intelligent country and we can come up with a way to make sure everyone has health care, the system is essentially the same and the things that aren’t working are tweaked so they do work more effectively and efficiently. Ironically, you are assuming I’m a republican which I am not. But you know I have to say that probably a group of American mothers would do a better job of fixing the health care system than any other group. Mothers have no ax to grind, no peeps to satisfy, no lobbyists to bother them (we all know how effectively your mother can turn you off when she wants to) they are pure of heart and just want the best for everyone. Many of them work, are responsible for the most part for all the household chores, the children and their myriad of activities and they manage it all. They are the ones who should fix the health care system.
62 – Appreciate the response. In the US, we have great care for those that can afford it, but it costs a lot and we have a lot of uninsured. What you seem to be suggesting is to basically extend our current system to the uninsured. I suppose that’s fine as long as we are willing to pay for it.
Tired of this shit. Want it all to go away so I can return my energy to giving myself a helping hand fantasizing about Erin B.
For the last time…..Chrysler does not have bonds. They only have senior secured loans. I expect the NYTimes and USA Today to make this mistake. But when DB and the WSJ make it repeatedly, I get concerned.
#64, sapeaking of Erin and then by default Dylan, have you seen Dylan’s Wiki page lately? The guy who has that weird Website about GS has a comment about the wiki page and sure enough the info is there. It starts with “In Ratigan’s final CNBc”
http://en.wikipedia.org/wiki/Dylan_Ratigan
#63, According to my great gram, before their was “health insurance” we all did pay for it. cCmmunities took care of one another, if your neighbor had a problem you did too. If a bran burned down, everyone rebuilt it. It would probably cost so little for everyone to contribute to make sure everyone has the insurance.
@67– Pay for your own shit you fucking deadbeat.
http://epicureandealmaker.blogspot.com/2009/05/you-realithe-of-courth-thith-meanth-war.html
Looks like TED is really angling for a govt. job.
@55
How many times were they supposed to be restored to profitability? 3? 4?
These companies have proven their own worthlessness time and again. Its trite for them to do so again. This is such a blatant kowtow to the hand that feeds Barry it is absurd. These companies need the efficiency forced upon them by a bankruptcy. Otherwise they will remain a leach in the system for another 3 decades.
@62
Your heart is in the right place. But cool logic and an understanding of advanced economics should lead you to a different conclusion. That’s the essence of “hope and change.” As 63 said, you can have any system we want; but we’ll have to pay for it.
#70, recently saw a very interesting article about how the car companies are on their way to becoming the next Amtrak.
#47 here, a sad sad day for America. The fact that a leader with a legal education does not respect the legal process is mind-boggling. Does BO have any idea what he’s doing? Does he know how ridiculously difficult it is to establish the concept of contracts grounded by faith in the “system”? How many countries in the world have this – not that many. I’ve lived in shitty countries prior to North America, so it’s amazing that no one here realizes how lucky they are to have (1) freedom (social and economic) and (2) a good legal system. #48: Canada looks pretty good to me.
Looks like Rattner wasn’t briefed on some of the rules of engagement:
“Confronting the head of a non-TARP fund holding Chrysler debt and unwilling to release it for any sum less than that to which it was legally entitled without compelling cause, this country’s “Car Czar” berated the manager of said fund with an outburst of prose substantially resembling this: ‘Who the fuck do you think you’re dealing with? We’ll have the IRS audit your fund. Every one of your employees. Your investors. Then we will have the Securities and Exchange Commission rip through your books looking for anything and everything and nothing we find to destroy you with.’”
http://www.finemrespice.com/node/56
http://polipundit.com/
@71
I could not agree more.
While EP is correct in being alarmed (although far too frightened) this expansion of executive power at the expense of the rule of law is nothing new. Many liken Barrack to Abe Lincoln. Let’s hope Barrack does not feel this crisis necessitates the need to suspend investor rights; as Lincoln to Habeas Corpus.
But until such concrete action takes place, lets take a breath for now and try to make some money.
EP, do you know who JZ Smith is? I very much feel thay you do.
Y’all mean to tell me that you didn’t think Cash&carry was hired to expressly do the same type of job of breaking knuckles and busting balls? Just the thought of him showing up on my doorstep at 2am would get me to agree without any complaint…
At this point, any positive Chrysler/GM/Stress Test/TARP story I read in “NY Times,” I believe it’s been ghosted by the White House Press corp.. You should start to get your head around this idea as well.
21/34/47
I don’t have the books anymore, but in one of the Market Wizard books a trader claims he has just received a phone call from someone high up in the government threatening him.
They didn’t appreciate his un-american trading positions. This was during your Reagan/Bush years(you guys are getting a stiffy just thinking about them)so don’t try and play Dorthy and pretend those socialist Democrats are the first ones to ever threaten the free market.
they are all corrupt, especially if they came to the White House via HOG:
http://online.wsj.com/article/SB124139546243981801.html#mod=testMod
“New York Fed Chairman’s Ties to Goldman Raise Questions ”
Raise question? There’s no question of conflict of interest whatsoever. The conflict of interest is concisively clear.
didn’t someone say Dealbreaker didn’t need a weekend edition? Hmmm seems as though a lot of people are checking in on the weekend.
All this “alarm” is people being influenced on the back end by Republicans, who happen to be still following the McCain playbook of trumpeting non-issues and hoping that people get absorbed by theoretical phantoms rather than focusing on present realities.
Rarely have we had such a delicate time in the state of the nation that has been so dominated by one group’s inability to focus on positive answers to difficult questions. Obama as socialist or Obama as suspender of first amendment rights via Fair Use laws or Obama as grabber of industries is the talking point of the day, with never an answer to the problems at hand.
Makes one wish that a decent chap like Jack Kemp could get resurrected.
#81, Didn’t this mess start while a Republican was president and the Secretary of the Treasury was a Republican?
“China has ‘canceled US credit card’: lawmaker”
http://www.google.com/hostednews/afp/article/ALeqM5i4estRSYeFBIII9kezxnP4jgoGZQ
This is just a little concerning?
“Obama as socialist or Obama as suspender of first amendment rights via Fair Use laws or Obama as grabber of industries is the talking point of the day, with never an answer to the problems at hand.”
You mean like Bush as war criminal and Cheney as Sith Lord to win elections or Condi as suspender of all privacy rights or Blackwater/ExxonMobil as the death of American freedom?
It is funny how ‘inability to focus on positive answers to difficult questions’ never seemed pertinent when thousands of soldiers were dying and the country was facing a deadly terrorist threat. Politics of smearing was the patriotic order of the day then. Why do I think that you did not complain as much back then?
@83. No. Where else are they going ot put their money? And lest we forget, China doesn’t call the shots here because they are extremely dependent on US consumer spending, as the past year’s statistics(those which can be trusted) have told us.
Thanks #85. You know it has occurred to me that there seem to be the republicans and the democrats and they are constantly speaking to one another by throwing talking points at each other. Then there is a huge group in the middle, no party affiliatiion casue they can’t stand either party. Sooner or later theya re giong to have to stop lobing talking points at one another and they are going to have to muzzle the lobbyists and special interest and simply talk and problem solve and think out of the box and be innovative. Remember all those things that make America great? ON another site the host is posting pictures of building in New York City built in the 30′s. The Chrysler Building, Rockefeller Center and such. These building are truly beautiful. Made me look at the Empire State Building Official Site. There is a video there worth watching. Whether you believe that global warming exists or not, even if you think this is the product of a creative mind who wanted to be a billionaire, the video is worth a look as even an old gal can be improved. Btw, it is difficult to believe in global warming when so many of the world’s scientists don’t.
@84
Well I voted for Bush, 2x, and dislike when people trivialize any complex issue just to score points.
Thought liberals were being stupid then, and think conservatives are being daft now. I also remember certain liberals actually having real reasons for disagreeing with administration policy without resorting to hyperbole.
But yea, all are guilty of same but that does not make it right. And even though I am conservative and have voted Republican for the past many years, I like to every now and then think for myself, or not give tit for tat.
I like that Obama supporters’ answers to criticism about him (be it spending or government threats) is “Bush did it to!”
If it’s a screw up on our side and you’re now doing twice (or three time or four times…) as much of it, it’s still a screw up.
I’m perfectly happy to say Bush spent way too much, sucked as a fiscal conservative, and allowed the government to grab too much power towards the end.
Now try saying the same about your guy.
You’ll feel better about yourself and more intellectually honest.
I truly believe that there is a need for a real 3rd party. One that does not care about the religous right or about extending welfare for everyone. I think most people truly want a government that stays out of their lives and especially their business. I don’t know what it is going to take and I am sure there will be so much strain because it will take out a large majority of each party. A lot of people thought Obama was “cool” so they voted for him. Any more of this interference should hopefully strike a chord with people and have some real questions answered. At some point critism on a topic like this cannot be written off as racist or a right wing nutjob.
The idea that most republicans vote that way because of social issues is laughable. Even in evangelical parts of the country (like orange country, ca), they’re still voting on the American Dream.
You have to seriously stop reading the NY Times.
@seaman. i hope you are right and the american dream is still alive.
all I know, is that if I ever have to meet with the admin I am bringing hidden taperecords, ala Blago style.
@91
it’s hibernating…but there’s no way I believe a Harvard JD with Clinton re-treads can truly destroy capitalism and the American Dream
mostly, I think he’s helping the flyovers rediscover why they hate communism
@52
Has Lauria come back yet and explained why is he been contradicted by his client?
@89 – that would be the libertarian party. Im all for it but reality wont let it happen
@ 93: PW is clearly needing to defend its prospective restructuring mandates, which if they are on the Enemy of the State target list, they won’t get any of. What do you expect them to do? What would you expect them to say? Anyhow, look at what they did say…they effectively said they aren’t in the “defending principles” business and they decided to cave to proctect the rest of the firm.
Someone once said “God Damn the United States of America”. Ironically, he just might get his wish if this stuff keeps on coming.
Nelson Muntz: “I never touched the kid.” (sotto voce — “Say one word and you’re dead.”)
@95
The only principle they have to defend is to keep stuffing their greedy pockets. That’s what this is all about in the final analysis.
@97: get off the site, Barack. Defending legal principles is important to stop your facist agenda. Really. You have a facist agenda. George Orwell warned us about you. At some point we’re going to have lost enough money to no longer care about risking more to stop you. Coming to a theatre near you. We promise.
Yes We Can
-95
@98….How do you have time to post here with all those guns and that ammo you need to get buried in your back yard?
Everyone makes fun of rednecks until one night when your car breaks down on the side of the road.
Your property isn’t the only asset vulnerable to ‘imminent domain’.
@ Seaman Bodine
Certainly the American Dream is still part of the equation, but as a person currently living in a state where every single county voted for McCain (I believe the only state), social issues still rule the day. For many people, abortion, gay marriage, guns and the possibility of Obama being a closet Muslim were the top issues. Fear about losing rights or being forced to accept other “non-godly” lifestyles slightly outweigh economics. However…
Residents firmly believe that by returning taxes to Clinton levels, jobs will evaporate along with the prospect of owning their own McMansion. And if taxes are high now, “what’s it going to be like when I get my repair shop/kolache store/gay massage parlor running and make $1 million a year?”
Less than 50% of this state has ever taken a college course, but that doesn’t matter. The common perception is that education doesn’t matter, everything is about sweat; it’s important to work harder not necessarily smarter. People look at success stories like Bill Gates and say, “see, he didn’t go to college and look what he did.” Outliers such as Gates are considered the norm if just enough hard work is involved.
Seaman, I do agree that much of “red America” does vote on the Dream but coming from the reddest of the red, I think that you are incorrect saying that social issues have nothing to do with the way people vote.
-Nominate me
@ 100
Isn’t that an even bigger reason to make fun of rednecks?
TRUCKNUTZ!!!
Lost in the back-and-forth Pinkie Fascist vs. Capitalist debate (at least I don’t remember reading it) is that WH threatened to ‘embarrass’ PW.
Rahm Emmanuel made his millions at PW after leaving Clinton Whitehouse (don’t think anybody cared when he was paid HIS bonus) and now there are these vague threats to ‘embarrass’ his old friends if they don’t play ball.
This is Chicago politics at its finest.
Real tough guys only beat up on little guys and pirates.
@99: is that all you got? its very disappointing that you can’t come up w/ something slightly more original or cutting. But, maybe not surprising. You may be one of those guys who has been disappointing people for a while. Are you the 5th best guy on your team at work? 6th maybe? Did you play college sports but not start until you were a senior? Sorry. Give it another try!
- 95 + 98
@ 101
Oklahoma or Utah?
Of course PW is denying this. Who in their right mind would want to get into it with the guys who can change the rules midway through the game.
@103 I agree.
I never understood what Chicago politics would look like on a national scale, but here I have my answer.
This is quite similar to Blago’s “I’m not letting that congress seat go for free.” Oddly, because the party was not an individual this seems to ring differently and capture less of the public imagination.
@53 – Certainly the WHPC has egg on their face. The idea that anyone would take this as fact (whether true or not) just indicates that there is an underlying uncertainty of what the WH is doing that hasn’t shown in the polls.
A lot of voters are still on the honeymoon after the first 100 days.
@105: Bring it on Cowboy. I got pieces of guys like you in my stool.
Did this thing get to a hundred whiny comments without one appropriate quote?
“Fear. Fear will the systems in line. Fear of this press corps.”
@106
Forgot about Utah.
-Nominate me
Obama = Hitler, No? well, okay to be fair Obama = Juan Peron.
Waht? yew mean that Obama is abusing his power, and abusing the power of the White House to pursue an objective which far exceeds the constitutional limits of the President’s authority?
Yew mean ta say that Obama threatens the civil liberties of private citizens for his own agenda?
I don’t see what’s the big deal.
Love,
ChimpyMcBushHitler