GM seemed closer then ever to bankruptcy today as bondholders gave GM the middle finger when ordered by the federal government to swap their debt for soon to be worthless GM stock. If GM files for bankruptcy the United States and Canada will own as much as 70 percent of a post fire sale GM with the biggest share owned by the US. This will just add to an already over burdened US Treasury.

As for the far flung “the sky is falling” predictions of AIG’s failure and subsequent destructive impact on the economy predicted by analysts, the failure of Chrysler and now possibly GM could very well place our economy back into the tailspin it has attempted to break out of. Additionally, what type of message does the government send to taxpayers when it offers little help to blue collar icons Chrysler and GM but allows AIG and banks to come back to the money tree time and again?

Its true that narrow minded, short sighted bafoons such as Jim Wagoner guided the direction of GM to its ultimate demise but who really pays the price for this one man? Everyone does. An already gun shy stock market will dump stocks and jump to hording cash as the market wobbles and bounces around. A new flood of jobless claims will fill every nightly news headlines.

This is a familiar tune we have already heard. The biggest difference is what the automakers represent to the people of the US. They have long been viewed as the backbone of success (and sometimes excess) and losing them will ultimately change the landscape of our American economy. Its true American automakers should have been embracing new technologies sooner and possibly reduced or eliminated brands that detracted from the core business but should’ves and could’ves are a thing of the past.

I told friends that GM stock early this year was a good buy for the very short term. VERY SHORT. It looked like they might pull out of this with limited help from the government. That proved to be a false positive and the stock has nose dived ever since.

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• In GM Bankruptcy Plan, Government Will Select New Board Of Directors [Bankruptcy Watch] (consumerist.com)

Once again I was tricked by clever movie marketing. Tonight I sat down to watch Paul Blart: Mall Cop. Kevin James plays the role of a single dad who’s failed attempts to get into the New Jersey state troopers (his dream job) has kept him at a job as a security guard at a local mall. The predictable plot includes a love interest played by Jayma Mays .

20 minutes into this flick and it was evident that the jist of this one-sided hot mess was centered around James’s bumbling, stumbling fat boy antics. The improbable love interest of James’s character played by Jayma Mays is equally uninteresting. Add to her thorougly unconvincing acting ability and you are left with a bad taste in your mouth.

The storyline centers around a group of thugs led by Keir O’Donnell who’s rediculous idea is to rob a mall of the stores nightly credit card take (what?!). O’Donnell’s character as a villian is overplayed and adds nothing to this banal comedy.

As entertainment goes, Mall Cop is a waste of two plus hours of time. Save your money and watch some reruns of Kevin James in King of Queens where his predictable acting ability is appreciated.

The day of reckoning has finally come to the state of California and its reluctant inhabitants. This week voters said no to the California Legislation budget balancing tactics which included tax hikes and pushing debt obligation into the distant future. So “Governator” Arnold Schwarzenegger has no choice but to cut vital programs, release prisoners, terminate (no pun intended) teachers and state worker positions and eliminate student grants for some 77,000 students.

The voters have spoken and now must face the pain. Californian’s for years voted on programs that relied heavily on the long term success of states explosive real estate market and ever growing population base.  This defecit spending came to a screaching halt as Califonia was pounded by the recession. For the first time since 1938 personal income has declined and the unemployment is 11 percent, one of the highest rates in the nation.

Democrats who control the Legislature are reluctant to cut state spending but have offered little in the way of a plan for closing the deficit. Its doubtful Republicans will give the two-thirds approval needed to vote in new tax increases or increase borrowing.

  So whats the state to do? Schwarzenegger and some Democratic lawmakers have approached the Obama administration for a federal loan (yes a bailout) an unprecedented move that will likely never gain any ground from a gun shy Congress already catching heat for its recent bailout shenanigans

Chairman and CEO of Sony Pictures, Michael Lynton claimed the internet has no value and in fact damages the movie industry. Once again Im shocked and dismayed at how out of touch with reality these big executives are to the power of the internet.

Mr. Lynton was quoted as saying, “Im a guy who hasnt seen any good come out of the internet”. This comment coming from the former CEO of AOL Europe and president of AOL international. He did acknowledge that the Web can be used as a promotional tool but argued the impact the Web had on the overall marketing success of movies.

Michal Lynton you are an idiot.

Instead of trying to protect his turf and use the same played out methodologies for movie promotion, Lynton should take a field trip over to Hulu and ask the exec’s over there how they feel about the internet and its power to promote. Furthermore is he not aware that Sony has its own internet video site Crackle.com? Crackle isn’t some fledgling art project but a real attempt to promote movies and increase viewership.

Hopefully the board members of Sony will realize just how worthless Lynton is to the overall success of Sony and can his ass. His comments can only hurt Sony’s image and their bottom line.

You can read more about his diatribe of the internet here.

Lastly heres a link to Phil DeFranco’s hilarious take on why Michael Lynton is clueless.

It appears the Republican party is desperate. Sarah Palin’s (Bristols mom in case you have been living in a cave) fifteen minutes of fame has come and gone so apparently its time to roll out the booze swilling, sex crazed, daughter who recently had a baby (she’s 16). So what’s the best forum to have this underaged mother speak upon.

 

Abstinence of course!

Governor Palin (now GRANDMA governor Palin) should have read Marketing for Dummies before advising her daughter on making such a laughable move. In a recent interview with Good Morning America, Bristol says “regardless of what I did personally, I just think that abstinence is the only 100 percent foolproof way to prevent pregnancy. This appears to be in direct contradiction to what she told Fox News saying “abstinence wasn’t realistic for all teens.”
It appears that Bristol is on her way to being a good Republican with her double speak and contradictory comments we have all grown accustom to from the GOP.