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10 year bond spike impact?

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GM needs to file BK. I checked Asia also - it is odd. China won't continue to buy our debt if we continue on this wreckless path and throw printing money into this mix. Let me know what news you hear....10EST or CST?

Also, any idea who did that selling at 3:57PM on Friday?
 
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NEW YORK (MarketWatch) -- Senior officials in the Obama administration said
Sunday the U.S. government will provide $30 billion in financing to General
Motors Corp. to allow it to continue to operate through a historic Chapter 11
bankruptcy proceeding that will last an estimated 60 to 90 days. Officials
confirmed that a majority of GM debt holders approved a deal to allow the ailing
car maker to restructure its obligations. Describing the process as "painful but
necessary," officials said GM will move ahead with plans to close 11 facilities
and idle three more. The specific number of layoffs will be released by GM and
the United Auto Workers, officials said. They said the U.S. government will own
60% of the new General Motors.
 
Dang! So, we own 60% (was estimated to be 70%), UAW owns 20%. Bond holders have the remaining?

This is literally the beginning of the end of free markets. Why doesn't the US Government just call this spade what it is? Socialism!
 
This is an absolute joke. I love how the UAW has been given preference over the bond holders who should have the legal right to it. All bond holders have to be very scared at this point.
 
JoshMclean said:
This is an absolute joke. I love how the UAW has been given preference over the bond holders who should have the legal right to it. All bond holders have to be very scared at this point.
Click to expand...


I know. Something tells me Friday's late trading had something to do with this. I'm writing a letter to the everyone, I am so aggravated.:angry:

Government Motors - nice ring, huh?
 
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JoshMclean said:
I believe Geithner is over there right now to convince them to continue buying.
Click to expand...

I heard on the news today that Geithner was speaking today at a college in China about the Obama economic plan and the students started laughing out loud about his comments.
:lolabove::idontno:
 
Well, I don't know if I should laugh or cry when Communists are laughing at our socialism.
 
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