Friday, April 3, 2009
Bankruptcy is not fun
Ok, so Mike Vick is filing for bankruptcy and his lawyers are comin up with a reorganization plan to help him pay off his debts. First plan is to get him working. Vick plans on takin a job with a construction company when he on house arrest in May. I don’t know how much Vick owes but unless he plans on building casinos in Vegas, I doubt workin construction will dig him outta the hole. He was a multimillionaire for cryin out loud. And he’s black. He prolly bought his wife 4 dozen 24 karat solid gold roses for Valentine’s day just so that the roses would never wither and die. And he’s prolly been doin that every Valentine’s day since they were married. You know, stupid shit like that. His agent is hoping that he will return to the NFL since that’s the only place he can make the kinda money needed to operate in the black again. NOW, with that being said. This is Mike Vick. One man, prolly a mill or two in debt. WHAT THE FUCK DO YOU THINK IS GONNA HAPPEN TO GM IF THEY FILE FOR BANKRUPTCY? Let’s not even think about the little people that it will hurt. Let’s just focus on the company. GM isn’t goin to start making bicycles in order to pay off any debt while they wait for an increase in customer’s confidence. They aren’t gonna be able to just work their way outta the hole they’ll be in. If GM goes down, it’s down for good. Even if someone else picked up the company, I highly doubt they will call it GM just because of the bad taste in the consumer’s mouths.
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'Bailing' out a company is semantics for rewarding an unprofitable business. Since when does it become okay to reward failure? This is a very dangerous slippery slope, where does it end?
ReplyDeleteYou 'bail out' banks, you 'bail out' auto, you 'bail out' people who took bad mortgage. Who is next and where do you draw the line?
If you continue you this to the end, you end up 'bailing' everybody out of every debt they've incurred and we as a country are left with nothing.
You right. I most certainly think it's a habit that has to be curbed. Personally I thought bailing out the financial institutions was really just friends helping out friends. It wasn't needed. Because even if wall st fucks, it would never disappear. Wall St had a bad year in investing, but I think just like any good investor they woulda got their act together and worked their way out of it. If nobody made a big deal about it and just took a hit like normal companies do, we would have been fine.
ReplyDeleteBut buying cars is another thing. If people don't buy your cars, there's not a damn thing you can do about it except go under. You don't sell cars, you don't eat.
Wall St. was still eating because the loaners were still gettin paid from people that didn't default, and the investors had other investments.
I may be makin it seem too simplified but that's my opinion on it.