Friday, May 01, 2009

Obama's Socialist Nightmare Hits Closer To Home
Did anyone in DC even bother to read the bail-out bill?

WARNING! Harsh language alert. This really pisses me off.

The Bruce Cavenaugh Suzuki dealership in Wilmington, NC just closed their doors. I'd hazard a guess and say at least 100 people lost their jobs. And here's the real bitch of it all... they went under because the bank they get the money (Fifth-Third Bank of Cincinnati) to purchase their inventory, has decided to eliminate inventory lending.

Now get ready for this... Fifth-Third Bank has also received $3.45 billion in TARP money. That's right -- billion with a capitol "B". That's 3,450,000,000 dollars. That's a ten digit number.
What was the reasoning again for friggin' truckloads of cash to thrown at corporations and banks? Some bullshit about "getting the life blood of the economy flowing again"? Oh... allow me to correct myself. TARP money is OUR money.

And it's not as if Cavenaugh ran a crappy dealership. He was not only consistently one of the top dealerships in the state, the guy on more than one occasion donated new vehicles to be raffled off by local charities to include a fundraiser for the local Catholic radio station, and another for the local chapter of the Disabled American Veterans.

What's happened to Bruce Cavenaugh is total bullshit. He's a straight shooter and a flat-out decent fellow. He deserves better than this garbage. I sure do hope he can find another lender soon. He deserves it.


Blogger Simplex Vir said...

I am surprised that the dealership has just been given to the UAW, that is what Obama normally does.

8:10 AM  
Blogger Arkanabar T'verrick Ilarsadin said...

I've also recently posted about the bailout fiasco. Check it out.

1:16 PM  
Blogger Greta said...

Obama thinks that by touching something, he is actually doing something. He is basically an academic and none of his team has ever run a business. It shows. The adademic thinks that when you talk about something and set up a plan, that you are done and can move on.
I will give you an example. The Stimulus plan in reagrd to healthcare electronic medical records set up an incentive to doctors and hospitals to convert from paper to electronic. However, first stimulus isn't until 2011, after the 2010 elections. Sounds good in theory to covert, but very difficult to do in reality as any study of those who have converted will quickly show. But then they said the doc needed to by a certified software product BUT, there is no certification yet. They are still forming a group to determine what that will be and who will certify. This has an impact of freezing a lot of people who were already in the process of buying without government incentive. Then they added a phrase saying the doctors needed to demonstrate "meaningful use" but they did not define exactly what this was or who would determine if they have done so. Finally they said that the doctor would have to report information to a yet to be defined washington group for yet to be defined reasons.

Imagine if you were in an industry that was going along and growing steadily and the government came in and threw all of this at you? What it did was confuse the industry and so the companies that use to make sales, are now spending time trying to educate the customer to something that the government has yet to define.

They also did nothing to get everything talking together with any type of standard for software language or settled many long standing issues in this field.

They also are planning to come out with some type of healthcare reform which may change the way doctors are paid. Now if you change the business, why would you want people to buy software now built around the old system?

Everything they touch they are screwing up and throwing a lot of money around in the meantime. If they were running a business, they would never get funding. I would like to see the Obama team take their plan on a funding road show and see how many investors they could get for any part of their plan.

11:43 PM  
Blogger Amanda said...

By 'Three Fifths Bank' could you mean Fifth-Third? (3/5 vs 5/3)

5:48 PM  
Blogger Vir Speluncae Catholicus said...

You're right. I'll correct that now.


7:45 PM  

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