Taxpayers Face Heavy Losses On Auto Bailout

Here's a story from the Fileunderi "Super Sarcasticly Said No Kidding?" File:

Taxpayers face heavy losses on auto bailout

Taxpayers likely to face significant losses on $81 billion auto bailout, watchdog report says:


WASHINGTON (AP) -- Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.


Read the rest of the story at Yahoo! News


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JP Morgan Chase Releases Earnings: Glad We Could Help Out

JP Morgan Chase Releases Earnings

JP Morgan Chase (JPM) has released their Earnings today. Here is the report from MarketWatch:


LONDON (MarketWatch) -- J.P. Morgan Chase on Thursday reported first-quarter net income of $2.14 billion, or 40 cents a share, compared to $2.37 billion, or 67 cents a share, in the same period the previous year. Analysts at Thomson Reuters had, on average, expected the firm to post a profit of 32 cents a share. The company said total net revenue was $25 billion, up from $16.9 billion a year ago. Provisions for credit losses rose to $8.6 billion from $4.4 billion the previous year...

We at Fileunderi are curious...do we and the other John And Jane Q. Publics out there get a great big Thank You Card for our help with the $2.14 Billion Dollar Profit? Our Federal Government (that's us, folks) had a great big assist with the JP Morgan takeover of Bear Stearns...and the takeover and rape of WaMu, and who knows how many dollars flowed into JP Morgan Chase from the "bailout".

Shouldn't it be a net profit of zero, with 2.14 Billion Dollars being paid towards The Federal Debt?

Guess Not.

What a crock of shit.

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The New GM Commercial Theme Song Lyrics

The new GM Theme Song lyrics...sung to "Like a Rock".

Used to be the leader
Always Number One
Made a ton of money
Had a lot of fun
Now we're bleedin' red ink
Looks like we are done
We're in hock.

Took a plane to Wash'ton
Sincere as we could be
Asked 'em for a bailout
From the gov'ment money tree
They said our plan was crappy
Guess we're just not A.I.G.
We're in hock.

Obama's taken over
He'll get us turned around
Get our act together
Make a plan that's sound
Just hope that we can sell cars
For more than a penny on the pound
We're in hock.

We're in hock, our boss was shown the door
We're in hock, please lend a little more
We're in hock, 'til your anus is quite sore
We're in hock.

We're in hock, give us cash we hold so dear
We're in hock, just ignore that nagging fear
We're in hock, we'll move overseas next year.
We're in hock.

Ooooohhhh, we're in hock.


Just a suggestion from Fileunderi...



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2009 Stimulus Check: Don't Wait By the Mailbox

The rumors of a 2009 Stimulus Check are running rampant and scam websites are popping up daily here in WWWeb land. So, as a public service to our loyal readers, we will give you the facts, and nothing but the facts (or as close to the truth as we can find. Okay, we will just pass along some rumors).

Are you employed and struggling to make ends meet?

No stimulus check for you...although we have heard rumors of a small tax cut. $13 a week is being thrown around.

Are you retired, on SSI?

We are getting conflicting reports here, but it seems you might get one. $500 is the rumor.

Do you still make plenty of money or own a small business or your corporation isn't really important to the economy?

Bend Over

Didn't get a check in 2008 because you didn't file taxes in 2007 because you are hiding from the Feds?

You can still get your 2008 Stimulus Check! Go for it!!

Do you run a large corporation that is deemed important to the economy or you are a large contributor to the folks in Washington D.C.?

How much do you need? Help is on the way.

As for us...we gave up on being stimulated a long time ago.

The $75 Billion Housing Rescue Plan

Did you overreach with your last home purchase? Buy more home than you could afford? Refinance to pay off debts and borrow more than your home was worth? Are you a chronic slow pay?

Fear not...help could be on the way.

Mr. Obama has unveiled his $75 Billion Housing Rescue Plan, which will bail out you and the other 10 percent or so of homeowners that have a little problem playing by the rules, don't read or understand the implications of contracts before they sign, or just generally go willy nilly through life and hope someone will help them out when crunch time arrives.

Mr. Obama's plan calls for measures that will allow up to 9 million homeowners to reduce their mortgage payments through government-backed refinancing arrangements. The Obama administration said it will provide more details on the plan and when it will go into effect on March 4th.

Granted, there are people who have played the game of life responsibly and need a helping hand during these tough times. They have lost their jobs, and they are hurting. But it's obvious who this plan is designed for...the folks in the first paragraph. We also understand that, if implemented, this money will go directly to the Mortgage Lenders and Mortgage Service Companies so they can "help out" those about to, or in danger of, losing their homes. In effect, this plan would give ANOTHER 75 BILLION to financial institutions to bail them out. To ease their losses from foreclosed homes that they have to sell and take huge losses on.

House Republican Leader John Boehner, R-Ohio, and Republican Whip Eric Cantor, R-Va., sent the president a letter asking, "What will your plan do for the over 90% of homeowners who are playing and paying by the rules?"

In addition to the above program, it appears that the government has pledged ANOTHER
Two Hundred Billion Dollars to Fannie Mae and Freddie Mac.

To keep them viable...

The Insanity continues.