Everyone’s favorite Gormogon* Volgi emailed ‘Puter an article from City Journal by the incomparable Steve Malanga on Detroit’s pending municipal bankruptcy. It’s a thoughtful article, getting into the weeds on municipal finance, public pensions and bankruptcy treatment of both. ‘Puter’s written extensively on the … Continue reading →
To liberals, utilizing the political process to thwart public sector union excesses is exactly the same as the wholesale slaughter of millions of innocents. Also, U R HITLER, DAMNED RETHUGLIKKANS! There is nothing more pleasing to ‘Puter than watching courts and legislatures … Continue reading →
‘Puter’s been reading Greg Sargent, a confessed liberal, who writes for the Washington Post’s opinion pages. Mr. Sargent is exercised about Republicans holding up a debt limit increase This morning, Mr. Sargent writes: It remains to be seen whether major … Continue reading →
Maybe if Detroit made cars as awesomeas ‘Puter’s 1972 Dodge Dart Swingeragain, they’d have remained solvent. ‘Puter just got around to reading the New York Times Sunday edition, including Nobel laureate Joseph E. Stiglitz’ piece on Detroit’s bankruptcy. Mr. Stiglitz … Continue reading →
Island Dweller with a retrospective on the Death of Detroit; well worth your time and attention so heed: Most illustrious sultan of the steppes: This post is just a couple of observations about Detroit’s demise. I am a native of … Continue reading →
‘Puter lectures the newest crop of Gormogonsminions in the Castle’s lecture hall, located3.1 km from the Castle’s central hub in theWing of Larnin’ ‘n’ Nollidge ‘n’ Stuff. ‘Puter’s been on Detroit’s bankruptcy like white on rice. Like Anthony Weiner on … Continue reading →
Detroit’s bankruptcy is, as Idiot-in-Chief Joe Biden would say, “a big f*cking deal.” It’s a big deal not only for the people of Detroit, who most certainly have the most to gain (or lose) from restructuring the failed liberal city’s … Continue reading →
If it walks like a tyrant, and talks like atyrant, it’s probably a tyrant. ‘Puter woke up this morning in the Castle’s archives, located several planes of existence below the Castle’s library. Or before the Castle’s library. Or among the … Continue reading →
Illinois Governor Pat Quinn, who has been lovingly described as politics’ biggest coward—well, heck, you remember him. He led the revolt against Blagojevich, took the title of governor away, announced widespread reforms, and promptly began doing the same crap every … Continue reading →
According to The Christian Science Monitor’s Mark Guarino, today’s local elections in Wisconsin are all about collective bargaining: Election Day in Wisconsin, Tuesday, is becoming yet another chapter in the ongoing debate over the collective-bargaining power for unions in that … Continue reading →
Reports indicate that Reader’s Digest is filing for bankruptcy protection. Bankruptcy court clerks say Reader’s Digest’s filing was delightfully abridged, devoid of big, fancy words, and written at a third-grade reading level. What’s ‘Puter going to do for bathroom reading … Continue reading →
Barely any attention is being paid to the news that a company called CIT is in meetings with bondholders to avoid bankruptcy. CIT is one of those company that few people know about, and yet it is extremely important to … Continue reading →
Vice President Joe Biden in a speech given to an AARP town hall meeting stated that, “We have to go spend money to keep from going bankrupt.” This quote was in the greater context of a speech on the need … Continue reading →
‘Puter’s been harping on the rule of law in this space (and elsewhere) for quite some time. Well, now the Chrysler bankruptcy court’s decision is having the obvious consequences ‘Puter predicted. John Lott over at his blog notes that the … Continue reading →
‘Puter never thought he’d says this, but “Way to go, Justice Ginsburg!“ It’s never good to read tea leaves based on a one paragraph order of the Supreme Court, but ‘Puter thinks it more likely than not that a sizable … Continue reading →
After the Obama administration shredded bondholder rights in the Chrysler and General Motors bankruptcies, the rule of law in the United States now is on par with China’s. So what’s the over-under on how long it takes us to dig … Continue reading →
Maybe, just maybe, there’s a glimmer of hope for the rule of law. The Second Circuit Court of Appeals will hear a creditor challenge to their treatment in bankruptcy. The creditors’ (Indiana state pension funds) argument is that the bankruptcy … Continue reading →
So says David Brooks in today’s New York Times. Thanks for thoughtlessly (or worse, thoughtfully) running full tilt into a quagmire with no exit strategy, President Obama. If Chimpy McHitlerburton did this, the outcry would deafen the astronauts on the … Continue reading →
Und now mit…sorry. And now with news that the United States will own 60% of General Motors, the Czar wondered what that would mean for the future of car design. So he asked. GorTechie fired up his awesomely cool time … Continue reading →
For GorT the Elder: The phrase “bankrupt General Motors,” which we expect to hear uttered on Monday, leaves Americans my age in economic shock. The words are as melodramatic as “Mom’s nude photos.” And, indeed, if we want to understand … Continue reading →
‘Puter disagrees partially with Megan McArdle’s (‘Puter’s pretend girlfriend) otherwise excellent take on the importance of the rule of law, stated here. ‘Puter thinks that there should be more punishment involved in bankruptcy for both debtors and creditors, particularly on … Continue reading →
We all know the stories. You have what starts out as a nice marriage of mutual respect and caring. Frankly, that surprises some folks at first because when they were courting, the big doofus was often a serious jerk. But … Continue reading →
Subscribers to the print version (formerly termed “a newspaper”) of the Seattle Post-Intelligencer learned on Monday that they now need to go online to get their news: the P-I is gone. Belly up. Folded (no pun intended, although the Czar … Continue reading →
The New York Times has labeled GM and Chrysler dead men walking. 'PuterAlways right, unless he isn’t, the infallible Ghettoputer F. X. Gormogons claims to be an in-law of the Volgi, although no one really believes this. ’Puter carefully … Continue reading →
‘Puter prefaces his remarks on the Amazing Technicolor Bailout Package/Auto Company Bailout/Mortgagor Bailout with the caveat that he has no greater insight than most on what will or will not work. ‘Puter’s different from most, though, as he admits he … Continue reading →
As ‘Puter observed earlier, Citibank is intent on committing corporate suicide by supporting the Democrats’ misguided plan to allow bankruptcy judges to cram down (i.e., rewrite principal amount, interest rates and terms) residential mortgages. The much smarter John Lott has … Continue reading →
Unbelievable. Citigroup just signed off on a plan that will add substantially more uncertainty into an already uncertain market. That is, Citigroup now supports the Democrats’ plan to empower bankruptcy judges to rewrite the terms of borrowers’ mortgages on their … Continue reading →
‘Puter’s not certain what to think of the bailout. ‘Puter doesn’t trust Paulson much at all, with his “everything’s OK, nothing to see here, move along” shtick of a month ago coupled with his “the sky is falling” position of … Continue reading →
