Road to Nationalization

" We're look at the hundred days and I'll start with the economy what can we expect from the next three and a half years or so. What about nationalization of GM and Chrysler an expanded ownership of US banks -- Zimmermann vice president and the united nightcap power you all right all right going to be yeah. Yet some -- yeah. Everything else yes is it a better worse or about the same have we made in the hundred days have we made it better worse or about the same. Well I think what the government is trying to do here is boost confidence that may have been no substantial changes but I think this. A better feeling a higher consumer confidence for now a temporary vacation until. Things turned down neglect your sick so what you're saying is. You know Chernobyl -- Chernobyl yes do you know that's one spooky places like nobody around the ghost town -- silly play like really happy music. It's kinda like how well you know what's funny and Warren Buffett has said this whole thing as a financial Pearl Harbor I think he's got an analogy wrong that is fine natural Chernobyl the half life for this problem is going to go on and on and on and on accurate and any stress test it's not an -- it's not just one event and now. Now it's an unfolding continuing. The -- deflation. Housing prices that's driving the unemployment and -- let me -- OK -- help. Tell me about because I haven't I mean I don't see anybody talking on television or anything I don't see anybody going. -- think that car companies are going to make good cars if Barney Frank is in charge along with the unions I think what they're really deathly afraid about -- of is another wave of unemployment. To continue that inflationary spiral. So they're not thinking is that a good idea to keep GM alive they're thinking well how we -- prevent another tidal wave of unemployment. OK so. But what won't be -- we look through if you do for a living if I'm not mistaken right behind you you're. And analytical guy you just look at all the numbers and I look right trends in the depths Pena say okay this is what's coming. Yeah right yes. So the stress test. Is joke. Thank you for say that as the most stress free stress tests I've ever seen. First of all they're asking him to task for unemployment levels that have already been reached. And are asking him to task for the most mild mannered of continuing housing decline. There are worst case scenario for the stress test. A drop of 25% housing values -- twenty time what makes -- but certainly is. Yeah this is different and already they were already sitting on unemployment levels are testing for and the 14%. Drop in housing crisis they're saying this Sierra what this. It's not going to end this year there's going to going to 3020. Limon 32 before we get any kind of relief they're not testing -- and -- And well you know what this is -- a teacher puts together a task to ensure that all the students pass so she looks good. And then. Even despite yes exactly they don't pass tornado -- the results are secret -- where we cannot win release results now we're going to release on Friday but now we don't want. When we can't really somewhat -- release someone's not public why do it if you're not going to release -- I've been because they got worse results show. What they're doing what they're going to do now is because it the American people where maybe they don't know we're going to talk -- part of the show about what the American people are doing and what we should do. But but I think anybody seen in this country you know what I think -- stop borrowing money from the Chinese we're never going to be able to pay back nine unit to the banks. That's what they're going to do is -- going to take the stock that we have that we are promise was going to turn out into a good investment. Where it's the kind of -- preferred shares so it's the kind that if you. Correct me if I'm wrong if -- if they go bankrupt we're the first in line to get paid. Right or one of the truck assuming there's anything left to divvy up just. And don't harsh my notes are all okay it's our list is saying we limited sunshine and lollipops world don't pass something like okay okay what -- do. -- Into the guy who wrote the road campus he's that god gave me a little happy I feel there's something like what they're doing is. They are taking those shares and saying you know what will just convert these to common stock. Williams has no guarantees I'm not saying yes and yes gives us even more control not us meaning unique. Right party frank and Chris Todd Wright gives them more control well I don't know if we even get the government wants this I just. I think there they're reacting to. There are struggling and I don't see what what can we do not -- even thinking ahead regardless I think enough to have a conspiracy at work here. I think it's an early reactive. Do you remember when you were young and naive. Lottery and government it was good -- country. You guys are below you don't you don't think that day there are you don't think that there is. Progressive. Kind of attitude of nationalization Walt -- said two years ago my program. They're going to they're going to nationalize our financial sector. They're going to nationalize our manufacturing sector and they are going to nationalize. Our transportation and energy well we're damn near an area where we are what you know I must sing the national instant would be a little better because right now you're propping up these banks he got -- zombie -- walks and talks but it doesn't land because -- so scared to death to do anything. At least if you nationalize. That may be a break it up into pieces you -- to successful banks they start lending again. That this. This -- this halfway solution doesn't seem to be any kind of solution at all if you don't they were talking about the banks and bad banks which are barely understand but if you think about. Taken the car companies. And breaking them up and good car companies a bad car companies. While they -- going to feel we're going to one category basically her. You -- have -- bad car companies out of Detroit. And I think the problem with the car companies here is the American public -- used to getting bath products out of Detroit I don't think that's true I think there's a limit lingering -- revenge here like this is they -- get even opportunity who's paying for the who is paying for the the legacy. The payments out of the unions and higher rockets at taxpayer while I union -- I hope not what what what I think would be the best way out here is either a prepackaged bankruptcy or chapter eleven where they're forced to deal with the fact. That thinks that we couldn't do that. Well they -- they may have no option the way things are going. If they don't start cutting deals that may be the only way out here. It's an emergency. All of it's always great thank you legacy thank you very much okay now."