Cliff,
It probably wouldn't have been so bad if GM "had" paid off some of their loans. The problem is that they paid off their "government loans +interest" not with their profits, but with TARP funds. Its a sham.
"Confidence in the markets, and the truthfulness of representations being made by those taking in investor dollars are at the core of a properly functioning financial market."
I guess that tells you how well the markets are functioning. They are trying to create confidence with lies and taking your money to boot. Next time you see that CEO swaggering about and telling you how well they are doing, should send shivers down your spine. They are keeping people employed with government handouts and not innovation or progress. Let's see, it has been how many YEARS they have been touting their electric vehicle(the Volt) that has yet do do one mile of the production line..... Yet NISSAN puts one out without as much as a fan fare.
I think what you are saying is correct. It just ain't working that way. Chicago style politics don't allow for it. Those in power just do what they want without the first consideration of what the consequences will be as long as they wind up on top or get their pay. Everyone should be buying Fords and saying to hell with the rest of the corrupt corporations. Let them fail as a lesson to all that survive.
Bill
Agree with you 100% Bill. Yes, the public company CEO's, and the PR machines behind them, are out there swaggering around and making all kinds of unsupported/unsupportable/erroneous statements. They know what and how to say things without making a complete misrepresentation, rather, it's a stretching of the truth with little or no facts in support so it can't come back to bite.
It's what most public company CEO's, and politicians, do very well: knowing their audience so that they can say the right thing at the right time, in a way that makes it all sound so right. Trouble is, half the time (or more) what they're saying is completely cut off from reality or fact or the common man. Frankly, I think the level of fair play and ethics in the Board room is at an all time historic low, and we have them to blame for it. I say vote 'em out at every chance you get, whether it's national election time for politicians, or when a proxy vote shows up in your mailbox for corporate votes.
Board Directors and CEOs are directly responsible for the low level of ethics and confidence in the equity markets. As a group, they've done an absolutely horrible job as leaders in recent times and should be ashamed of themselves. On top of that, most have taken enormous compensation packages while spewing out mostly garbage statements about the performance of the company and what going on at an operational level. It's a complete sham for many public companies - not all, but many, if not most.
The parallel in the political realm is the same. We have very low levels of confidence and trust in our present elected officials and therefore we have even less confidence in the whole notion of government by a few, for the benefit of all.
Frankly, I think we're almost at the boiling over point. People are just plain pissed at politicians and smooth talking CEOs...for good reason.