What You Must Do Before GM Fails
Martin Weiss
Martin Weiss just posted this report on how Washington's arrogance is making the looming G.M. bankruptcy even worse. Martin is one of the few who has continually stood up to the arrogance of the Washington and Wall Street fatcats who created this crisis.
Please see below for his report -- and an update on your petition.
Grassroots Action
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From the Desk of:
Martin Weiss
I am so thankful that you have signed my "Stop The Bailout Madness" petition. Since our petition delivery, the government's response to the economic crisis has only worsened. Please see my special report below on the GM failure and forward this message to your friends.
Martin
+ + Special Report:
What Americans Must Do BEFORE GM Fails
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The "too-big-to-fail" doctrine has failed.
Moreover, arrogant leaders who seek to perpetuate it - especially Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke - are now about to meet their day of reckoning with the collapse of General Motors.
Exactly four years ago, I warned Washington and Wall Street that General Motors is "likely to collapse… the consequences for investors will be far-reaching… and millions who depend on the company's value and retirement income will suffer shattering losses…
Repeatedly and unambiguously, I issued the same warnings in our Safe Money, in special reports, and in this column. I emailed my warnings to hundreds of thousands of investors; posted them on the Web; distributed them to over 1,000 media outlets; and sent them to AP, Dow Jones, and Reuters.
I begged readers to unload their General Motors shares, dump their General Motors bonds, and sever ties with the company or its subsidiaries. I used every piece of evidence and every ounce of reason I could muster to make my case and shout it from the rooftops.
Unfortunately for most, my warnings fell on deaf ears. Even after company executives jetted to Washington last year and confessed their imminent doom, the overwhelming majority of Americans STILL did not believe General Motors would ever truly wind up in bankruptcy. GM was just "too big to fail."
In less than two weeks, however, that's precisely what's going to happen.
+ + How GM's Failure Will Spread Like A Virus Through The Economy
There's no stopping it now. Indeed, without a Chapter 11 filing, the termination notices GM sent to over 1,100 dealers last week have no legal validity.
And regardless of government efforts to cushion the blow, the impact on the economy is already devastating. It's largely because of auto industry layoffs that unemployment is surging again. And it's because of the Chrysler and General Motors bankruptcies that you're bound to see this crisis …
* Gut the nation's auto dealer network, employing over 1
million Americans…
* Cause a chain reaction of failures among auto makers
and parts suppliers, employing another 1.7 million…
* Drive GMAC so far into the red that even the Obama team
will balk at pouring more good money after bad to bail
it ou …
* Wipe out any positive effects from the economic stimulus
package…
* Drive an even larger hole in the balance sheets of
America's largest banks, and…
* Sink the U.S. economy into a new, hair-raising decline.
+ + The Real Lessons we must learn
GM bond investors who did not heed my warnings years ago and who sell out now will be lucky to get ten cents on the dollar; stock investors, little more than a penny. But the moral of my story today is not about how so many people were so wrong about General Motors. That's water under the bridge.
The real lesson to be learned is that the government cannot
and will not be the economy's ultimate savior. Their
arrogance in perpetuating this myth is matched only by the
bravado of Wall Street in helping to create this crisis.
So the first thing you must do BEFORE GM fails is to
learn this lesson.
Why will the government ultimately fail to come to our rescue?
Because the crisis is too big -- enveloping 195 sovereign nations... 6.7 billion people ... over 100 trillion in debts ... more than a half quadrillion in global derivatives.
Because the government's resources are too limited - by politics, by internal conflicts, by bureaucracy, and by the extreme difficulty of financing its follies.
And because no one - not even the most powerful government on Earth - can control the accelerating chain reaction of events.
+ + Two Ways you can fight back
No matter how dark the days ahead may appear, it is not the endof the world. We've been through worse before, and we survived. You can survive this episode as well, provided you take prompt action!
Action #1 -- Join my grassroots effort to stop the madness!
I recently delivered over 50,000 petitions to Capitol Hill calling on Congress to "Stop The Bailout Madness." I feel we must double that number immediately because only a grassroots citizen-investor uprising will stop the D.C. arrogance whichis compounding this crisis.
If you haven't done so already, please sign my petition here:
http://www.grassfire.net/r.asp?u=19060&PID=20685834
Action #2 -- Get started on your own Personal Bailout!
The citizen-investor CANNOT sit by and wait for the government bailouts to revive the economy and their stock or retirement portfolio. The government cannot bail us out!
YOU must get started on your own personal bailout.
And the best resource available to help you do that is my current New York Times bestseller, "The Ultimate Depression Survival Guide."
In this book, I lay out a detailed plan to help us survive and thrive in this current crisis. Go here to request your copy:
http://www.grassfire.net/r.asp?U=19054&RID=20685834
Below, I have included a few more resources that will help you understand precisely where we are at this crucial time in history.
As always, please let me know how my team can further assist you by giving me your feedback on my personal blog:
http://www.grassfire.net/r.asp?U=19055&RID=20685834
Good luck and God Bless!
Martin
My 2005 prediction of GM's bankruptcy:
http://www.grassfire.net/r.asp?U=19056&RID=20685834
Our bullet-proof track record:
http://www.grassfire.net/r.asp?U=19057&RID=20685834
"Your Own Bailout" video:
http://www.grassfire.net/r.asp?U=19058&RID=20685834
My plan to profit in this time of crisis:
http://www.grassfire.net/r.asp?U=19059&RID=20685834
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Grassroots Action, Inc. (formerly Grassfire.net) is a for-profit Internet services company that builds custom conservative action networks for organizations seeking to expand their impact through the Internet.
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