"This is what happens with communism. It's a great concept. On paper it makes perfect sense."
The company is locked in a showdown with its lenders, and they hold the cards. To keep them at bay, the company needs to raise cash, primarily through the sales of assets and legacy businesses.
Last week, the Obama administration dropped one of the signature provisions of its healthcare plan. The CLASS Act (Community Living Assistance Services) was intended to provide affordable insurance for long-term care to individuals who, because of infirmity or age, could no longer care for themselves.
Amid the expressions of grief at the passing of one of America's greatest innovators -- Steve Jobs -- one offhand comment by someone on CNN was jarring. Describing his brilliance, his inventiveness, his business genius and his inspired leadership, one host added, "And his parents didn't want him! They gave him up for adoption, if you can believe that!"
President Barack Obama obviously is scrambling in his attempt to win re-election. He has proclaimed himself the underdog and has given up his pretense of being a pragmatic centrist compromiser in favor of harsh class warfare rhetoric.