During todays Senate hearing on whether or not to pump out the 'not so big anymore are you' three Domestic Auto Makers, (DAM) we learned that GM employees make $78, $75,$73,$71,$70, $48, $47, $38, $28, $14, or $12/hour. Not including of course, the Executives, who are expected to make $00.000487804/hour ($1.00 annually divided by an estimated 2050 hours worked). Whatever the actual figure for labor costs is, we here at "The Poop" believe statistically it will end with the number 8. In addition we learned that labor costs add $700, $1000, $1200, or $2000 (The cute, but unpleasant blond repeator on CNBC gave us that last figure) into the price of a car. It was not to be expected the variety of figures representing the price of labor would equal the variety of figures representing the cost of labor. Problems with balancing numbers are well known in Detroit and Washington. It was also learned that the UAW buyout of GM's healthcare obligation in Jan 2010 will cost GM a lumpy payment of $60bil, $50bil, $47bil, $35bil, $30bil, $17bil, or $1bil in Jan 2010. It was nice to pin that down.
Shares of EPG, converter of BS into saleable energy, finished the day slightly higher as a small amount of the available BS was flushed from the market. Early in the days trading shares of EPG, converter of BS into saleable energy, moved lower as an unexpected supply of BS was dumped onto the trading floor, before clearing the pipeline later.
In other news US Federal Reserve Chairman Ben Bernanke, spoke to an after breakfast conference on Housing and Finance at the Federal Reserve in Washington. The speech covered the collapsing housing market and the evolution of the varied policys vainly used to combat the collapsing price of housing. It is rumored that at the conclusion of the conference an aid was heard to mutter "One hour of talking and all he says is 'unexpected sh*t happens'" as Bernanke hurried from the podium.