The first week of June 2009: Seven days that threaten to change history
Published: June 9, 2009
Updated: June 9, 2009
Perhaps historians will say that American life changed in the first week of June 2009.
In the summers of 1981 and 1982, Timothy F. Geithner was a student at Peking University but on Monday, June 1, 2009, he was there as the U.S. Treasury Secretary “to explore our common interest in international financial reform.” 1
“China, despite your own manifest challenges as a developing country, you are in an enviably strong position,” Geithner told his audience. But for the United States, “The fallout from these events has been brutally indiscriminant, affecting those with little or no responsibility for the events that now buffet them, as well as on some who played key roles in bringing about our troubles.”
“I believe,” announced Geithner, “that a greater role for China is necessary for China, for the effectiveness of the international financial institutions themselves, and for the world economy. China is already too important to the global economy not to have a full seat at the international table, helping to define the policies that are critical to the effective functioning of the international financial system.”
According to The New York Times, China’s monthly car sales have exceeded those in the U.S. since January, 2009. 2 GM filed for bankruptcy on the same day as Geithner’s speech. 3 This helps explain why, during Geithner’s visit, GM announced on June 2nd a sale of its Hummer brand to China’s Sichuan Tengzhong Heavy Industrial Machinery Co. 4
The price or terms have not been released, but the Shanghai Daily noted that GM had told the bankruptcy court that Hummer’s value was around $500 million. 5
In China, the Hummer is known as “Han Ma”, the “fierce horse.” The $200,000 sales price of a Hummer in China is definitely fierce. 6
One Chinese state-run newspaper described Tengzhong’s purchase of Hummer as a “snake trying to swallow an elephant.” 7 Marketing specialist Wang Yukun described the plan as “childish”. Financial commentator Ye Tan said it was “unpromising”. 8
GM CEO Fritz Henderson explained the reason Hummer was sold to a four-year old Chinese company with no history or experience in automobile production: “The potential buyer Sichuan Tenzhong offered the best overall alternative, and we did not have [a] broad portfolio of other buyers!” 9
China Daily reports “the forces behind Tengzhong’s move may actually be Sichuan Huatong Investment Holding Co. and US-based investment bank Morgan Stanley.” 10 Citigroup was GM’s financial adviser in the Hummer sale. 11
The sale, said a Los Angeles Times columnist, “underscores China’s growing economic might at a time when U.S. industrial prowess is flagging.” 12
Back at the White House, on June 1st, President Obama proclaimed June 2009 to be Lesbian, Gay, Bisexual, and Transgender Pride Month, stating: “At the international level, I have joined efforts at the United Nations to decriminalize homosexuality around the world. Here at home, I continue to support … enhancing hate crimes laws, supporting civil unions and Federal rights for LGBT couples, outlawing discrimination in the workplace, ensuring adoption rights, and ending the existing ‘Don’t Ask, Don’t Tell’ policy ...” 13
On Thursday, June 4th, in Cairo, Egypt, President Obama declared, “I consider it part of my responsibility as President of the United States to fight against negative stereotypes of Islam wherever they appear.” 14
To help the Muslim world, Mr. Obama said, “On science and technology, we will launch a new fund to support technological development in Muslim-majority countries, and to help transfer ideas to the marketplace so they can create more jobs.” 15
On Friday, June 5th, the U.S. Labor Department announced that 345,000 more American jobs were lost in May, pushing the unemployment rate up to a 26-year high of 9.4 percent. 16
And that was the end of the week that changed American life.
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Sharman’s column appears each Tuesday on the editorial page.
1 Speech by Secretary Geithner – “The United States and China, Cooperating for Recovery and Growth,” June 1st, 2009, Peking University - Beijing, China, http://www.treas.gov/press/releases/tg152.htm
2 Goodman, Peter S., “What Would Mao Drive? A Little Red ... Hummer”,
3 “GM Files for Bankruptcy with $215 Billion Debt”, June 02, 2009
http://www.news.com.au/adelaidenow/story/0,27574,25573322-2682,00.html
4 “Who Stands Behind Possible Buyer of Hummer?” June 05, 2009, http://www.tradingmarkets.com/.site/news/Stock%20News/2362300/
5 “Company in Sichuan to Acquire Hummer”, June 4, 2009
http://english.rednet.cn/c/2009/06/04/1771174.htm (Source: Shanghai Daily)
6 Pierson, David, “Chinese company buys a symbol of American affluence: But Hummer purchase makes little sense, analysts say” June 07, 2009
7 Kurtenbach, Elaine “Reports Question Chinese Hummer Acquisition” AP, Jun 5, 2009 http://www.google.com/hostednews/ap/article/ALeqM5hyv5NxsbvX7n7EbxXN4zddjXqb6AD98KE7700
8 Fangfang, Li “Hummer of a challenge for Chinese firm” China Daily June 4, 2009, http://www.chinadaily.com.cn/china/2009-06/04/content_8235629.htm
9 GM CEO Tackles Tough Questions on Sale of Hummer to Chinese, 06-05-2009, http://www.edmunds.com/insideline/do/News/articleId=149907
10 Fangfang, Li “Hummer of a challenge for Chinese firm” China Daily June 4, 2009, http://www.chinadaily.com.cn/china/2009-06/04/content_8235629.htm
11 Smith, Aaron “GM unloads Hummer to Chinese buyer: Bankrupt automaker discloses details of plan to sell truck line to China’s industrial company Sichuan Tengzhong” CNNMoney.com, June 2, 2009
http://money.cnn.com/2009/06/02/news/companies/gm_hummer/?postversion=2009060216
12 Pierson, David, “Chinese company buys a symbol of American affluence: But Hummer purchase makes little sense, analysts say” June 07, 2009
13 http://www.whitehouse.gov/the_press_office/Presidential-Proclamation-LGBT-Pride-Month/
14 Obama, Barack “REMARKS BY THE PRESIDENT ON A NEW BEGINNING”, June 4, 2009, http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-at-Cairo-University-6-04-09/
15 Obama, Barack “REMARKS BY THE PRESIDENT ON A NEW BEGINNING”, June 4, 2009, http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-at-Cairo-University-6-04-09/
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Page Two of Two
For footnote 10 and 11, your comments suggest it is academically wrong to use the same footnote twice. You are wrong here. I know it’s been a while since you’ve been in school, but footnotes are often used twice, but as many times as needed, just like a bibliography. Ideally, identical footnotes should be condensed in to one if at all possible. And honestly Tipp, there’s nothing sinister about it. Why do you use such language? Other motives perhaps? You’re sounding like ELD now…or could it be…Footnote 11 is undisputed by you.
Tipps comments on footnote 12, you again are wrong here on the academically prohibited. Therefore, you are probably wrong about Liberty University. Since Liberty is putting out law students that can out-debate the most prominent ivy-league colleges (see their winnings), I think you better get up to speed on things before you open your mouth.
Tipps comments on footnote 13, is a sad attempt to smear Sharman. Especially since the reference to what Obama was focused on when had more important things to do on June 1st, like fine-tuning his budget, or withdrawing his taxes on people earning less than $250,000 a year, which he promised he would not do.
Tipps comments on footnote 14, is more rambling. Thomas Jefferson was not our only founding father Tipp. He was one of many. Though he did exactly as you wrote, much of what was actually done in our country and constitution did follow the Judeo-Christian values as found in the Bible. All your history lessons cannot refute that.
Tipps comments on footnote 15, again is more history that we all know. We all know too, that you have to deal with what you’re dealt. If behind the scenes these Arab nations are supporting or harboring terrorist, then trying to talk them out of it is not going to work. Your use of the word “bamboozle” here leads me to believe that you and ELD know each other. He uses that word a lot too. You are forgetting that feeding them, and taking care of them with our billions and billions of tax dollars have not changed their minds yet. There are certain religions out there that will feed their cows before they feed their children. Or spend money on their kingdom luxuries before they give a man a job. You are old enough to know that, and I think you do, based on your knowledge of history.
Tipps comments on footnote 16, again your knowledge here is limited. You and the rest of the world will not know if we’ve bottomed out on job losses until summer is over. There is always a leveling off or spike in jobs seasonally. With colleges and schools mostly out by the end of May, jobs should have been on the increase if we were pulling out, not the decrease. I believe that’s why Obama realized he needed to stimulate the stimulus.
Oh, I can’t stand it, OW!!!! I just have to jump back in. Can you ever admit defeat? Tipp took the footnotes point by point and proved his points. ElD’s comments are just as worthy as yours. He told you he had witnessed Sharman’s tactics. YOur response is to use the word lies and liar. You resort to these things when you know you’re wrong or cannot come up with a worthwhile thought. Tipp’s comments were clear and concise. Yours ramble and are difficult to comprehend. Sometimes just plain gobblydegook. You said you tried to educate others of us but I don’t need your brand of education and what makes you think you’re quaified to teach anyone anything?? I surely hope you are not a teacher in our public school system…If you are Lord help the kids. BTW I hope my posting gives you the satisfaction that you seem to crave and I also hope those who logon to see your response to my comments also are satisfied. (your words)
OW, don’t waste time on me and get busy “researching” all that TIPP gave you (before you come back and call it lies without really addressing it). You know I’ve said many times that Sharman’s researh and conclusions don’t hold up. Now someone else is. Quit trying to redirect to me. I’ve been through all this with you. It’s TIPPS turn now and I see so far that you have addressed exactly SQUAT.
Well, ELD, linking yourself to TIPP now. I guess this is when you’ll bow out, rather than produce your proof of allegations, which were not the same os TIPP’s.
TIPP has a long way to go, to get away from his opinion steering of trying to do away with Sharman’s footnotes with his errors to cleverly but clearly weaved in. I’m not done with my research of his so called Notes on the Footnotes.
How did you get done so quickly! Or did you just resign to be TIPP’s sheep?
So TIPP, do you mention Sharman’s education at Liberty University multiple times to play up to your “anti Christian” insinuations?
However, other then your opinions of Sharman, which is all they are; I really, really liked your history and summation. Sharman makes his points an article at a time, and here you gave a very good bipartisan speech of history here, linking everything that has brought us to where we are today. Which, ironically, is what Sharman is saying too, as well as myself.
We have been adhering to the advice you gave in bold letters at the bottom, and I hope the message gets around to all in our country, then maybe this economic hardship times, will bring us all closer together.
Actually, TIPP, I’m not surprised you don’t get the point of this article, nor are you able to tie in the footnotes coherently…
But here’s tip: Sharman is expressing what many American’s feel like is happening to our country. And that is the loss of our companies thus jobs, our government spending “bail out” or “bankruptcy” tax dollars in the wrong places, with money borrowed from another country (China) that would like nothing more then to cripple our economy and do away with the US dollar so they can sit on the worlds financial throne.
It would not be so scary for them to be on top, if they had a better human rights record, a better environmental record, and less of a government that is not run by the people.
TIPP, I was reading to see what level of truth you’d stay on. I’m not as impressed as I’d hoped to be. In regards to your interpretation of Footnote 7, here’s the exact quote from the reference given:
“Reports in the Shanghai Securities News and other state-run newspapers Friday said Sichuan Tengzhong had not yet obtained such an approval. They also raised questions over whether the deal will be allowed to go through, with one report likening Tengzhong’s plan to acquire Hummer to a “snake trying to swallow an elephant.“
In no way does it make it the opposite of what Sharman said. I am checking out some of your other notes on footnotes as well, and I’m beginning to wonder if it’s not you who is fabricating our of ‘whole cloth’.
The referenced paragraph is talking about the “plan” not which government it is.
ELD: What part of the fact that I know people very close to that court, who know Sharman very well, and THEY HAVE NEVER HEARD IN ANY SITUATION IN COURT, what you have accused him of. So get someone besides yourself to make this accusation, or get on another soapbox.
And I’ve asked you for 9 months now, to show us in Sharmans’ articles what you now want to call: “said or insinuated”. (Trying to give yourself some wiggle-room are you?) I’ve asked you to just point it out in his articles, like I do, and you have not yet.
Well OW, I read TIPPS postings. There seems to be another person around who says that Sharman misuses facts and statistics and that he usually reaches what might be an unsupportable or erroneus conclusion to anyone who actually does their own research. His posting was lengthy but easy to understand. He made a good effort… an effort that I am no longer willing to make since I already know how Sharman operates.
There’s your facts. Do some research
Well OW, I read TIPPS postings. There seems to be another person around who says that Sharman misuses facts and statistics and that he usually reaches what might be an unsupportable or erroneus conclusion to anyone who actually does their own research. His posting was lengthy but easy to understand. He made a good effort… an effort that I am no longer willing to make since I already know how Sharman operates.
There’s your facts. Do some research.
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