Ouch, keep in mind that Congressman blowing the whistle on problems with the supposedly “wildly successful” cash for clunkers isn’t a Republican or even Blue Dog Democrat… He’s a liberal Democrat: The federal government has only reimbursed auto dealers for 2 percent of the claims they’ve submitted through the popular “cash for clunkers” program, a […]
Not Just No, But Hell No: GM, Chrysler Seek $21.6 Billion in Aid
General Motors and Chrysler have submitted their recovery plans submitted to the U.S. Treasury and are asking for another $21.6 billion in government aid. Not just no, but hell no… No amount of government aid is going to bring them back to profitability so long as the government forces them to build car consumers don’t […]
GM: Billions More In Bailouts or Bankruptcy
Today’s Wall Street Journal has a front page story about GM’s restructuring plans… The article is worth reading unfortunately, the on-line version is subscriber content so if you’re not a Journal online subscriber you’ll have to register to read it. Here’s the free excerpt: General Motors Corp., nearing a federally imposed deadline to present a […]
Cash for Clunkers???
The Wall Street Journal has details on ongoing talks between auto industry officials and lawmakers on a plan aimed at reviving vehicle sales. Under the proposal consumers who replace older gas guzzlers with new fuel-efficient cars would be eligible for federal tax credits of as much as $4,500. Auto-industry officials are in advanced talks with […]
WSJ: Let Detroit Build Profitable Cars
I’m doing a little catching up this weekend and trying to read all the two dozen or so articles I bookmarked over the past couple of weeks. One of the items I bookmarked was Holman W. Jenkins Jr. December 31st Op Ed piece in the Wall Street Journal “Let Detroit Build Profitable Cars” In the […]
Son of a Bailout – Bush Gives Auto Makers $17.4 Billion
President Bush this morning morning announced a $17.4 billion bailout plan for auto makers. Under the terms of the plan GM and Chrysler would receive $13.4 billion in loans in December and January, with another $4 billion likely available in February. The deal is contingent on the companies’ showing that they’re financially viable by March […]
Treasury Throws Auto Industry a Life Line???
Damn! What is it with the Bush administration? Senate Republicans rightly stopped the auto industry bail last night and today the Bush Administration decides to use TARP funds to throw a life line to GM and Chrysler. From FoxBusiness: Despite the abrupt death last night of bailout legislation in Congress, it seems the Big Three […]
Call Your Senator…
The House of Representatives passed the auto industry bailout bill 237-170 last night. The Senate will be taking up the bill in the next couple of days. Call your Senator @ 202-224-3121 and urge him to vote no. Ask your friends and family to do the same.
Mitch McConnell: No
Senate Minority Leader Mitch McConnell has broken with the White House and come out against the auto industry bailout in a Senate floor speech: “These are turbulent times for the U.S. economy. Over the past several months, Americans have seen giant companies fail, significant job losses, and, after unprecedented problems in the credit markets, the […]
Will The Auto Industry Bailout Work?
I’ve been so focused on finishing up the projects I’m working before the holidays I’ve only been half attention to the news recently. I completely missed Holman W. Jenkins Jr. latest Wall Street Journal column: The Bailout That Won’t Would you buy a car from Congress? By Holman W. Jenkins Jr., Wall Street Journal, December […]
My Give a Damn’s Busted
I haven’t been blogging much recently I’ve tied up a couple of projects that have to be finished before the end of the year, and frankly I’m so disgusted, disappointed and disillusioned with the behavior of our elected leaders my give a damn’s busted. It doesn’t matter what we think, they’re just going to keep […]
Mitt Romney: Let Detroit Go Bankrupt
Former Massachusetts Governor Mitt Romney has a must read Op Ed on troubles facing Chrysler, Ford and GM in today’s New York Times. Let Detroit Go Bankrupt By Mitt Romney, New York Times Op-Ed, Wednesday, November 18, 2008 Boston IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, […]
CNSNews.com: Union Workers at Big Three Automakers Average $73 an Hour
The headline may be a little misleading but the article is worth reading: Union Workers at Big Three Automakers Average $73 an Hour By Pete Winn, Senior Writer/Editor, CNSNews.com, Tuesday, November 18, 2008 Economists in Michigan, the long-time home of the auto industry, say they don’t support the proposed multi-billion dollar bailout of Big Three […]
Wall Street Journal: Why Bankruptcy Is the Best Option for GM
Today’s Wall Street Journal has a must read Op Ed column by Michael Levine. Levine examines the problems faced by GM and explains why seeking chapter 11 bankruptcy protection may GM’s best chance for survival. Why Bankruptcy Is the Best Option for GM Chapter 11 would better preserve the valuable parts of the company than […]
Wall Street Journal: Just Say No to Detroit
There’s an interesting essay by New York University finance professor David Yermack in today’s Wall Street Journal. Just Say No to Detroit Given the abysmal performance by Detroit’s Big Three, it would be better to send each employee a check than to waste it on a bailout, says David Yermack. Before Michael Moore became famous […]