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Archive for the 'Auto Industry' Category

Even The New York Times Agrees: Obama And General Motors Lied To The American People

by Doug Mataconis @ Sunday, May 2nd, 2010. Filed under Auto Industry, Barack Obama, Business, Economics, Politicos & Pundits, Politics

The absurd claim that General Motors has “paid back it’s loan” isn’t passing the laugh test at the Old Grey Lady:
Truth seekers the nation over, therefore, are indebted to Senator Charles E. Grassley, Republican of Iowa, who in recent days uncovered what he called a government-enabled “TARP money shuffle.” It relates to General Motors, which [...]

Once Again, General Motors Did Not Really Pay Back Any Of It’s Government Loans

by Doug Mataconis @ Saturday, May 1st, 2010. Filed under Auto Industry, Barack Obama, Business, Economics, Politicos & Pundits, Politics

Reason’s Nick Gillespie explain:

It’s a fraud, folks.

General Motors And The Obama White House Are Lying To You

by Doug Mataconis @ Monday, April 26th, 2010. Filed under Auto Industry, Barack Obama, Business, Economics, Politicos & Pundits, Politics

Like me, you’ve probably seen this commercial on television over the past several days:

It’s based on the story from last week claiming that General Motors had repaid its loans from the government, a fact prominently touted by White House Press Secretary Robert Gibbs on this Twitter Feed:
BIG NEWS – GM pays back US [...]

General Motors Posts $ 1.5 Billion Loss For 3rd Quarter

by Doug Mataconis @ Monday, November 16th, 2009. Filed under Auto Industry, Business, Economics

So, how’s that bailout going ?
DETROIT — General Motors said on Monday that its finances had improved to the point that it could begin repaying its government loans, though it lost nearly $1.15 billion in the third quarter after emerging from bankruptcy in July.
G.M. said it increased its cash reserves by $3.3 billion from July [...]

General Motors Admits It Lied About Jobs Created From Federal Stimulus Dollars

by Doug Mataconis @ Monday, November 16th, 2009. Filed under Auto Industry, Business, Economics

Part of the stimulus package passed in February included a massive purchase of fleet vehicles for use by the Federal Government.
Well, it turns out that General Motors fudged the numbers significantly when it reported on the impact of that purchase:
In its report, GM initially said the $88 million it had received to date for 5,279 [...]

The Unintended Consequences Of “Cash For Clunkers”

by Doug Mataconis @ Monday, November 2nd, 2009. Filed under Auto Industry, Barack Obama, Business, Economics, Politics

It’s made it harder to find inexpensive used cars:
In her search for a cheap, used minivan for her and her husband, Krissy Dieroff has visited seven dealerships across Berks and Schuylkill counties in the last week, but to no avail.
“There’s not much to pick from, and the ones we do find are overpriced,” said Dieroff [...]

Cash For Clunkers Cost Taxpayers $ 24,000 For Each Car Sold

by Doug Mataconis @ Thursday, October 29th, 2009. Filed under Auto Industry, Business, Dumbasses, Economics, Politics

If this doesn’t convince you that “Cash For Clunkers” was a boondoggle, I don’t know what will:
American taxpayers paid a lot of cash for those clunkers: $24,000 for each new car sold, according to a study released Wednesday.
That’s a lot of money, especially when the so-called “cash for clunker” stimulus program offered only a maximum [...]

How The Obama Administration Strongarmed Chrysler’s Creditors

by Doug Mataconis @ Wednesday, October 28th, 2009. Filed under Auto Industry, Barack Obama, Business, Economics, Politics

Indiana State Treasurer Richard Mourdock explains how the Obama Administration helped Chrysler manipulate the bankruptcy process to deny creditors such as the State of Indiana the rights that they are entitled to under the Bankruptcy Code:

H/T: Cato@Liberty

The Chrysler Bailout Isn’t Working

by Doug Mataconis @ Wednesday, October 7th, 2009. Filed under Auto Industry, Business, Economics

It’s not being talked about in the press, but it’s pretty clear that Chrysler is dying:
Rumors, credible rumors, are beginning to circulate in the car industry and the automotive press, that Chrysler may not make it another year primarily due to its falling sales and growing financial losses at partner Fiat.
Chrysler sold a 62,197 cars [...]

The Final Word On “Cash For Clunkers”

by Doug Mataconis @ Tuesday, October 6th, 2009. Filed under Auto Industry, Barack Obama, Business, Economics, Politics

The Wall Street Journal reviews the record and finds the program was a failure:
Cash for clunkers had two objectives: help the environment by increasing fuel efficiency, and boost car sales to help Detroit and the economy. It achieved neither. According to Hudson Institute economist Irwin Stelzer, at best “the reduction in gasoline consumption will cut [...]

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