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July 11th, 2014
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obama just undo it
With "success" stories like this...
We'll soon be joining the ranks of Greece and Iceland.
Celebrating the company’s Wednesday initial public offering, President Barack Obama last night called his government takeover of General Motors a “success story.” “American taxpayers are now positioned to recover more than my administration invested in GM,” he said. Left unsaid is the fact that if the Obama Administration keeps selling their GM stock at the IPO price, the U.S. taxpayer will lose $10 billion on the deal, and that does not include the loans GM still owes, cash for clunkers, the Chevy Volt subsidies, or the millions of unseen costs the unprecedented intervention has inflicted on our economy.

But hey, it's only your money. And your children's. And grandchildren.

Current Mood : I told you so determined
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stupendous advocate text
GM sells Saturn network to Penske
This is what GM should have been doing all along and why the government should not be trying to run GM. That means you, Barney Frank! Didn't your meddling in the housing industry teach you anything?

This is good news for GM and great news for Saturn.

Current Mood : encouraged happy
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reagan hope
A sign of intelligence at GM
Or is it spine? GM says it will sell Saturn.

Finally, some signs of intelligence at GM! Instead of just throwing assets into the trash GM is going to sell them. What a concept!

That is, unless The One sniffs his disapproval in GM's general direction. Then you'll see some furious backtracking and Saturn's fate will be the same as Pontiac's.

Current Mood : sarcastic annoyed
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obama nazi
The slow disintigration of GM begins
Can you imagine the outcry if a group of industry executives got together and decided to "oust" President Obama because they felt that he wasn't running the country correctly? How about if they then demanded that the replacement shed various federal agencies as a requirement for obtaining their blessing?

Reverse that and you have the Obama administration presiding over the destruction of General Motors.

I've asked before where and when Obama obtained the knowledge and experience to run (or destroy) an auto company. As far as I know, he still hasn't explained why we should agree with him that GM needed to get rid of its then CEO Rick Wagoner or now needs to shed the Pontiac division. Those moves may be necessary but it should be the owners (shareholders), debt holders and board of directors making those decisions, not a government official. Mussolini made the trains run on time and Hitler put workers back to work...but there's the downside of Fascism. (Hopefully it's obvious!)

You can kiss Pontiac, Hummer and probably Saturn goodbye.... You'll have to ask Obama what else GM is going to have to get rid of to satisfy him.

Can a government edict on which cars to produce be far behind? Will Obama appoint a loyal follower to "run" GM?

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right vs wrong
Antitrust proves to be it's own worst enemy
Somewhere in the universe of free trade, protectionism, competition and antitrust lies the story of General Motors. The National Review ponders how GM came to this point.

Antitrust, of course, is concerned about one domestic company dominating the domestic market. As Burton Folsom points out this leaves a company targeted by antitrust proponents vulnerable to competition from outside the country.

So the history of GM, once a feared titan often cited as an example proving the need for stronger antitrust laws, is apparently going to end with the government that created such laws forcing GM into bankruptcy (and killing off Chrysler almost as an afterthought) which will leave exactly one domestic car manufacturer left: Ford.

An ironic end to decades of antitrust activity, isn't it?

Current Mood : busy busy
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obama communism
The right move for a very wrong reason
GM CEO Rick Wagoner has decided to step down. This should be greeted as welcome news for everyone except GM's rivals. Rick Wagoner is part of the problem at GM; a generation of managers who can't see the forest for the trees.

However, the reason he stepped down is entirely wrong: the President of the United States "asked" him to.

If it's one thing we really don't need right now it's a totalitarian flavor of socialism (whether it be Communism, Fascism or a new -ism) where the President orders businesses around.

Update: Kent Kresa, the new chairman of the board for GM is a big Democrat contributor. He has contributed thousands of dollars to the campaigns of people like Jane Harman and Dianne Feinstein.

Update 2: It is apparently over for Chrysler. Unless it can sell itself to Fiat (with the help of six billion taxpayer dollars) it will be the first US automaker to fall victim to Obama's war on corporate America.

Current Mood : determined determined
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liberty torch
A deal too good to be true
There are a lot of reasons why some US companies are in the state they are now regarding retirement benefits and health care costs.
DETROIT (AP) — General Motors Corp. will try to reduce its staggering employee and retiree health care liabilities in upcoming contract talks with the United Auto Workers, according to a government regulatory filing Thursday.

There is nothing unique about GM. It made the same deals during WWII and after that most other companies did: generous future benefits offered to employees to get them to come work and stay once they were there.

It seemed like a deal too good to be true. Current employees would have their benefits paid by the work of future employees. No one considered the possibility that there would be fewer future workers.

The government made the same kind of deal with everyone, not just employees. It's called Social Security and it, too was a deal that was too good to be true.

I'm sure we have nothing to worry about, though. Democrats have been telling us for 30 years that we don't need to change the program, that everything is just fine. I trust them, don't you? I mean it's not like they have a completely separate retirement and health care plan, is it?

What's, that...they do have a completely separate plan?

Oh, dear.

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