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Posts Tagged ‘Chevy’

You have to hand it to Obama to never miss an opportunity to get in front of a teleprompter.  General Motors in filing bankruptcy today will officially become Government Motors.  President Obama will hold an 11:30 a.m. event to discuss it even though last night the White House released this fact sheet fact sheet (.doc file) also available at http://www.autonews.com/assets/DOC/CA61689531.DOC.  Thank God it is not during Prime Time TV.

His blathering and this document lay out the Obama Administrations details of its plan for General Motors to help it emerge from restructuring quickly.  The automaker will get $30.1 billion of additional taxpayer money to restructure a smaller-company- a New GM and in return the Treasury Department has the right to appoint the initial directors.  Another $9.5 billion will come from Canada.

“In addition, the U.S. Treasury’s ability to prevent any change in control of us could also have an adverse effect on the market price of our common stock. The U.S. Treasury may also, subject to applicable securities laws, transfer all or any of its portion of our common stock to another person or entity and, in the event of such a transfer, that person or entity could become the controlling stockholder.” http://www.thetruthaboutcars.com/editorial-between-the-lines-gm-does-not-welcome-its-new-governmental-overlords/ The Treasury could conceivably transfer the stock to China to pay off debts!   

Dealscape lists the GM Bankruptcy petition filing June 1, 2009 at 7:57 am in its entirety here http://www.thedeal.com/dealscape/2009/06/gm_files_chapter_11.php

The nature of the claims and claim debts amounts are staggering.

1.  Wilmington Trust $22.7 Billion

2.  UAW $20.5 Billion

3.  Deutche Bank  $4.4  Billion 

4.  IUE $2.6 Billion

GM’s Total Assets on a consolidated basis $82.2 Billion

GM’s Total Debt on a consolidated basis $172.8 Billion

GM was world’s largest automaker for years.  It has been a technological marvel pushing the limits of technology, and marketing the fact that it’s brands were a mark of status.  Quality suffered over the years giving the Japanese auto giant, Toyota Motor Corp., the perfect opportunity to win the trophy as the world’s largest automaker, but it too has been beaten down by a sagging economy and credit crisis.  On May 8, 2009, Toyota reported a record annual net loss of $4.4 billion. An ad for the newest Prius feature the American Icon Superman standing next to the car in front of a photo of the globe.  http://toyota.jp/  Even superman could not have saved GM. 

In total disgust, Michael Moore had this to say; ” So here we are at the deathbed of General Motors. The company’s body not yet cold, and I find myself filled with — dare I say it — joy. It is not the joy of revenge against a corporation that ruined my hometown and brought misery, divorce, alcoholism, homelessness, physical and mental debilitation, and drug addiction to the people I grew up with.”  http://www.dailykos.com/story/2009/6/1/737485/-Goodbye,-GM  Dare I say, my joy would having never have to hear or read anything you have to say again you ignoramus.  Thousands are loosing their jobs, the government is buying a car company, and Moore has the balls to have joy?  Normally I would hope he gets a lump of coal in his Christmas stocking. Even that would be too good for him, as some coal miner had to dig it up to provide fuel for his country and to help run the factory that Moore is so joyfully ecstatic over. 

GM president and CEO Fritz Henderson said, “From day one, the New GM will be well-positioned to capitalize on the award-winning vehicles we have developed and launched during the past few years, and on our investments in exciting new technologies like the Chevy Volt.”  Henderson will host a press conference right after Obama’s spiel.  Toyota is already laughing! http://www.thetruthaboutcars.com/volt-birth-watch-141-toyota-laughs-at-the-volt-indirectly/ ” There’s no way the expensive, non-“rent-paying” Volt helps GM make money – at least in the short term. So, it’s a good idea to ditch it.” wrote http://www.autobloggreen.com/2009/05/29/wsj-keeping-the-chevy-volt-alive-doesnt-make-sense-for-governm/.

If  GM was a 500 lb gorilla with “misguided marketing, poor product direction, spotty quality control, random product cycles–simply not working.”, after Ch. 11 they will be a 200 lb gorilla with “misguided marketing, poor product direction, spotty quality control, random product cycles–simply not working.”  now led by the Automotive Task force and President Obama!  

Wall Street almost killed Detroit the first time with the credit crunch writes http://www.thebigmoney.com/blogs/shifting-gears/2009/05/31/how-wall-street-almost-killed-detroit.  Can GM, the government and the tax payer kiss and make up?  Hardly, kissing is only foreplay to getting fu#$%d yet again. After 83 years on the New York Stock Exchange, GM has been de-listed. “The parlous state of GM has left us with no choice but to remove it from the Dow,” said Robert Thomson, managing editor of The Wall Street Journal and editor-in-chief for all of Dow Jones. ”A bankruptcy filing immediately disqualifies a stock regardless of a company’s history or its role as a cultural icon.”  Tough shit for stockholders, eh? 

Oh, just kiss me you fool, and hurry before the gas tax and the VAT tax take effect.

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Obama’s administration drives foreign cars, ain’t that a kick in the ass?   In this day of a New World Order are you really surprised?   

Car & Driver did a report on what kind of vehicles politicians drive.  Prior to having a driver for his Cadillac limo, nick named, “The Beast”, Obama drove a Chrysler C300.  340 horsepower and 390 pound-feet of torque at around 20 MPG.  In great hypocrisy,  it is far from a hybrid, fuel efficient means of transportation.  http://www.caranddriver.com/reviews/hot_lists/high_performance/features_classic_cars/what_would_barack_obama_drive_feature__1

No matter what kind of car you own, we are the deer in the headlights and Obama the hunter.

We live in a country where if your car breaks the governement fixes it;  if you get sick,  the government decides if you get fixed. Lordy, lordy. 

This is not some dark espionage thriller where the citizen gets away in the end.  The realities of Obama’s change, hope and promise continue to erode  American democracy and capitalism.

Non-partisanship finally has meaning.  We should fire and vote out almost every Congressman and Senator and elected official. The governments corporatocracy is running our biggest corporations and our banks instead of shareholders. 

If the government wants the responsibility surely it’s citizens should be calling the shots.  Not that the tea-parties going on around the country will amount to much.

“The Heartbeat of America,”  Chevrolet’s long running trademark tag line is long dead- replaced by the line, “An American Revolution,” in its advertising.  We are seeing the start of a revolution indeed, and if we don’t wake up, democracy will be dead too.  Praise be, GM no longer makes the Vega. 

It’s hard being the backseat driver waiting for the next economic collision to occur.  Looking in the in the rear view mirror to see America run over by socialism shouldn’t be an option either. 

Obama playing Mr. Goodwrench isn’t helping matters. 

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”
— Thomas Jefferson

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