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Posts Tagged ‘profitability’

200159459-001

I got my hands on the wheel….

Obama is keeping his Cadillac, but not Rick Wagner the head of General Motors.

Rick Wagoner has agreed to step down as General Motors chairman and chief executive at the behest of the White House as part of a plan to provide more aid to U.S. automakers, administration officials said today at http://www.latimes.com/business/la-fi-auto-bailout30-2009mar30,0,2247834.story?track=rss.

Cadillac has built limousines and special vehicles for U.S. presidents, diplomats, ambassadors and foreign dignitaries since the early 20th century. 

President Obama is expected to unveil plans for the American auto industry this week, including the fact that GM and Chrysler will be seeking more bailout money.  In yet another Barackstar appearance, on CBS’ “Face the Nation,” Obama said Sunday that the nation could have a “successful U.S. auto industry.”

The Presidential Task Force on the Auto Industry, headed by the Treasury Department is studying ways and means to make things more effective and avoid Chapter 11.  Members of the Force are of course,[ source http://www.whitehouse.gov/the_press_office/Geithner-Summers-Convene-Official-Designees-to-Presidential-Task-Force-on-the-Auto-Industry/]

Treasury Secretary Tim Geithner and—

  • National Economic Council Director Larry Summers
  • Secretary of Transportation
  • Secretary of Commerce
  • Secretary of Labor
  • Secretary of Energy
  • Chair of the President’s Council of Economic Advisers
  • Director of the Office of Management and Budget
  • Environmental Protection Agency Administrator
  • Director of the White House Office of Energy and Climate Change 

Senior Adviser on Auto Issues at the Treasury Department

  • Ron Bloom, Senior Advisor on the Auto Industry, Department of Treasury

Official Designees of the Members of the Presidential Task Force:

  • Diana Farrell, Deputy Director, National Economic Council
  • Gene Sperling, Counselor to the Secretary of Treasury
  • Jared Bernstein, Chief Economist to Vice President Biden
  • Edward Montgomery, Senior Advisor, Department of Labor
  • Lisa Heinzerling, Senior Climate Policy Counsel to the EPA Administrator
  • Austan Goolsbee, Staff Director and Chief Economist of the Economic Recovery Advisory Board
  • Dan Utech, Senior Advisor to the Secretary of Energy
  • Heather Zichal, Deputy Director, White House Office of Energy and Climate Change
  • Joan DeBoer, Chief of Staff, Department of Transportation
  • Rick Wade, Senior Advisor, Department of Commerce

The American taxpayer has already stepped up to provide GMAC with $5 billion of TARP so it can continue to allow GM to sell more cars at a $2,000 loss per car says http://seekingalpha.com/article/122787-as-gm-goes-so-goes-the-nation-part-2 and going on to note that GM has lost up wards of $72 Billion, with a B, dollars in the last three years.

B also stands for bribery.  Maybe Wagoner should go, but to leave at the governments request instead of a shareholder mandate is just another nail in coffin of capitalism.  We’ll give you the money honey,  but you have to do what we say.  Bribery is a kind word, I’d call it pimping, slaving or whoring under Obama’s socialism.

Generous Motors, er- General Motors… where as GM goes, so goes the nation.  The best outlook on it all so far comes in the form of a comment from http://seekingalpha.com/article/122787-as-gm-goes-so-goes-the-nation-part-2 — and I hope he/she is right in taking a different view of GM, …” expect them to return to profitability sometime in 2010, unless SAAR remains under 11M. GM spent a ton on worldwide platforms that are now the envy of the world. Their product launches over the last few years have been awesome, and into the future are just fantastic. If the economy wouldn’t have tanked, GM would already be reporting a profit. We’re earning 5% interest on our bridge loan to GM, which will, at worst, begin to be paid back in 2012, and if SAAR returns to 15B or up, much faster. The business moves that GM has made over the last five years or so have put GM in a much better competitive position. Of course, you’ll have to ask our government why they even allowed Japanese manufacturers in this country decades ago, when Japan doesn’t reciprocate, basically closing their 3 million car market to U.S. Manufacturers. Ask our government how they expected the domestic manufactures to compete with health benefits placed squarely on the companies back, while the Japanese have their benefits completely subsided by their government. It may not look like it for awhile longer, but the future is bright for GM. When America begins to buy cars again, and they will, then the GM recovery and return to profitability will shortly follow. Look for GM’s market share, relative to the market, to actually increase this year.”

Hey, my GMC truck still burns less carbons than Pelosi’s jet or Obama’s new helicopter any day.

For the record, Roger Moore can kiss the pin stripes on my American manufactured truck.

Go ahead and comment, you know you want to.

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