Bailout Barry Strikes Again
F.O.B.’s have returned with a vengeance. President Obama has made sure to take good care of the folks who made his election possible. Well, the big-monied special interests anyway, the American people not so much. When the UAW’s exorbitant contracts drove 2 of the Big 3 automakers into bankruptcy Obama awarded them the keys to GM and Chrysler and billions of taxpayer dollars to prop | Read More »
How Badly Has Congress Screwed Up Ethanol?
Two years ago the Democrats in Congress and the Bush administration got together to deliver a payoff to farmers: they required refiners to use 15 billion gallons of biofuels by 2012. They did not expect that a crashing recession would lead to a reduction in the amount of gasoline the nation consumes – the first such reduction in years. And they also didn’t expect a | Read More »
Barry O Kills the Chevy Volt
Way to go, General Motors! You’ve staked your survival on electric cars, hybrid cars, and high-mileage cars – apparently reading tea leaves and thinking that was what Obama and Congressional Democrats wanted. Instead, it turns out Barack Obama thinks you did it all wrong. Even more surprising, it’s GM’s high-tech, environmentally-friendly, crown jewel car of the future that was your biggest mistake. The Chevrolet Volt | Read More »
The UAW & ‘Shared Sacrifice’
Former RSer Pat Cleary has been checking up on the United Auto Workers and has some thoughts on the need for shared sacrifice. He also observes that the UAW no longer seems so proud of the great deal it got for its members in 2007; in fact, they’ve sent their press release down the memory hole: So 6 months ago we moseyed on over to | Read More »
Obama’s Auto Task Force Decided to Bail Out GM & Chrysler Before they Started Work
The Wall Street Journal reports that the Obama administration is prepared to recommend billions in new ‘loans’ to America’s automakers, as long as they meet certain requirements. But once you get past that headline, something very disturbing becomes apparent: Obama’s task force never really considered a bailout on the merits, but concerned itself only with how to structure it. The decision to pour tens of | Read More »
Will the Last One out of Detroit Please Turn Off the Lights?
GM’s auditors are talking about bankruptcy for the automaker: General Motors Corp.’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.
Did Carl Levin and Debbie Stabenow Deliver Billionaire Paul Allen a Tax Break Worth Hundreds of Millions?
Well what do you know? Despite the rhetoric from President Obama and Congressional Democrats, it looks like the rich are set to reap more than their fair share from the Obama-Reid-Pelosi debt spending plan: Billionaire Paul Allen is a Microsoft cofounder, the owner of the NFL’s Seattle Seahawks and the owner of the NBA’s Portland Trailblazers. And, thanks to the stimulus bill President Obama signed | Read More »
Levin to Shove $7 Billion GM Tax Break Into Stimulus Conference?
This provision was not in the House version of the bill, and was not in the Senate version of the bill. And now Carl Levin wants to sneak it into the conference report — despite the fact that Republican supporters are insisting that the bill be slimmed down? General Motors Corp. may win protection from a tax liability of as much as $7 billion when | Read More »
Obama Loves Transparency, But Officials Won’t Discuss the Big 3
There’s a lot of self-congratulation on the left about how open and accessible the Obama administration will be, but it seems there’s a lot of reluctance among his representatives to talk about the Big 3 bailout.
UAW Rallies Against Mandated Pay Cuts
Was it really just a few weeks ago that the United Auto Workers came to Washington with the Big 3, and promised to work together with management to ensure the companies’ viability — if only Washington would bail them out? Didn’t the UAW ultimately agree (if unhappily) to the requirement in the bailout that the companies reduce their labor costs to a level comparable to | Read More »
UAW on Concessions: Let’s Not Get Hasty
According to the Wall Street Journal, the United Auto Workers don’t want to get ahead of themselves and agree to too much in the way of concessions on compensation: Although the UAW has said it is ready to negotiate, UAW President Ron Gettelfinger said Monday it is unclear what kind of reductions it will have to agree to. The Treasury Department has said GM must | Read More »
RNC Vice-Chair throws down the gauntlet on bailout socialism
On Tuesday, James Bopp Jr., RNC vice-chairman, submitted a resolution to the RNC that labels the recent “bailouts” of the finance industry and the Big 3 as “socialism”. This is a bit different for the RNC, as the organization normally does not involve itself in policy-oriented activity (past establishing the party platform). Fox news reports: The statement says the rescue packages are “moving our free-market | Read More »
Big 3 Blackmail
17.4 billion dollars ! Bailout bucks for automakers has been but in place in the form of loans at the behest of President Bush in reaction to the announcement that Chrysler would be shutting down operations for one month beginning December 20 and extending through January 19. While the announcement and one from Ford which suggested that they too would be closing until after the | Read More »
White House calls a timeout on the auto bailout
Looks like taking money from the TARP fund to support an auto bailout isn’t as much of a slam-dunk as it appeared yesterday. It’s being reported this evening that the WH isn’t quite ready to pull the trigger on a bailout. From Reuters: President George W. Bush said on Monday an announcement on a auto industry rescue was not imminent, leaving the industry’s fate clouded | Read More »
Jim Bunning Makes the UAW Enemy List
Jim Bunning supported bailing out the Big 3: I have previously said that I would support federal assistance for the companies if they undertake a Chapter 11 bankruptcy restructuring. Federal financing and warranty guarantees would enable the companies to emerge from that restructuring successfully and more quickly than they otherwise could. Senators Shelby and Ensign have an amendment to do just that, and I will | Read More »