Category: 2012

The Phoney GM Narrative

On the private message boards of DennisMillerRadio.com SDA regular Gord Tulk added a post that Miller was so impressed with, he read it on-air. Here’s the post, republished with permission:

Posted by: Chris from GA at Oct 13, 12:17 PM
I was listening to some radio today (Saturday) and in a top-of-hour news brief it was reported that in his weekly radio address, Obama crowed about the success of the US auto industry thanks to his “rescue” of GM, and how GM is going to open a new research center employing 1500 people.
1500 people? Really? That’s the number of jobs that need to be created EVERY 8 HOURS, 7 DAYS A WEEK, just to keep up with population growth.

The “saved GM” meme is such BS (pardon the acronym). GM hasn’t been saved. Rather, it has been bodysnatched by the radical left and union lobby in the Democratic Party and turned into an anti-Corporate zombie company.
First they ripped off the bondholders to pay off the pension liability – breaking fundamental corporate rules to do so.
Then they make it build a worthless corporate halo electric car (the Volt) that actually isn’t a true electric car as it doesn’t even need the electric motor to run (look for these cars to have the electric motors removed or disabled when they reach the point where major repairs are needed at which point they become $85,000 Chevy Cruzes (the Korean-engineered car they are based on)) and, unlike a true halo car, provides no attraction on the showroom floor to support more mundane vehicle sales (think of how the Pontiac GTO helped to sell Bonnevilles).
And now having squandered the cash they got in the bailout on the Volt and other green nonsense, GM has the weakest product line in the industry and still has massive overcapacity issues. The result: it has fallen back on its bad habits – its customers have the worst average credit scores in the industry and they are offering huge rebates and – get this – are using sub-prime loans to move the metal.
Failure redux awaits.
Nothing is too big to fail. GM should have been allowed to fail, and so too, the pension plans. The broken shards would have been redeployed and by now would be operating on a sustainable financial footing, building vehicles that people want to buy.
Creative destruction will happen sooner or later no matter how many bailouts are attempted. In time this will be the lesson of the Obama bailout of GM.
Hopefully it will be learned.

QOTD


From the transcript at the Rose Garden, Sept.12th: (link fixed)

The United States condemns in the strongest terms this outrageous and shocking attack. We’re working with the government of Libya to secure our diplomats. I’ve also directed my administration to increase our security at diplomatic posts around the world. And make no mistake, we will work with the Libyan government to bring to justice the killers who attacked our people.
Since our founding, the United States has been a nation that respects all faiths. We reject all efforts to denigrate the religious beliefs of others. But there is absolutely no justification to this type of senseless violence. None. The world must stand together to unequivocally reject these brutal acts.

Emphasis mine, Ms. Crowley.

“Is the Libya scandal as big as Watergate?”

“Watergate didn’t have a body count.

Related … Rage, rage against the shadow of the bus!

The Department of State is pushing back against top White House aides who have tried to blame it for not doing enough to defend the Benghazi, Libya, facilities prior to the Sept. 11 jihad attack.
On Friday, the department released an Oct. 9 background press briefing, during which a State Department official contradicted the White House’s claim about the video.

Say It Isn’t So, Joe!

Uh oh.

Vice President Joseph Biden speaks only for himself and President Barack Obama, and neither man was aware that U.S. officials in Libya had asked the State Department for more security before the Sept. 11 attack on the U.S. mission in Benghazi, a top White House official told The Cable.

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