Posts Tagged ‘bail



25
May
11

it was a very, very good day…..

24
May
11

‘you can kiss the american auto industry goodbye’

Steve Benen: Time for another victory lap – “Chrysler said Tuesday that it had paid back $7.6 billion in loans from the American and Canadian governments, marking another significant step in the revival of the company, the smallest of the Detroit automakers”. The Obama administration is hailing the repayment as proof that its policy worked – an argument that has the benefit of being true. Indeed, Obama’s policy has proven so effective, Chrysler is paying back American taxpayers six years early.

Full post here

20
May
11

‘chrysler lines up $7.5 billion to repay loans’

ABC: Chrysler Group LLC could repay most of its government loans as early as next week after raising $7.5 billion from bank loans and bond sales.

The company said last month that it intended repay the U.S. and Canadian governments during the second quarter. It announced the financial details on Thursday. Chrysler could repay the government as early as Tuesday if the deals close as expected.

…Chrysler took $10.5 billion from the U.S. government to survive two years ago, and it has repaid some of the money. The refinancing will allow it to retire a $5.9 billion balance on the U.S. loans and $1.6 billion to the governments of Canada and Ontario.

…Chrysler’s action is the latest in the long comeback of the Detroit auto industry after the recession put its future in doubt … Earlier this month Chrysler announced first-quarter net income of $116 million, its first profitable quarter since 2006. Its sales are up nearly 23 percent this year….

More here

17
May
11

success


Jonathan Cohn (TNR): President Obama plans to make the auto industry rescue a major part of his reelection campaign … I think he has a strong argument on the merits. The news from General Motors in particular has been extremely positive for the last year. The company is reporting big profits, it is winning design awards, and, most important of all, it is selling lots of cars.

…the auto industry rescue was, first and foremost, a reaction to economic triage. Without government financing and administration, bankruptcy would likely have meant the liquidation, not the restructuring, of both car companies. As they collapsed, they could have taken Ford and most of the parts industry with them, because of the domestic supply chain the companies shared.

Projections from the Center for Automotive Research suggested job losses would be in the millions, with potentially catastrophic effects on the rest of the economy…

By intervening as he did, Obama may have saved the country, or a significant chunk of it, from depression-like conditions. Even if the government ends up losing some money once it is finished divesting itself of GM stock, it can justify the investment as the equivalent of adding an extra $10 or $20 billion in stimulus money – a pittance, in the context of the budget and the economy.

….Automobile jobs presumably represent just a fraction of new jobs gained and/or old jobs recovered. On the other hand, when you consider the ripple effects and what that picture might look like if the auto industry had completely collapsed, the bailout’s role seems significant…

Full article here

09
May
11

‘gm to invest $2 billion in plants in 8 states’

The Detroit News: General Motors Co. is expected to announce Tuesday it will invest about $2 billion at its plants in eight states…

GM chairman and CEO Dan Akerson will announce the plans at the company’s Toledo Transmission plant in Ohio. The company is expected to add about 250 jobs as part of a $250 million upgrade to the plant.

With the money, the automaker could upgrade 17 plants in all and add thousands of jobs. The upgraded plants will include sites in Michigan.

GM is expected later to announce future upgrades to other plants, including its Detroit-Hamtramck Assembly plant, where it builds the Chevrolet Volt.

***

I found this photo on Google Images, it comes from a right-wing site …. I think they’ll be removing it once they read this news, they’ll hardly want to remind their readers of yet another Obama Administration success 😉

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The gem that is BWD had this news first, read her post here

09
May
11

morning!

Random old photo to make you smile! President Barack Obama stands by a cut-out picture of First Lady Michelle Obama during a visit to Miami Central High School in Miami, Fla., March 4, 2011. (Pete Souza)

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Morning everyone – I’m late getting started today, still catching up with the news. Will post more and will reply to your emails and comments asap!

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BWD has a brilliant post on the reaction to last night’s 60 Minutes interview – don’t miss it, see here

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Huge apologies to any one who tried to donate to Obama/Biden 2012 on The Obama Diary page of the OFA site – some of you had problems with the link (here) so I’m going to try to get that sorted out now. Also, I can’t find ‘The Obama Diary’ when I search the site, so I need to find out why. If anyone has any ideas about what the problem is, please let me know!

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President Obama drives a new Chevy Volt during his tour of the General Motors Auto Plant in Hamtramck, Mich., July 30, 2010. (Pete Souza)

This is a great read from EJ Dionne about how the success of the bailout of the car industry has been almost completely ignored by the media, and how its critics (“Socialism!”) have not been called to account:

E.J. Dionne: Rescuing Detroit: No news about government’s good news … Don’t expect to see a lot of newspapers and Web sites with this headline: “Big Government Bailout Worked.” But it would be entirely accurate.

The actual headlines make the point. “Demand for fuel-efficient cars helps GM to $3.2 billion profit,” declared The Post. “GM Reports Earnings Tripled in First Quarter, as Revenue Jumped 15%,” reported the New York Times.

Far too little attention has been paid to the success of the government’s rescue of the Detroit-based auto companies, and almost no attention has been paid to how completely and utterly wrong bailout opponents were when they insisted it was doomed to failure … you won’t see a news conference where the bailout’s foes candidly acknowledge how mistaken they were.

The lack of accountability is stunning but not surprising. It reflects a deep bias in the way our political debate is carried out. The unexamined assumption of so much political reporting is that attacks on government’s capacity to do anything right make intuitive sense because “everybody knows” that government is basically inefficient and incompetent, especially when compared with the private sector.

Government failure gets a lot of coverage. That’s useful because government should be held accountable for its mistakes. What’s not okay is that we hear very little when government acts competently and even creatively….

Full article here

Steve Benen has posted about this too – see here

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MSNBC: The latest NBC News poll finds that nearly two-thirds of Americans back President Obama’s decision not to release the photos taken after Osama bin Laden’s death. Fifty-two percent said they strongly believe the Obama administration should not release the photos, and an additional 12 percent agreed, although not as strongly…..

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Okay, this has nothing to do with President Obama, but I just wanted to share my pain: I spend my life trying to convince cat-lovers that dogs are waaaaaaay more intelligent … and then along comes a video like this. Yes, this dog is trying to get a statue to play fetch with him. I can only assume he’s a Republican?

😕

25
Mar
11

just sayin’

Remember this?

And this:

(The first guy in the video is Peter Morici who wrote an article recently entitled ‘In Wisconsin, the governor is right, Obama is wrong’ – so you get the drift. The second guy, Carl Horowitz, is from the National Legal and Policy Center which, like lots of conservative groups, is funded by billionaire right-winger Richard Mellon Scaife – see here)

Just sayin’:

Detroit News: The United Auto Workers union says that by fall, General Motors Co. will recall the last 2,000 of its laid-off workers, clearing the way for new hiring at its U.S. plants.

Most of the recalls will be in southeastern Michigan, whose economy was devastated in the downturn.

GM declined to confirm the timeline, but Joe Ashton, UAW vice president in charge of GM, said Wednesday “those people will all be back at work in September. We will have full employment in September for the first time in a long time.”

The recalls are further evidence of the recovery of GM, and the auto industry as a whole….

…GM spokeswoman Kimberly Carpenter: “We have announced several actions that will help people get back to work,” she said. Among them: adding a third shift of 750 to GM’s truck plant in Flint, a second shift of 600 in Lansing to build a small Cadillac and 1,550 workers being recalled to build two small cars at the Lake Orion assembly plant.

😉

Oh, almost forgot this:

Mlive.com: Flint Democratic lawmakers and UAW officials gathered this afternoon to celebrate a nearly $5,000 profit sharing check being given to General Motors’ employees this week.

The check, they say, is a sign of the progress GM has made since it filed for bankruptcy in June 2009.

President Barack Obama and the then-Democratic Congress made the right decision to bail out the automaker, said Norwood Jewell, Region 1-C director of the UAW.

“What would have happened to Genesee County? What would have happened to Flint,” he said of the government’s loans to the automaker.

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Yup, a disaster.

25
Feb
11

a predictable disaster!

Jonathan Cohn (The New Republic): The federal government’s rescue of Chrysler and General Motors was highly unpopular at the time … most experts on the right and quite a few on the left predicted it would end badly. As the argument went, the companies were in a hopeless situation …. if the government got involved, surely it’d mess things up.

But the news out of Detroit has been good for a while. And it just got even better. From the New York Times:

General Motors, which nearly collapsed from the weight of its debts two years ago before reorganizing in a government-sponsored bankruptcy, said Thursday that it earned $4.7 billion in 2010, the most in more than a decade ….. It was the first profitable year since 2004 for G.M., which became publicly traded in November, ending a streak of losses totaling about $90 billion …. In addition, G.M. said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most in the company’s history ….

….the usual caveats apply: The two companies could still stumble …. Still, it looks increasingly like the rescue of the auto industry was an overall success, saving hundreds of thousands (if not millions) of jobs and bolstering the country’s manufacturing base for years (if not decades) to come. Maybe it’s time to start giving President Obama some credit for it – and recognizing that, when properly managed, the federal government can do a lot of good.

Full article here

Steve Benen (Washington Monthly): Nearly two years ago, NBC News established a tough benchmark: “As the GM bailout goes, so goes the Obama presidency.” I don’t imagine White House officials mind that standard at all.

What I find amazing about this … is that Republicans still consider this a failure – it was, for example, a common area of complaint at CPAC a few weeks ago. As far as the right is concerned, the Obama administration’s rescue of the American automotive industry wasn’t just wrong, it was one of the president’s most dreadful mistakes. Confront conservatives with reports like the latest from GM, and the response tends to be that the success of the policy doesn’t change anything.

The thesis about the right valuing ideology over practical results needs no better example ….Conservative activists got this wrong, and so did their Republican friends in Congress, many of whom literally predicted “disaster.”

These same folks are now insisting the economy will improve just as soon as the House GOP plan – take money out of the economy, lay off hundreds of thousands of American workers – is approved. Given their track record, perhaps now’s a good time to question their credibility.

Full article here

Remember?

Here are two more experts forecasting failure:

(The first guy in the video is Peter Morici whose latest media contribution is an article entitled ‘In Wisconsin, the governor is right, Obama is wrong’ – and Morici sure knows about getting it wrong. The second guy, Carl Horowitz, is from the National Legal and Policy Center which, like lots of conservative groups, is funded by billionaire right-winger Richard Mellon Scaife – see here)

Meanwhile, let’s look back:

Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?” [6/1/09]

Sen. Jim DeMint (R-SC): “Now the government has forced taxpayers to buy these failing companies without any plausible plan for profitability. Does anyone think the same government that plans to double the national debt in five years will turn GM around in the same time?” [6/2/09]

Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.” [7/22/09]

As soon as I find a video showing all these fools admitting they got it hopelessly wrong and apologizing to the President, I’ll post it – promise. 😉

04
Jan
11

that auto bailout? a disaster! (well, for those who opposed it)

Bloomberg: General Motors, Ford and Chrysler reported sales gains in December that topped analysts’ estimates as demand for the automakers’ new models increased.

GM’s deliveries in the month rose 7.5 percent to 224,185 … the largest U.S. automaker was expected to post a 4.3 percent sales increase, the average of four analysts’ estimates compiled by Bloomberg. Ford’s sales gained 3.5 percent, topping the 3.3 percent average estimate of five analysts.

“This is a market that’s coming back significantly,” said Rebecca Lindland, an analyst with IHS Automotive. “And with really strong products coming from GM, Ford and Chrysler, there’s a lot of opportunity for change in the marketplace.”

….Rising consumer confidence and retail spending bode well for car sales and may help boost 2011 industrywide sales …. Banks are starting to lend more freely, giving buyers with weaker credit an opportunity to purchase new cars…

Full article here

From November – MSNBC: A GM success story? The biggest political story that few are talking about right now? GM’s initial public stock offering … looks like it’s going to be a big success and a case where the government may just make money on this deal. This has the potential of being a very good story for the Obama White House, as well as a success of government intervention. Where would the unemployment rate be in Michigan, Indiana, Illinois, Wisconsin and Ohio if GM not gotten major government assistance?

Meanwhile ….. Bloomberg: American factories unexpectedly received more orders in November, signaling that gains in consumer spending, business investment and exports will sustain the manufacturing recovery.

….Manufacturing has been resilient throughout the recovery as factories are seeing demand improve, pointing to further growth in 2011 … it expanded in December at the fastest pace in seven months…

….Bookings for capital goods, a measure of future business investment, rose 2.6 percent … demand for computers and electronics climbed 6.3 percent, the most since February 2009.

….Rising exports, which reached a two-year high in October, and improving consumer spending has prompted some companies to boost production to meet demand and also increase their own orders to replace aging equipment.

Full article here

26
Nov
10

comeback

(Thank you to Mike for the link to his wonderful video – this is his YouTube channel)

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