Posts Tagged ‘motors

09
Dec
13

Government Motors? Oh Really?

Statement by the President

When I took office, the American auto industry – the heartbeat of American manufacturing – was on the verge of collapse.  Two of the Big Three – GM and Chrysler – were on the brink of failure, threatening to take suppliers, distributors and entire communities down with them.  In the midst of what was already the worst recession since the Great Depression, another one million Americans were in danger of losing their jobs.

As President, I refused to let that happen.  I refused to walk away from American workers and an iconic American industry.  But in exchange for rescuing and retooling GM and Chrysler with taxpayer dollars, we demanded responsibility and results.  In 2011, we marked the end of an important chapter as Chrysler repaid every dime and more of what it owed the American taxpayers from the investment we made under my Administration’s watch.  Today, we’re closing the book by selling the remaining shares of the federal government’s investment in General Motors.  GM has now repaid every taxpayer dollar my Administration committed to its rescue, plus billions invested by the previous Administration.

Less than five years later, each of the Big Three automakers is now strong enough to stand on its own.  They’re profitable for the first time in nearly a decade.  The industry has added more than 372,000 new jobs – its strongest growth since the 1990s.  Thanks to the workers on our assembly lines, some of the most high-tech, fuel-efficient cars in the world are once again designed, engineered, and built right here in America – and the rest of the world is buying more of them than ever before.

When things looked darkest for our most iconic industry, we bet on what was true: the ingenuity and resilience of the proud, hardworking men and women who make this country strong.  Today, that bet has paid off.  The American auto industry is back.

For our autoworkers and the communities that depend on them, the road we’ve taken these past five years has been a long and difficult one.  But it’s one we’ve traveled together.  And as long as there’s more work to do to restore opportunity and broad-based growth for all Americans, that’s what we’ll keep doing to reach the brighter days ahead.

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NYT: U.S. Sells Remaining Stake in General Motors

The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.

The government has thus exited one of the most controversial investments made during the midst of the financial crisis, when it stepped in to rescue the Detroit automakers – a decision that as many as three in four Americans opposed at the time.

Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.

All in all, taxpayers have ended up in the black on the crisis-related bailouts, Treasury said: It has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.

More here

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02
Oct
12

This, That (and the Other)

OFA

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Today:

2:0: Michelle Obama speaks to grassroots supporters in Cincinnati

9:25: Michelle Obama delivers remarks at a campaign event in Seattle

CBS have the first speech in their schedule, not sure whether the second one will be shown

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Detroit News: General Motors said its September sales rose 1.5 percent to 210,245 vehicles, marking its best September since 2008.

Chrysler Group LLC beat analyst expectations as its September sales rose 12 percent, while Ford Motor Co. sales remained flat in September compared to the same month a year ago.

GM said passenger car sales jumped 29 percent from the same month a year ago, while sales of mini, small and compacts shot up a combined 97 percent.

….. Chrysler reported its best September sales total in five years. The Auburn Hills automaker sold 142,041 vehicles last month; September also marked the 30th consecutive month that Chrysler has experienced year-over-year sales gains.

More here

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CNNMoney: American Express will refund $85 million for what government officials called deceptive practices involving about 250,000 customers.

The Consumer Financial Protection Bureau said Monday that American Express (AXP, Fortune 500) subsidiaries illegally charged late fees, deceived customers by promising non-existent money rewards, and discriminated against new applicants over the age of 35.

“Laws were violated at all stages of the game,” said CFPB director Richard Cordray in a statement …. In addition to refunding customers, American Express will pay a $27.5 million penalty…

More here

Thanks amk

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Quinnipiac: An 18 point lead among women puts President Barack Obama ahead of Gov. Mitt Romney 49 – 45 percent among likely voters nationwide, and voters expect 54 – 28 percent that the president will win the debates, according to a Quinnipiac University national poll released today.

…. “It is very difficult to win an election when you are getting shellacked among women,” said Peter A. Brown, assistant director of Quinnipiac.

More here

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04
Sep
12

Better Off? Yup.

LA Times: Consumers bought cars at a steady pace in August as the automobile industry continued to help anchor the U.S. economy.

“August continues this summer’s trend of healthy growth,” said John Humphrey, senior vice president of global automotive operations at J.D. Power and Associates.

…. General Motors Co. said its U.S. sales rose 10% to 240,520 in August compared with the same month a year earlier.

Ford Motor Co. reported that sales increased 13% to 197,249 vehicles as shoppers gravitated to smaller cars.

…. Chrysler Group said its sales rose 14% to 148,472 vehicles compared with the same month a year earlier. It was the automaker’s best August sales since 2007.

More here

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ThinkProgress

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LA Times: Nationwide home prices shot up 3.8% in July, making their largest year-over-year leap since 2006…. The gain marks the fifth straight rise in the gauge, part of a positive swing following a year and a half of slumps. The last time prices rose so much was in August 2006, when they jumped 4.1%.

Prices in California bounded up 4.4%. Without distressed sales – including foreclosures and short sales – national prices were up 4.3% compared with last July.

The report, coming as a glut of house-hunters clamor after a shrinking inventory, suggests that the real estate market is “clearly seeing the light at the end of a very long tunnel,” said CoreLogic Chief Executive Anand Nallathambi in a statement.

More here

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@CharlesMBlow

30
Aug
12

Half-time in America…..

Msg from The Obama Diary: Genuine bloggers who create their own posts in support of PBO are welcome to use anything from TOD – rebloggers, who only copy others in an attempt to up their traffic, are not. eg the reblogger who treats women like this – explicit – while copying TOD posts on women’s rights. He belongs in the GOP.

Thanks again to Clint for the best ‘Four More Years!’ ad yet produced. The best bit? The last 10 seconds ;-)

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Friday:

9:30: President Obama departs the White House

11:0: VP Biden travels to Lordstown, Ohio, to deliver remarks at a campaign event at UAW Local 1714

1:30: President Obama arrives in El Paso, Texas

2:15: Participates in a roundtable discussion with service-members and military families

3:00: Delivers remarks to troops

4:10: Departs El Paso en route Joint Base Andrews

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President Barack Obama and Vice President Joe Biden talk before having lunch on the patio outside the Oval Office, Aug. 30, 2012. (Official White House Photo by Pete Souza)

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Chat away everyone …. and to those who can stomach watching the Tampa hate-fest, I salute your courage!

01
Jun
12

Drive on!

SacBee: General Motors Co. says its U.S. sales rose 11 percent in May on strong sales of trucks and the new, pint-size Chevrolet Sonic.

GM sold 245,256 cars and trucks in May, its highest monthly total since the Cash for Clunkers deal in August 2009.

Sales of small cars rose 16 percent compared with last May thanks to the Sonic subcompact. Buick sales rose 19 percent due to demand for the new Verano small car.

Pickup truck sales were also strong as construction activity picks up. Chevrolet Silverado sales rose 22 percent.

Obama campaign co-chair and ex-Ohio Gov. Ted Strickland:

“Today’s report that the auto industry is surging ahead is good news for our state and the 1 in 8 Ohioans who depend on the auto industry for their livelihood. Despite what the polls, pundits, and prominent Republicans like Mitt Romney said, President Obama bet on the American worker to spur the comeback of the American auto industry. Now, we have a critical choice in this election between President Obama, who is fighting for us and working to create an economy built to last, and Mitt Romney who would have ‘Let Detroit go bankrupt,’ with devastating consequences for Ohio.”




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