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POPSGM Going Chinese? You think anyone would want to invest in a Shanghai Suburban or a Canton Corvette? Egg-roll Escalades anyone? =)
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POPSExploding One Myth about Auto Makers Collapse We've all heard the claim. Only domestically produced automobiles aren't being sold in the US. But that's a myth. Sales of imports are on the skids as well. The current crisis of the automobile industry is indicative of the US' recessionary economy. It's as simple as that.
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POPSGM's Capitol Hill Lobbying Even though there's much speculation that TARP funds will be tapped to rescue automakers, only a handful of Democratic senators have officially supported such a proposal. Get ready for a difficult week of bargaining in Washington.
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POPS Emergency Loans For Detroit's Big Three Could Set Up Showdown Between Congress, White House Executives with the Detroit automakers and the head of the United Auto Workers are expected to make their case at a hearing next Wednesday before Frank's committee. A House vote on Frank's measure could come as early as next Thursday. Democratic leaders also are considering pairing the measure with a broader economic aid bill, including money for unemployed workers whose jobless benefits have run out, aides said.
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POPSNo $$ for you Democrats are suggesting, however, an even more ambitious reason to nationalize. Once the government owns Detroit, it can remake it. The euphemism here is “retool” Detroit to make cars for the coming green economy. If you think we have economic troubles today, consider the effects of nationalizing an industry of this size, but now run by bureaucrats issuing production quotas to fit five-year plans to meet politically mandated fuel-efficiency standards — to lift us to the sunny uplands of the coming green utopia.
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POPSBailout? What Bailout. Does acting quickly have the desired effect of appearing to know what you are doing? In the case of the $700B Wall Street bailout, the answer is apparently, No. The fact is Henry Paulson doesn’t have a clue how to best use this money and the program that was originally passed has changed. It is down right scary to know that Congress will vote for a plan without details of that plan and place unprecedented power in the hands of a man who has now clearly shown does not know what to do with the money. People are still loosing their homes and jobs, and our faith in our future is being badly shaken. CEO’s and big oil are walking away with record profits. Politicians grasp at any glimmer of hope to keep things working and no one is truly in control of anything.
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POPSInstead of a Bailout How about a Buyout? Another example of why "GIVE ME'S" never work out. Take for example the current problems facing the big three auto companies. Union negotiated contracts are taking and ever increasing portion of company profits to maintain. Giving benefits to those who are no longer producing or contributing to the profit making potential of the company is leaching resources from the parent. A large portion of society taking from the public watering hole is depleting the supply faster than those who are contributing can replace it. In the end failure is inevitable. All this BAILOUT business is BAD BUSINESS, and will only delay the inevitable. Considering there are market solutions to market problems I would certainly support using those options instead of looking for another hand out. What say you?
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POPSFRIEDMAN: How to fix a flat Somebody ought to call Steve Jobs and ask him if he’d like to run a car company for a year. It wouldn’t take him long to come up with the G.M. iCar. http://www.nytimes.com/2008/11/12/opinion/12friedman.html?partner=permalink&exprod=permalink
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POPSAuto industry Accounting - Actuit Actuit India is a business accounting outsourcing firm. Actuit India is business accountants providing accounting and financial functioning of all kind of businesses.
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POPSFinancial Crisis Part II: U.S. Automakers Next "Some 18% of sales volume" from bad credit buyers. Watch the banks and credit companies like Capital One here flee the industry to strengthen their own positions. High gas prices have hurt car sales no doubt.
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POPS Main Street vs Wall Street While this is unpleasant for those who work in the field, it is necessary to achieve better balance in our overall economy. We could see a large reduction in the number of firms and the number of people employed in financial services without impairing households’ ability to invest safely or obtain credit that they can use prudently. Rogoff views the financial bailout as akin to a tariff for the steel industry or a subsidy for the auto industry. It is testimony more to the power of the financial industry’s political connections than to its role in the economy. Banks are important, yes. But so are manufacturing firms and software companies. When the Internet bubble popped, we did not send government aid to the technology industry, which has since recovered nicely following a shakeout. The other claim that is made on behalf of the bailout is that Treasury will make a profit for taxpayers by buying distressed mortgage-related assets.
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POPSWhat makes these millionaires worthy of a bailout? More from the article: "I've been hearing from Republicans all my life about the virtue of capitalism and pulling yourself up by your bootstraps -- but it turns out the bootstraps have to come from the government and the government also does the pulling up? How is that capitalism?" I want to know why the government turned its back while the American auto industry was loosing its shirt to foreign automakers? And why didn't the government step in to stop our industries from moving overseas and leaving nothing but minimum wage jobs behind? These corporate welfare recipients who took advantage of a federal government that allowed an unregulated wholesale ripoff of their fellow Americans deserve to loose everything they own. American ingenuity will get us through this, but it will be a lot easier to do so without Bush and his gang digging the hole deeper while we are digging our way out.
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POPSBush: "Taxpayers Will Happily Agree to Bailout Financial Fat Cats." "America needs my help," Says recently unemployed auto worker Cliff Tonwsend. "So I'm going to dig deep and help her out. It will be a sacrifice for my family and the entire next generation to pay for the excess of the last eight years year, but as an American I am proud to do it. And I know my kids and their kids will be proud to pay as well. The poor and middle class have always supported the rich in this country, so I don't see how this time is any different." The President and The Republican Party should be glad that Americans are greeting the plan with an open mind. The bailout plan is expected to create an additional 2 trillion dollars of debt for future generations to pay off.
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POPSPossible Big Three Bailout: Political Context Pearlstein, a columnist for the Washington Post, weighs in on likely action inside the Beltway on auto biz. Later in the column, he concludes that "the best of a set of bad options might be for the government to step in and provide the Big Three with low-interest long-term loans, just as it did years ago with Lockheed and Chrysler." Note: GM's market capitalization is just under $6 billion, a shocking number given the company's $171 billion in latest-twelve-month revenues. Google's market cap is $144 billion.
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