Obama Touts GM as Success While Market Share, Stock Price Decline

Breitbart ^ | 7/31/12 | Tony Lee

[Nachum]

Obama and his campaign have gone all-in in running on what they have spun as the successful turnaround of General Motors (GM), which received nearly $50 billion in taxpayer bailout money.

The Obama campaign wants to use GM to prove not only Obama’s managerial skills and instincts but to contrast Obama with Romney, whose past successes in the private sector give him a considerable advantage over Obama when it comes to economic issues.

Since Romney did not support the GM bailout, Obama’s team is betting on GM to neutralize the advantage Romney has over Obama on the economy.

For this reason, Obama’s “Betting on America” campaign theme is a not-so-subtle reference to GM.

But as executive turmoil within GM again bubbled to the surface this week, the Obama administration’s record on GM should be examined more closely.

And on examination, they have continually over-promising and under-delivering since the company relaunched in November of 2010 after receiving billions in taxpayer dollars.

And because of the way GM has been mismanaged, there has been constant turmoil and turnover within the top ranks of the company since it went public.

But Obama’s administration and GM’s CEO Dan Ackerson have largely been absolved by the press of any blame they deserve.

[Nachum]

Winning!

[Nachum]

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[Cringing Negativism Network]

I may be on the opposite side of this issue from you, but I also do not like this.

Not sure if I am or not. But GM and every American auto manufacturer needs to stop losing market share.

Now how do we do that?

[Woodsman27]

I haven’t bought a Government Motors car in years and nothing they have put out recently is going to change that. They should have been allowed to go under rather than have us prop up an uncompetitive business.

[Nachum]

But GM and every American auto manufacturer needs to stop losing market share. Now how do we do that?

The answer is VERY simple. We get the government out of the car business. GM sinks or swims on its own. Period. Let them sell what makes them the most profit.

Our first mistake was taking tax dollars and 'buying' GM and then putting politicians in charge. I contend that if we had done nothing, GM would have restructured and bounced all the way back by now, just as Ford has.

[JohnD9207]

Hope all those sub prime loans GM is handing out isn’t comming from my back pocket. Pay the UAW 21 cents on the dollar and give them the boot.

[Bubba_Leroy]

WAR IS PEACE! FREEDOM IS SLAVERY! IGNORANCE IS STRENGTH! THE GM BAILOUT IS A SUCCESS!

[Ouderkirk]

GM is in chaos, the share price is tanking.

[Signalman]

Govt. Motors owes the taxpayers 27B dollars. When are we going to get it? And they’re spending how much to pay a foreign soccer team? What is going on here?

[nascarnation]

GM is in chaos, the share price is tanking.

Is Ford in chaos too?

[kenavi]

GMAC, now Ally Bank, is no longer part of GM. It was separated around the time of the reorganization.

[grundle]

Here are 48 things that Barack Obama has done which should make his supporters feel ashamed and embarrassed

[MarkL]

I heard on Fox & Friends the other morning that the vast majority of cars financed through GM are "subprime" auto loans. So GM is using tax payer dollars to finance cars to people who probably won't be able to make the payments.

Mark

[Alberta's Child]

But GM and every American auto manufacturer needs to stop losing market share.

1. Why is that so important?

2. What exactly is an "American auto manufacturer," anyway?

[Cringing Negativism Network]

We need to grow American companies.

Not shrink them.

We need to grow all American companies.

It is time for an American turn-around, bigtime.

[Alberta's Child]

If these companies are losing market share to foreign competitors -- including foreign competitors who operate plants and build cars right here in the U.S. -- then it's probably a good idea to let nature take its course.

No offense, but that attitude of yours is exactly what got these "American manufacturers" into trouble in the first place. The whole industry collapsed because of the incestuous relationship between management, labor and government. Management provided the exorbitant compensation packages to labor, government provided management with inflated government contracts and protection from foreign competition, and the labor unions provided the political support to keep those government leaders in office.

Eventually the whole house of cards just collapses, and the industry turns into Greece.

[ProtectOurFreedom]

You aren’t looking far enough back. How did unions amass so much power? It was during the 1920s, 1930s and 1940s that multiple acts were passed giving unions legalized monopoly power: Railway Labor Act, Davis-Bacon, Norris-LaGuardia, the National Industry Recovery Act, National Labor Relations Act (aka Wagner act), creation of the National Labor Relations Board, Walsh-Healy act. Unions seriously abused these grants of monopoly power and companies were by and large helpless against this onslaught of federal labor laws.

[Caipirabob]

The whole existence of GM is just a slow grinding Nazi retreat while the national socialists at the top try to figure out what to loot and what to burn...

[Ouderkirk]

I say GM is in chaos as they just fired several key executives. The stock is shaky at best. Sounds to me like chaos.

http://www.thetruthaboutcars.com/2012/07/more-mess-gm-fires-opel-ceo-keeps-his-lukewarm-plan/

[Fireone]

“Now how do we do that?”
Simple, buy a new Tacoma, BMW, Mercedes Benz, etc. They’re
all made in American factories by Americans. Also, made in right to work states that don’t bow to UAW demands for non-
productive workers.