Bailed Out Automakers Still Producing Lemons (unemployment, companies, federal government, federal)
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Who should we trust? Consumer Reports or an anonymous anti-Obama poster?
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General Motors is making big strides improving the reliability of its cars, jumping past expensive German brands Audi, BMW and Mercedes-Benz as well as British Jaguar, according to new data from Consumer Reports' much-watched reliability survey.
General Motors made news twice this week. First it announced that it was investing $190 million in a Michigan factory that will build its newest Cadillac and, along the way, create 600 jobs. Then it announced it would be buying back some of the preferred stock now owned by the Treasury Department, further reducing its debt to the government.
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The Detroit Three are making money these days and, if you believe the automotive magazines, they are making good cars, too.
Chrysler Group LLC will spend $600 million to upgrade production at its Illinois assembly plant, bringing the auto maker's total announced U.S. investment to $2.1 billion since its exit from bankruptcy court last year.
The company will use the funds to build a body shop and install new machines at the Belvidere assembly plant to support the production of future models in 2012. The plant is home to the Jeep Compass, Jeep Patriot and Dodge Caliber.
The Forbes article relying on data from respected and credible sources is written by an anonymous anti-Obama poster?
You may want t check the tightness of your tin foil hat.
Meanwhile across town, Ford ups the ante with an improved product line and no bail out money.
Ford would have been in trouble without the bailout also.
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Ford may not have been bailed out, but the company, like its American competitors, was struggling badly. If GM and Chrysler had collapsed, there's absolutely no doubt that Ford wouldn't have had the suppliers it needed to survive. Ford's executives have already acknowledged this; it's not exactly a contentious point.
Prime example of throwing good money after bad. We, the taxpayers, gave them the okay to continue with their failed business plan with the bailout. Had they actually been forced to restructure, maybe they would have rethought that business model and improved on it.
They were forced to restructure (look up what bankruptcy is) they did rethink their business model, they did improve it.
GM sales are up and their profits thru first three quarters was about 4 billion.
Let me clarify.... they should have been forced to restructure without the billions given to them from the taxpayers. Since when does filing for bankruptcy and restructuring come with billions of government handouts?
The Forbes article relying on data from respected and credible sources is written by an anonymous anti-Obama poster?
You may want t check the tightness of your tin foil hat.
As pointed out by others, the vehicles on that list are all old models. You're comparing apples and oranges.
"Invested" might be a better word than given. They are expected to pay some back with their IPO and pay more back as in the future.
I'm no fan of GM (Toyota/Honda guy) but the venom constantly directed toward them in this forum is always interesting.
I don't think "invested" is the correct term either. Investments are designed to make the investor money. I don't think there's a person on this planet that believes the taxpayers are going to come out ahead on the GM bailout.
I don't have anything personally against GM other than I think their business model sucks and so do their products, but as long as I'm not forced to buy or subsidize them, I don't care. Too bad we weren't given that option to withhold our subsidy.
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