The Toyota Witch Trials Part One

Update 1: Well it isn’t going well for Toyota from my view. Lenz indicated there was a report of trouble in the UK and it seems they did not notify NHTSA….

CNBC has LiveStream Coverage of the testimony and questioning of Toyota’s Lentz here

If they knew it was an issue in 2006 and covered it up shame on them. If Congress uses this to destroy Toyota and steal marketshare for GM shame on them.

If NHTSA helped them cover it up, then DC is working as it always has. And it is shameful. Looks like the same old pay to play shxt to me. Lobbyists, corporations, politicians in each others pockets, like FINRA and SEC ‘regulating’ their former and future employers, completely ineffective.

But I have also been doing recent reading on those GM trucks that had engine fires and NHTSA didnt do jack shxt there either did they? Yet no big show trial Congressional Panel, cause ya know they love them some GM. Waxman is playing clips of Phil LeBeau interviewing Lenz for CNBC…

Now that the government owns upwards of 70% of GM this has the appearance of impropriety and it is hard to deny these Critters now feel a much more personal stake in tearing down Toyota and thus in their minds building GM market share.

Me, I suggest peeps buy a FORD.

CNBC provides background here:

The president of Toyota’s U.S. operations insisted Tuesday that electronic problems did not contribute to sudden acceleration of its cars, drawing sharp criticism from lawmakers who said such a possibility should not be ruled out and from a tearful woman driver who could not stop her runaway Lexus….

Advertisements

February 23, 2010. Tags: , , , , , , , . Politics. Comments off.

GM fires CEO of 1 year Fritz Henderson..

Update: Video added of Thad McCotter R-MI who I think is great, on Cavuto tonight

4:55 pm EST: Well. If you’re an investor and that conference didnt scare you nothing will. Whitacre had what looked like a legal pad and papers, he spoke for 90 seconds, said he will take the role while they seek a new CEO, he took no questions and left.

LeBeau is noting that CNBC had an interview scheduled with Fritz tomorrow from the LA Auto Show. Also that Whitacre has mentioned several times, ‘I am not a car guy’, since being brought on as Chair. Yep. And now he is President CEO and Chair, oh goody! Talk about bizarre timing, we knew Fritz wanted to sell Opel and the Board did not, but WTH happened to make them fire Fritz tonight?

Ain’t being run by the union and the government grand?

4:15 pm EST: Breaking on CNBC now, Presser on “Significant Decisions” by the Board in 10 mins..

Update: Phil LeBeau at CNBC has scoopage:

…It is unclear whether he is stepping down on his own, or whether he was asked to resign. It’s also unclear who will take his role as CEO, but GM Chairman Ed Whitacre will serve as interim CEO, according to the Associated Press.GM said it will hold a news conference at 4:30 pm on “significant decisions” by the board. CNBC.com will carry it live. General Motors had no comment.

Ed Whitacre the man who used to run ATT that they dragged out of retirement to be Chairman. Oy!

Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March….

Think about how scary that is, “when the WH removed him form the position”. Under what possible authority did they do that? And the sooper genius economists and academics were fine with it, so now no capital will invest in American jobs. Maria Baritromo just interviewed Larry Fink and he said he expects 2% GDP in 2010, a million jobs lost in state govt and populism and unemployment anger at the mid term elections. Man oh man.

December 1, 2009. Tags: , , , , , , , , , , , . Big 3, Economy, Finance, Jazz, Motown, Music, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

Treasury prepares to give GMAC another 5 billion in bailouts…

Unbelievable. Who are they kidding? Who can get a loan for a new car? 14 million looking for a job. Clunkers sucked up the future sales. They are done. Roll up the sidewalks man, Detroit is closed. Yeah those auto czars did a real bang up job. Pfft. And the union & public pension bailouts are coming, believe it. This is why we HAVE to END TARP. Team TOTUS will just use it as a revolving line of credit to bailout preferred interests otherwise.

WSJ:

…GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said.

The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government’s 34% stake in the company could increase if existing shares eventually are converted into common equity.

The willingness by Treasury officials to deepen taxpayer exposure to GMAC reflects the troubled company’s importance to the revival of the auto industry. Founded in 1919, GMAC has $181 billion in assets and is a major financing provider on car purchases from General Motors Co. and Chrysler LLC. The new capital would help firm up GMAC’s balance sheet and solidify its auto-loan business….

*Wham courtesy of wakemeupb4ug0g0

October 27, 2009. Tags: , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Twofer Tuesday: Twilight Zone style for Nancy Pelosi who tells Charlie Rose ‘a VAT tax is on the table’

Golden Earring courtesy of lin1968

It’s official, Nancy Pelosi is in the Twilight Zone. She told PBS last night a VAT tax is on the table (The Hill):

Pelosi, appearing on PBS’s “The Charlie Rose Show” asserted that “it’s fair to look at” the VAT as part of an overhaul of the nation’s tax code. “I would say, Put everything on the table and subject it to the scrutiny that it deserves,” Pelosi told Rose when asked if the VAT has any appeal to her.

The VAT is a tax on manufacturers at each stage of production on the amount of value an additional producer adds to a product.

Pelosi argued that the VAT would level the playing field between U.S. and foreign manufacturers, the latter of which do not have pension and healthcare costs included in the price of their goods because their governments provide those services, financed by similar taxes.

“They get a tax off of that and they use that money to pay the healthcare for their own workers,” Pelosi said, using the example of auto manufacturers. “So their cars coming into our country don’t have a healthcare component cost.

Gee, wonder why Nancy is raising AUTO MANUFACTURERS, the PENSION LIABILITIES and a VAT TAX now? Could it be b/c GM has ALREADY BURNED THROUGH THE 50B in taxpayer dollars and the UAW cannot meet their pension obligations? Could be rabbit could be…

“Somewhere along the way, a value-added tax plays into this. Of course, we want to take down the healthcare cost, that’s one part of it,” the Speaker added. “But in the scheme of things, I think it’s fair look at a value- added tax as well.”

Pelosi said that any new taxes would come after the Congress finishes the healthcare debate consuming most lawmakers’ time, and that it may come as part of a larger overhaul to the tax code.

Everyone got that? As soon as they are done ramming healthcare through they will lay a VAT tax on our axxes. Everyone is registered to vote for 2010 right?

Twilight Zone mashup courtesy of FatherMcKenize:

“The segments of intro divide the different seasons. All episodes are in order in which they first aired (instead of production order), I believe, except Occurrence at Owl Creek Bridge which is purposely put last, just because I thought it was more climactic at the end (I’m used to seeing it at the end of the Zicree guide also!)”

October 6, 2009. Tags: , , , , , , , , , , , . Entertainment, Fantasy, Horror, Music, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense. Comments off.

‘City Car’ – TATA Motors Nano: “looks like the bastard offspring of a one night stand between the Prius and a Ford Aerostar”…

BWAAAAHAAAA!! Gawd I love that line and had to do a post just to share it :0)

Title quote found in comment by  Brian DR1665 on June 09, 2009 at 10:36 AM on CarLust found by way of Glenn at Instapundit..

Video Courtesy of autocar:

From David Colborne’s Nano review at CarLust:

…But wait – it gets better. As numerous news outlets are pointing out, Tata is planning on bringing this little bastion of affordable motoring to the United States. Naturally, this begs the question–will it follow the path laid down by the VW Beetle, burrowing a place into our automotive hearts, or will it simply rust out of our consciousness like the Citroen 2CV?

To help us answer that question, let’s run through the specs:

  • 2 cylinder, 33 horsepower engine
  • 4 speed manual transmission
  • 0-43 mph in 14 seconds
  • Top speed of 75 miles per hour
  • 47 miles per gallon
  • Drum brakes all around
  • Seats four

Nano ‘luxury’ model, with air conditioning!

>But guess what? Someone has already made a ‘car’ smaller and cheaper than the Nano:

the only small car I liked was Laura Holt’s convertible Rabbit on Remington Steele., nifty Cabriolet  ….but that was a German engineered car (and I think they still had electrical problems)…..not a Pelosi engineered shxtbox or cheap collapsible SUBcompact like the Nano…imo… …not for use with NYC cab drivers in the vicinity thats a fer shure

Courtesy of calayo29

More after the break..

(more…)

June 10, 2009. Tags: , , , , , , , , , , , , , . Big 3, Economy, Entertainment, Politics, Popular Culture, Uncategorized. Comments off.

AceHQ: GM Reinvention Commercial Parody…

From AceHQ by way of gmretardation

Vodpod videos no longer available.

more about “AceHQ: GM Reinvention Commercial Paro…“, posted with vodpod

June 8, 2009. Tags: , , , , . Big 3, Comedy, Economy, Entertainment, Finance, Obama Administration, Politics, Popular Culture, TARP. Comments off.

One for the Road for GM: Inside Look – GM to File Chapter 11 on Monday – Bloomberg

YouTube – Inside Look – GM to File Chapter 11 on Monday – Bloomberg.

May 28, 2009. Tags: , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Update 2: GM Bondholders accept counteroffer….Breaking: GM to close 14 plants Monday…

Update 2:  CNBC has the details:

..The bondholders will start with 10 percent equity, 7.5 percent more at both $15 billion and $30 billion market cap. GM  will emerge from this deal with $25 billion in secured debt. The offer came Thursday morning from GM and the Treasury Department. However, the move may not stop a possible bankruptcy for GM.

But in exchange for the improved payout, creditors would agree not to oppose a move to sell GM’s profitable assets to a new company funded by the U.S. government in a fast-track bankruptcy process.

The exchange offer will be open to bondholders until 5 p.m Saturday EDT, GM said…

Breaking now, GM Bondholders accept ‘sweetened’ offer, but bankruptcy still a go? developing on CNBC- GM shares resume trading

developing story on CNBC chyron…coming from AP, ugh…..

SOO glad we are spending that 60-70 Billion to save GM …so we can watch all these layoffs anyway….good Gawd almighty….and the pensions will be the next shoe to drop…you and I will carry that unfunded liability as well no doubt…i hearFed Reserve Fisher says  its like 11 trillion theentire unfunded public pensions coast to coast…pfffft!!!

May 28, 2009. Tags: , , , , . Economy, Finance, Politics, Uncategorized, Unemployment Statistics, Wall St. Comments off.

Next Page »

%d bloggers like this: