Auto sales booming
Jan 5, 2017 16:33:52 #
Obama’s auto-industry rescue continues to pay dividends
01/05/17 09:34 AM—UPDATED 01/05/17 09:41 AM
By Steve Benen
In 2015, American consumers broke a record for domestic auto sales. As the Washington Post reported, in 2016, consumers did it again.
U.S. drivers bought more new cars and trucks in 2016 than they ever have, edging out the record set just one year earlier to give the auto industry an unprecedented seventh consecutive year of sales growth. […]
U.S. automakers, in particular, were able to match or exceed last year’s sales totals.
From time to time, it’s worth revisiting the political context for stories like these, because the recent history doesn’t come up in political conversations anymore.
As regular readers know, in 2009, the American auto industry was on the verge of collapse. At the time, the Great Recession was already ravaging the economy and the jobs crisis was intensifying, and without an effective plan, hundreds of thousands of Americans – employees of storied American companies – were headed for the unemployment line.
President Obama took a gamble on an unpopular plan, which fortunately worked like a charm. As he prepares to exit the stage, the success of his industry rescue clearly belongs among his most notable accomplishments.
It also represents one of the Republicans’ most obvious failures. GOP leaders were absolutely certain the White House policy would fail miserably, and they were hilariously wrong.
Consider some of the predictions Republicans made at the time, as pulled together by ThinkProgress.
Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?” [6/1/09]
Sen. Richard Shelby (R-AL): “It’s basically going to be a government-owned, government-run company…. It’s the road toward socialism.” [5/29/09]
Sen. Jim DeMint (R-SC): “Now the government has forced taxpayers to buy these failing companies without any plausible plan for profitability. Does anyone think the same government that plans to double the national debt in five years will turn GM around in the same time?” [6/2/09]
Rep. Tom Price (R-GA): “Unfortunately, this is just another sad chapter in President Obama’s eager campaign to interject his administration in the private sector’s business dealings.” [6/2/09]
Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.” [7/22/09]
And then there’s Donald Trump, who was asked in 2015 about his position on Obama’s industry rescue. His answer meandered incoherently for a while, suggesting he didn’t know anything about the substance of the policy, and hadn’t bothered to read up on it in advance of a campaign swing through Michigan.
This week, Trump made matters just a little worse with comments that suggest he still isn’t up to speed on the industry.
And while the president-elect is constantly trying to claim credit for economic successes that exist largely in his imagination, it’s Obama who probably doesn’t get the credit he deserves for rescuing American auto companies.
01/05/17 09:34 AM—UPDATED 01/05/17 09:41 AM
By Steve Benen
In 2015, American consumers broke a record for domestic auto sales. As the Washington Post reported, in 2016, consumers did it again.
U.S. drivers bought more new cars and trucks in 2016 than they ever have, edging out the record set just one year earlier to give the auto industry an unprecedented seventh consecutive year of sales growth. […]
U.S. automakers, in particular, were able to match or exceed last year’s sales totals.
From time to time, it’s worth revisiting the political context for stories like these, because the recent history doesn’t come up in political conversations anymore.
As regular readers know, in 2009, the American auto industry was on the verge of collapse. At the time, the Great Recession was already ravaging the economy and the jobs crisis was intensifying, and without an effective plan, hundreds of thousands of Americans – employees of storied American companies – were headed for the unemployment line.
President Obama took a gamble on an unpopular plan, which fortunately worked like a charm. As he prepares to exit the stage, the success of his industry rescue clearly belongs among his most notable accomplishments.
It also represents one of the Republicans’ most obvious failures. GOP leaders were absolutely certain the White House policy would fail miserably, and they were hilariously wrong.
Consider some of the predictions Republicans made at the time, as pulled together by ThinkProgress.
Rep. John Boehner (R-OH): “Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multi-national corporation to economic viability?” [6/1/09]
Sen. Richard Shelby (R-AL): “It’s basically going to be a government-owned, government-run company…. It’s the road toward socialism.” [5/29/09]
Sen. Jim DeMint (R-SC): “Now the government has forced taxpayers to buy these failing companies without any plausible plan for profitability. Does anyone think the same government that plans to double the national debt in five years will turn GM around in the same time?” [6/2/09]
Rep. Tom Price (R-GA): “Unfortunately, this is just another sad chapter in President Obama’s eager campaign to interject his administration in the private sector’s business dealings.” [6/2/09]
Rep. Trent Franks (R-AZ): When government gets involved in a company, “the disaster that follows is predictable.” [7/22/09]
And then there’s Donald Trump, who was asked in 2015 about his position on Obama’s industry rescue. His answer meandered incoherently for a while, suggesting he didn’t know anything about the substance of the policy, and hadn’t bothered to read up on it in advance of a campaign swing through Michigan.
This week, Trump made matters just a little worse with comments that suggest he still isn’t up to speed on the industry.
And while the president-elect is constantly trying to claim credit for economic successes that exist largely in his imagination, it’s Obama who probably doesn’t get the credit he deserves for rescuing American auto companies.
Jan 5, 2017 17:05:00 #
permafrost wrote:
Obama’s auto-industry rescue continues to pay divi... (show quote)
Obama's 426 billion dollar bailout allegedly made a 15 billion dollar profit over 6 years with the final sale of GM stock. Considering the risk involved and the economic damage due to the ancillary loss of support companies and widespread parts of the economy from agriculture to plastics production, this was a horrendously crappy return. Under government control product line after line, financial and other divisions were closed or sold off and now GM is a Chinese company.
Detroit is a wasteland and an industry, which drove and supported all of American industry, is no more. Way to go Obama -- add that to your legacy of destruction
Jan 5, 2017 17:36:22 #
pafret wrote:
Obama's 426 billion dollar bailout allegedly made ... (show quote)
pafret,
you should stop believing all the lies that fill your head.. below is today Nasdaq report on the ownership of GM..
Institutional Ownership View GM Ownership
Institutional Summary as reported in the most recent 13F filings
Institutional Holdings 71.19%
Total Number of Holders 971
Total Shares Held 1,085,210,656
Total Value of Holdings 40,250,463,231
Net Activity (21,060,811)
Top 5 Holders of Institutional Holdings
1. VANGUARD GROUP INC 89,122,836
2. HARRIS ASSOCIATES L P 68,948,315
3. BERKSHIRE HATHAWAY INC 50,000,000
4. FRANKLIN RESOURCES INC 47,231,630
5. JPMORGAN CHASE & CO 43,539,057
GM Ownership Overview
General Motors Company (GM) Ownership Summary provides a snapshot of institutional holdings and activity for a particular stock. The institutional holdings summary data encompasses the holdings and change from most recent 13F filings. The insider filer data counts the number of monthly positions over 3 month and 12 month time spans. Summary data is calculated daily, using the most up to date information available.
info Learn more about the Ownership Summary Page
Read more: http://www.nasdaq.com/symbol/gm/ownership-summary#ixzz4UvgHDwpD
Jan 5, 2017 17:36:53 #
permafrost wrote:
Obama’s auto-industry rescue continues to pay divi... (show quote)
Outstanding ,, after the so called bailout ,, stolen from Bond / stockholders , car sales up .. Obamster stole from them and gave it to unions who donate almost exclusively to democrats ,, what a guy
Jan 5, 2017 17:44:34 #
reconreb wrote:
Outstanding ,, after the so called bailout ,, stolen from Bond / stockholders , car sales up .. Obamster stole from them and gave it to unions who donate almost exclusively to democrats ,, what a guy
recon,
on occasion, you put out a good post..
But this response from you is as stupid as I would expect from AO..
Jan 5, 2017 18:04:39 #
pafret wrote:
Obama's 426 billion dollar bailout allegedly made ... (show quote)
The purpose of the bailout wasn't to turn a profit and what support companies had to shut down as the result of the bailout? Just how much bigger of a wasteland would Detroit be if Chrysler had shut down too?
Jan 5, 2017 18:11:54 #
permafrost wrote:
pafret, br br you should stop believing all the l... (show quote)
You are right, I didn't check out the current status. However GM's current stock value is about $37, significantly different than the 697 bucks per share high point.
Jan 5, 2017 22:01:38 #
permafrost wrote:
recon,
on occasion, you put out a good post..
But this response from you is as stupid as I would expect from AO..
on occasion, you put out a good post..
But this response from you is as stupid as I would expect from AO..
Would you consider the statements from stockholders / From USA Today /
http://usatoday30.usatoday.com/news/opinion/letters/story/2012-02-27/auto-bailout-gm-chrysler/53275464/1
http://blog.ganderson.us/articles/economics/investors-betrayed-by-gm-and-obama/
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