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Posts Tagged ‘automakers’

 

Just yesterday, an ABC News article blasted the CEOs of the Big 3 automakers, GM, Ford, and Chrysler, for flying in private jets to Washington to ask for a government bailout. This was considered the height of hypocrisy:

“This is a slap in the face of taxpayers,” said Tom Schatz, President of Citizens Against Government Waste. “To come to Washington on a corporate jet, and asking for a hand out is outrageous.”

Seems like flying in a private jet is an easy bait for criticism. In the global warming and climate change sphere, environmental critics have blasted green lobbyist Al Gore’s carbon footprint which includes among other things: flying around in a private jet.

Private Jets Magazine listed a number of celebrities who rack up as carbon footprint hypocrites, all in meager defense of private jets:

At this point, you may be feeling that your use or possession of a private jet will leave you in the cold amongst your environmentally responsible friends.  However, you can always point to the following celebrities who no doubt cut a bigger carbon swath through the environment than you:

What is it about private jets that draw such bad rap? Is it the outrageous cost–to the point of decadence? Left Coast mentions it “a gross display of self indulgence of flying around the world in a personally chartered jet”. Hip-hop artist, P. Diddy’s cost cutting involved the ditching of his private jet.

Lesson: Before you get philosophical, fly commercial.

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Like the story of Chrysler in the 70s, Nelson Schwartz’s article on the New York Times is an appropriate history lesson for these times:

PARIS — A faltering auto giant whose brands are synonymous with the open road. Hundreds of thousands of unionized workers with powerful political backers. An urgent plea for the government to write a virtual blank check.

This is not the story of Ford and General Motors, but British Leyland, a car company that went through £11 billion of inflation-adjusted British taxpayer money, or $16.5 billion, in the ’70s and ’80s before going out of business. All that is left of the company now are memories of cars like the Triumph, and a painful lesson in the limited effectiveness of bailouts.

The British Leyland bailout remains the classic example of a futile government intervention. The tight cooperation between governments and automakers on the Continent has produced happier results.

The full article here.

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Ron Paul interviewed by CNN’s Jane Velez on the stigma and implications of the bailouts on the table now: Big 3 automakers.

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Paulson will now use half of rescue plan for consumer loans; Paulson reverses course on rescue, drops bank asset purchases; Paulson scraps plan to buy troubled bank assets; Lawmakers, economists differ on bailout for car makers;

Where do we draw the line?

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After the bailout of the mortgage firms and big banks, the large US automakers are now asking for Uncle Sam’s assistance in the news yesterday:

WASHINGTON (AP) — Detroit’s Big Three automakers pleaded with a reluctant Congress Tuesday for a $25 billion lifeline to save the once-proud titans of U.S. industry, pointedly warning of a national economic catastrophe should they collapse.

Millions of layoffs would follow their demise, they said, as damaging effects rippled across an already-faltering economy.

But Paulson and many in the US apparat are opposed to this: (more…)

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