President Obama took a victory lap at GM. Remember when Bush landed on the aircraft carrier to announce the premature victory in the Iraq war? Same deal.
Obama touted the fact that 50,000 jobs were saved with the auto industry bailout. At a mere cost of only $50 billion. A million a job. Obama showed his continued infatuation with the Volt.
Statistics released today showed the sales of SUV’s are way up for 2010. Guess most Americans didn’t get the memo from the White House.
The Volt will essentially sell for $50,000. It’s the size of the typical $15,000 car you can buy today. But, you will get a tax credit of $7,500 from the man who wants you to buy a Volt. The real CEO of GM, President Obama. The Soviet Union made typically bad cars and lost money making them. The government was helping people buy golf carts earlier this year. You might be better off buying a golf cart than a Volt. Who will spend $41,000 for a car that has a range of 40 miles on the batteries? Who will take a $41,000 risk that GM got this right? I recall the 70’s when GM made diesel Cadillacs. They were a disaster. They blamed fuel, drivers, and anyone they could find when injectors pluigged at an alarming rate. Cost to repair was around $1,500 in 1980 dollars. Mercedes diesels ran fine, but GM’s didn’t.
Hollywood millionaires will snap them up, but drive their Bentleys or have their drivers drive them. Campy fads.
This is what you get when our government runs the car companies. Ford will keep turning out cars the public wants. GM will turn out cars Washington wants. Who will stay in business? It’s good we have a check and balance to Obama’s socialization of the auto industry. At least some car companies will survive.
But, like Bush, it’s a little early for a victory lap, Mr. President. Let’s see how the GM IPO goes. Let’s see how the Volt sells. Let’s pop the cork and light the cigars when we have all of our $50 billion back and GM is on it’s own.
