Posts Tagged ‘auto industry’

Detroit City

September 4, 2016

“Detroit City,” written by Danny Dill and Mel Tillis, a big Grammy-winning hit for Bobby Bare in 1963.

Here’s what the Lincoln Continental and Ford Thunderbird assembly line looked like about the time the song was written:

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Fiat Buys Chrysler

January 5, 2014

Fiat Buys Chrysler

Fiat will buy the 41 percent of Chrysler stock it doesn’t already own from the UAW Trust for $4.35 Billion. Fiat’s Sergio Marchionne has been Chrysler’s CEO too since his Italian company bought into Detroit during the 2009 recession. This means the ‘Fix It Again Tony‘ car company now owns the one that built the Dodge Charger.

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US sells GM

December 10, 2013

US Sells GM

1953: GM President Charles Erwin Wilson tells the Senate Armed Services Committee “for years I thought what was good for the country was good for General Motors and vice versa.”

2009: The United States Government takes 60 percent ownership of General Motors, 912 million shares.

2012: GM buys back 200 million shares of its own stock from the government for $5.5 billion; company execs are now allowed to use corporate jets again.

June 2013: The U.S. Treasury sells off 30 million shares in GM.

December 2013: The Federal government sells off its remaining shares in General Motors, leaving taxpayers with a net $10.5 billion loss on the total $49.5 billion bailout.  The Canadian government still owns $4.2 billion in GM preferred shares and the United Auto Workers union owns $5.4 billion in GM stock.

Related:

“With The Government Gone, GM Can Now Start Paying Its Execs Big Bucks,” Aaron Foley, Jalopnik

“New study estimates the effect on the U.S. economy of successful restructuring of General Motors” (press release), Center for Automotive Research

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Today’s Holiday

February 21, 2011

Today's Holiday

The 3rd Monday in February finds banks and post offices across America closed, but no one really knows why. Some kind of holiday, obviously.  Some think it’ss called “President’s Day;” some go with “Presidents Day;” others “Presidents’ Day.” According to the United States Code it’s Washington’s Birthday, but George was actually born on February 22nd.

At our house we call the holiday “Lincoln and Cadillac’s Birthday” in recognition of the traditional car sales that mark this day from sea to shining sea. God Bless America and have a safe and sane holiday, whatever you call it.

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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Auto Industry Drives U.S. Economy

January 7, 2010

Auto Industry Drives U.S. Economy

This morning the federal government reports the latest unemployment figures, using a measure that seems increasingly irrelevant as more Americans remain among the long-term unemployed and underemployed. While we wait for dubious numbers and optimistic spin, let’s adopt the misunderstood, mis-attributed, and misquoted adage that “what’s good for General Motors is good for the United States” and turn our bloodshot eyes on Detroit.

Industry boosters are gilding the poison ivy, choosing to see last month’s slight bounce as the start of an upturn, but others wonder if the plunging sector has hit bottom yet. It’s only a matter of time before xenophobes and protectionists seize on the fact that Asian cars outsold Detroit buggies in God’s Own Country last year.

Job cuts continue among U.S. auto workers, and Con Chapman has identified a significant new economic indicator: 

“As Auto Industry Shrinks, Crash Test Dummies Fear Future.” 

 

Image (“You Want Fries With That?”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

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