Jump to content
Create New...

Will end of 'Government Motors' buoy Democrats' chances in November?


Recommended Posts

Will end of 'Government Motors' buoy Democrats' chances in November?

By TODD SPANGLER

FREE PRESS WASHINGTON STAFF

WASHINGTON – The impending end of “Government Motors” could be the economic news President Barack Obama and the Democratic majority in Congress have been looking for headed into the midterm elections.

Today, the White House declined to comment as General Motors and its majority owner – the U.S. Treasury Department – filed documents that should lead to a public sale of stock that could begin repaying taxpayers later this year.

But GM’s recent return to profitability is a welcome turnaround in fortunes for Democrats desperate to show the public any kind of economic improvement.

“GM is rolling again – thanks to the investment and patience of the American taxpayer,” said U.S. Rep. John Dingell, a Dearborn Democrat and the longest-serving member of the House ever.

For now, Treasury is still keeping its cards close. The documents filed today did not say how many, if any, shares the government is willing to sell. But speculation has been high that the offering will reduce the government’s 61% stake to something below 50%.

Any successful sale provides proof that the rescue plan worked, said U.S. Sen. Carl Levin, a Michigan Democrat.

“I’m optimistic this success story is going to keep getting better,” he said.

Many of the biggest doubters were silent today. Sen. Richard Shelby, an Alabama Republican, declined to discuss the public offering, though he was perhaps the biggest critic when GM and Chrysler sought aid. Republican Sen. Bob Corker of Tennessee, who also asked for assurances, also didn’t respond to the Free Press for comment.

But concerns remain. U.S. Sen. Chuck Grassley, an Iowa Republican, has asked the Inspector General’s office to analyze whether the stock offering makes sure that “when the dust settles, the taxpayer will not have lost billions of dollars on GM.”

Daniel Ikenson, associate director of the Center for Trade Policy Studies at the libertarian Cato Institute, said it’s good that the government is moving to get out of the auto industry but that doesn’t change the damage already done to the free market system.

As to whether a public offering will protect Democrats this fall, Nathan Gonzales, political director of the Rothenberg Political Report, which handicaps congressional races, said no.

“Democrats need either a lot more or a lot bigger news to change people’s views of Washington,” he said.

Read more: Will end of 'Government Motors' buoy Democrats' chances in November? | freep.com | Detroit Free Press http://www.freep.com/article/20100818/BUSINESS0101/100818065/1210/business01/Will-end-of-Government-Motors-buoy-Democrats-chances-in-November?#ixzz0x3iqu23t

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Who's Online   0 Members, 0 Anonymous, 28 Guests (See full list)

    • There are no registered users currently online
  • Volkswagen ID.Buzz Coming to the U.S. in Long-Wheelbase Form

    Volkswagen has been teasing us with the I.D. Buzz for 6-years when they made the announcement back in 2017 that they would bring the I.D. Buzz to market. The standard wheelbase model has been on sale in Europe since May of last year, and today, Volkswagen is officially announcing the long-wheelbase version for sale in the U.S. starting next year. The ID.Buzz will not, as previously reported, be built at VW's Chatanooga plant alongside the ID.4, instead being built in VW's Hanover Germ

    Volkswagen

    The New Chevrolet Colorado gets a New Bison ZR2

    The performance off-road mid-size pickup truck war has turned into a hot war in 2023.  Ford has recently released their 2024 Ford Ranger Raptor, and Toyota introduced an all-new 2024 Tacoma with an incredibly capable Tacoma TRD Off Road. Back in 2018, Chevrolet teamed up with American Expedition Vehicles to the 2019 Chevy Colorado Bison ZR2 to the Colorado lineup.  About a year ago, the all-new 2023 Colorado was released, and while there was a ZR2, the Bison was not part of the announcement

    Chevrolet

    Ford EVs Gain Access to Tesla SuperChargers, Ford to Adopt Tesla NACS Charge Port

    Ford and Tesla jointly announced today that starting in the spring of 2024, Ford EV drivers will gain access to more than 12,000 Tesla Superchargers in North America.  This move will more than double the number of chargers available to Ford EV drivers who currently have access to 10,000  DC fast-chargers in the BlueOval EV network.  Additionally, Ford dealers are adding 1,800 public-facing fast chargers across the continent. Existing EV models like the F-150 Lightning, Mustang Mach-E, and E

    Ford


×
×
  • Create New...

Hey there, we notice you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search