GM shares jumped 7 percent this morning

[gotsnowgotslush]

GM shares jumped 7 percent this morning


After GM announced it was halting production at factories in Ohio, Michigan, Maryland, and Ontario, and cutting 15 percent of its salaried workforce in North America.

GM just pocketed half a billion dollars from the GOP corporate tax giveaway and declared a billion dollars of profit in the third quarter.


GM estimates the reorganization will save about $6 billion a year by the end of 2020.


GM also announced that the taxes the president imposed on steel and aluminum imports have cost the company $1 billion dollars

https://www.rollingstone.com/politics/politics-news/gm-layoffs-trump-tariffs-760003/


Americans did what they always do: abandoned gas-friendly autos and went on an SUV binge.


Today, trucks and SUVs outsell cars by more than 2 to 1, which is why auto plants are being closed.

The next time gasoline prices rise—and they will, someday—American car companies will have nothing but big piles of unwanted, gas-guzzling SUVs that nobody wants.

https://www.wonkette.com/let-them-eat-suvs



https://www.motherjones.com/kevin-drum/2018/11/gm-follows-ford-slashes-auto-production/

Trump said ", I heard you’re closing your plant. It’s not going to be closed for long, I hope, Mary, because if it is you have a problem.’”

http://nymag.com/intelligencer/2018...m-closing-ohio-plant-gangster-government.html

Who is Mary ?


GM CEO Mary Barra meeting with NEC director Larry Kudlow following job cut news

Top White House economic advisor Larry Kudlow will meet with General Motors CEO Mary Barra


https://www.cnbc.com/2018/11/26/gm-...es-kudlow-following-job-cut-announcement.html

 

[gotsnowgotslush]

President Donald Trump is scrambling to maintain control of the narrative.

In doing so, his rhetoric is demonstrating some ironic parallels to that of President Barack Obama — except when Trump's predecessor, President Obama employed such arguments, he was extensively pilloried by the right wing. Now that Trump embraces this rhetoric, the conservative political apparatus puts up little resistance.

Had Obama issued a clear threat to a private company for a decision he didn't like, Republicans would have lit their hair on fire. Trump, on the other hand, gets to flex his autocratic tendencies with little censure from the beleaguered right wing.

https://www.alternet.org/news-amp-p...partys-deep-hypocrisy-and-his-own-dictatorial


In 2009, the Obama administration extended loans from the Troubled Asset Relief Program to General Motors and Chrysler, which were facing imminent bankruptcy. While both firms had serious competitiveness problems, neither would have had any danger of failure except for the financial crisis having frozen the credit markets, which they needed to finance their operations. (Ford was safe — not because its autos were more economically sound, but because it happened to have secured a loan shortly before the crisis.)

The Obama administration considered its dilemma carefully.

Obama ultimately decided the economic and social repercussions of the auto industry failing was too great a calamity to bear, and extended loans to Detroit. (They have since been repaid.) As part of the deal, the administration forced both unions to accept wage reductions and creditors to take some losses.

Conservatives, already whipped into a lather by the fiscal stimulus and Obama’s plans to reform health care and create a cap-and-trade system, treated the auto bailout as the literal death knell for capitalism.

We are corrupting the Constitution and contract law,” Kudlow declared at another point.


http://nymag.com/intelligencer/2018...m-closing-ohio-plant-gangster-government.html



Kudlow, is now Trump’s chief economic adviser.

Will Kudlow tell Mary that the Trump administration will stay out of private business decisions out of fealty to the Constitution and contract law ?

 

[gotsnowgotslush]

Last year, Donald Trump tried to take credit for General Motors’ jobs he didn’t create.

The jobs are going to Mexico and China plants, next year.

Donald Trump did not create 900 jobs at GM

He had nothing to do with saving jobs.

Trump helped to kill jobs.


2017/03/18


https://www.dailykos.com/stories/2017/3/18/1644230/-No-Donald-Trump-did-not-create-900-jobs-at-GM

Trump had the mistaken impression that his own farts were an eloquent speech

https://www.washingtonpost.com/news...e-again/?noredirect=on&utm_term=.54d9cf96b534


Jul 26, 2017

We're going to fill up those factories or rip them down and build new ones," Trump said, adding later, "After years and years of sending our jobs and wealth to other countries, we are finally standing up for our workers and for our companies. ... We never again will sacrifice Ohio jobs and those in other states to enrich other countries."


https://www.dispatch.com/news/20170...hio?template=ampart&__twitter_impression=true


Conversation

Greg Greene
@ggreeneva
Brutal — that plant is an economic linchpin for that part of Ohio.

This might merit wondering: is this another "trade wars are good, and easy to win" story?
Quote Tweet
21 WFMJ
@21WFMJ
#BREAKING | GM Lordstown to close March 1st. More details to follow on @21WFMJNews.

10:24 AM · Nov 26, 2018



Greg Greene Retweeted

jordan@JordanUhl
·
10h
The Lordstown plant is one of the largest employers in the Youngstown, Ohio area.

This is going to send a shockwave through an already struggling area—one where Trump performed well on false promises of restoring manufacturing.

Horrific

G.M. to Stop Production at 5 Plants in U.S. and Canada
nytimes.com

11:15 AM · Nov 26, 2018