These things are purchased with Obama Stimulus funds. Stimulate the economy by turning it into a prison yard? Like I said in the comment to Cashu the other day…we’re going to be sorry one day we allowed DHS and the TSA to be created.
September 13, 2011
August 22, 2011
As you read this you might also be interested in: General Motors Refuses To Honor Pre-Bankruptcy Warranties In Court Case: Argues Old GM Versus New GM Precludes Responsibility
General Motors has been very benevolent since receiving $50 billion of taxpayer funds less than two years ago. GM, the GM Foundation and Chevrolet are donating more than $10 million towards the building of a Martin Luther King, Jr. monument in Washington, DC. Following is a list of just some of GM and GM Foundation recent giveaways.
- $40 million for “clean energy projects.”
- $4.5 million for college scholarship programs to benefit students; criteria list includes being female, being a minority or being a military member.
- $27.1 million to United Way for restructuring of Detroit schools.
- $1 million to Haiti earthquake relief.
- $70,000 to the United Negro College Fund
- $2 million to Detroit for community recreation centers near Chevy Volt manufacturing plant.
- $41,000 to groups associated with lawmakers with a $36,000 majority going to the Congressional Black Caucus Foundation.
The GM Foundation is legally separate from the company, but is fully funded by GM. If the GM Foundation has to make philanthropic distributions, there may be better causes, such as assistance to GM bondholders suffering hardship after having their rights sacrificed for the benefit of the United Auto Workers.
Perhaps most controversial is GM’s return to political contributions. There has been much debate on whether or not a corporation that is partly owned by the US Government should be allowed to contribute to political campaigns. In GM’s case, money was donated to both Republicans and Democrats with the majority going to Democratic candidates in last year’s elections.
General Motors Refuses To Honor Pre-Bankruptcy Warranties In Court Case: Argues Old GM Versus New GM Precludes Responsibility
August 22, 2011
General Motors Co (GM.N) is seeking to dismiss a lawsuit over a suspension problem on more than 400,000 Chevrolet Impalas from the 2007 and 2008 model years, saying it should not be responsible for repairs because the flaw predated its bankruptcy.
The lawsuit, filed on June 29 by Donna Trusky of Blakely, Pennsylvania, contended that her Impala suffered from faulty rear spindle rods, causing her
rear tires to wear out after just 6,000 miles. [ID:nN1E7650CT]
Seeking class-action status and alleging breach of warranty, the lawsuit demands that GM fix the rods, saying that it had done so on Impala police vehicles.
But in a recent filing with the U.S. District Court in Detroit, GM noted that the cars were made by its predecessor General Motors Corp, now called Motors Liquidation Co or “Old GM,” before its 2009 bankruptcy and federal bailout.
The current company, called “New GM,” said it did not assume responsibility under the reorganization to fix the Impala problem, but only to make repairs “subject to conditions and limitations” in express written warranties. In essence, the automaker said, Trusky sued the wrong entity.
“New GM’s warranty obligations for vehicles sold by Old GM are limited to the express terms and conditions in the Old GM written warranties on a going-forward basis,” wrote Benjamin Jeffers, a lawyer for GM. “New GM did not assume responsibility for Old GM’s design choices, conduct, or alleged breaches of liability under the warranty.”
David Fink, Trusky’s lawyer, declined to comment.
John Penn, a former president of the American Bankruptcy Institute who is not involved in the case, said the question of “successor liability” is common for manufacturing companies that go through bankruptcy.
March 3, 2011
As we all have to visit the grocery store regularly this is really not a surprise to most of us. I bought $50 worth of groceries at Wal-Mart the other day and it was in two small sacks.
Food Prices Hit New All Time Record In February
When two months ago, in the first week of January, we observed that the U.N. Food and Agriculture Organisation’s Food Price Index had hit a record we said: “The last time food prices hit ridiculous levels, the immediate outcome was global food riots in places such as Haiti and Bangladesh. Which is why distributors of riot equipment in the world’s poorest countries may be in for a bumper crop as the Food and Agriculture Organization has just announced that world food prices have just surpassed the previous record last seen in 2007-2008.” Little did we know just how prophetic this statement would turn out to be. Well, the FAO has just released its latest food price update and as expected, it is a new all time high. The U.N. Food and Agriculture Organisation’s Food Price Index hit its second straight record last month, further passing peaks seen in 2008 when prices sparked riots in several countries, driven by rising grain costs and tighter supply.” And with oil now joining food, which means that the inflationary vicious spiral is now on, it is only a matter of time before ever more hungry countries join the wave of revolutions, now that Tunisia and Egypt have shown it can be done. On the other hand, our expectation is that the IMF will promptly seek to put out any fires before they become infernos, with the US taxpayer reeling from the double whammy of Bernanke’s inflationary policy consequences: once at home, and once by subsidizing foreigners.
Reuters with an interactive chart of food prices.
And some more from Reuters:
Oil prices recently hit 2-1/2 year highs, nearing records set in 2008, with markets spooked on concern that North African and Middle East unrest would choke key supplies.
Farmers depend on fuel to run agricultural machinery, while dry bulk shippers are heavy oil users, costs which are passed on to food buyers.
Spiraling shipping costs for commodities threaten to drive food inflation even higher as nations from Asia to the Middle East and Africa scramble for supplies, analysts say.
Stockpiling by some major grain importers “beyond country’s normal needs” seeking to head off political unrest and secure supplies on domestic markets, has been adding uncertainty and volatility to the markets, Abbassian said.
“Political instability in the regions and countries affects the markets by adding uncertainty: will a country buy or not buy, why it had bought so much now … those things are disruptive to the normal trade,” he said.
The FAO, which measures monthly price changes for a food basket composed of cereals, oilseeds, dairy, meat and sugar, averaged 236 points in February, the record in real and nominal terms, up 2.2 percent from January’s record and rising for the eighth month in a row.
August 5, 2010
Well even some of the Democratic pollsters are seeing the light!
James Carville’s Democracy Corps commissioned a poll at the end of July to test the mood of the electorate, and Brian Faughnan of Liberty Central gleefully discovers that voters are furious at Democrats. Despite the “Recovery Summer” sales pitch by the White House, voters are growing increasingly pessimistic about the economy, and increasingly inclined to deliver a protest vote in November. Brian points to a few of the charts included in the analysis from Citizen Opinion, Carville’s pollster, and this one seems most relevant:
Until Joe Biden started pitching “Recovery Summer,” voters seemed reasonably split on whether to cast votes in protest of the administration’s policies, and may have even closed the gap a bit since the beginning of the year. In June, however, the drop in economic indicators began to be too big to ignore or jolly over with a sales pitch. The extension of bad news on employment also became so obvious that the media mainly stopped pretending to be surprised by it. The poll shows a wide margin of people planning protest votes.
This also goes along with a collapse in support for Democratic leadership on economics:
The most interesting part of this chart is that it shows little bounce for Democrats in March and April, when at least a few of the indicators looked more positive. Also note that Democrats have traditionally outpolled Republicans on the economy over the last couple of decades, and often on deficits as well. This is a big shift in American politics if this trend holds up; a -13 on economics is huge in these midterms especially. It could mean that the GOP has the opportunity to discredit Democrats for a long time to come, assuming that a win in the midterms means muscling the White House into a course correction.
It’s not just Democrats that voters have begun to reject, either. A majority have lost faith in President Hopeandchange, too:
The argument that Obama somehow rescued us from something worse than what we see now has worn very thin indeed. Only 41% buy that argument after eighteen months of Obama’s term of office. A majority in Carville’s poll sees the exploding deficit and the moribund economy as Obama’s fault, and a key cause of our current economic malaise.
These numbers are a disaster for Democrats, and an opportunity for Republicans to show real leadership on deficits, government spending, and economic development. This time around, it’s the GOP taking Carville’s mantra of “It’s the economy, stupid,” and hopefully putting it to good use.
October 26, 2009
August 1, 2009