You, TTAC’s Best and Brightest, knew it was going to happen: that unfortunate intersection of business and politics, where the taxpayer-supported GM would be forced by its new masters to place the latter ahead of the former. In other words, brain dead zombies are easily led. The Hill reports that Massachusetts Congressional Representative Barney Frank has “convinced” GM to keep a parts operation in his district open for business. “Frank’s staff said the lawmaker spokes with GM CEO Fritz Henderson on Wednesday and convinced him to keep the Norton, Mass., plant open for at least 14 months.”
“I greatly appreciate General Motors’ willingness to take into consideration the wider needs of the company and especially the community,” Frank said in a statement. “Keeping the facility open for this extra time gives workers a chance to look at other opportunities, while at the same time continuing to provide for their families.”
Need we (and the Hill) point out that Barney is chairman of the House Financial Services Committee? You know, the pols that oversee the government’s bailout program, under which GM has received $50 billion? No, I didn’t think so. [Thanks to lw for the link.]
See? They didn’t need to manipulate the dealerships on political lines, just the plants!
Let’s see if I understand this.
GM declared bankruptcy so it could unload its money losing operations? Or maybe not. GM declared bankruptcy so it could prune back its overgrown dealer network. Or maybe not. GM declared bankruptcy so it could squirm out of product liability suits. Or maybe not. Bankruptcy is a mechanism that GM is employing so it can become a leaner, meaner company, return to profitability, and repay the taxpayer. Or maybe not.
I’ve got a feeling that the zombie companies will remain in business in their current forms until Uncle Sucker keels over from massive cash hemorrhage.
Why does Chrysler somehow seem like the lucky one in all this?
@skor
That is EXACTLY how it works…
With every press release that shows Uncle Sugar meddling, Ford gets stronger.
I’m starting to love those new Mustangs and yet I was always a GM man…
How bout them apples….
@bluecon
Can’t have a Reagan with a Carter…
Welcome back,
Your dreams were your ticket out.
Welcome back,
To that same old place that you laughed about.
Well the names have all changed since you hung around,
But those dreams have remained and they’re turned around.
Who’d have thought they’d lead ya (Who’d have thought they’d lead ya)
Here where we need ya (Here where we need ya)
Yeah we tease him a lot cause we’ve hot him on the spot, welcome back,
Welcome back, welcome back, welcome back.
This is so damn funny.
Barney (Banking Queen) Frank
Barney Frank!
Jesus.
Look, this is not as if anybody on this sight ever thought differently.
But this is like a bitching chrior…and the church is empty.
RF and this entire staff have been ranting about this.
And we have all responded in like.
But nobody cares.
We voted the entire one party system in, so now we will pay.
As a side note, anybody at all interested in knowing the truth, or perhaps just needing a little fact sheet to shove in the face of any ass at the next family gathering, here is a nice link to use.
http://iusbvision.wordpress.com/2008/09/21/in-plain-english-how-did-the-biggest-financial-scandal-in-history-happen/
While thew’re wiving it up on Wawl Stweet thew’re are shutting Massachewsetts down.
WE are the zombies.
Really though, Frank is the worst example of a political whore in Washington, right on the level of Tom DeLay a few years back.
This reminds me of military base closings in the 90s. Everyone was so supportive of The Peace Dividend and getting rid of military institutions so we could have more money to spend. But no one wanted a base closed in THEIR district. Now we are going to see factories kept open to make door hinges, rakes, whatever so that our elected representatives can stay in office.
How about we just give the damn politicians a billion dollars to step down and go away? A billion each might seem like a lot but considering how much money 535 people can spend in a year it’s a bargain really.
Barney is really entertaining. It’s hard to believe he has this much power. We deserve better, in fact we should hold special elections for these Chairs, not let them go to senior members or favorites of the leaders in each house.
But since they are taking over manufacturing and health care I think the days of self determination are coming to an end.
This kind of stuff just makes potential GM customers angry.
I’ve always loved American cars, but I love American freedom and self-reliance more. Therefore, morally I cannot buy a GM or Chrysler product anymore.
Where did the picture with the pretty boys go? My wife is complaining. She likes pretty boys. (No wonder, with an ugly husband like me.)
And why exchange it for a downright pornographic picture of the Government Motors parts department?
So does this delay, reflect or debunk the whole “New GM” thing?
This is beyond the stupidities of socialism and Keynes…This is just childish Idiocracy, scro.
Taxpayers are phules.
This is going to be like a defense contractor..
‘hey, you can’t cancel the Lead Zepplin project, it employs a million folks in all fifty states’, the fact the project does not work and has taken ten billion dollars is irrelevant !
Aren’t auto companies sourced to all 50 states ?
We’re screwed.
Strippo :
So does this delay, reflect or debunk the whole “New GM” thing?
Same GM, “New” management.
Ridiculous. But a “logical” conclusion of the new shareholders exerting their influence.
Can’t wait for the President to select the new seat fabric for the 2012 Caddys. He can do that between negotiating with Iran and deciding on your new medical treatment. He’s going to be a very busy guy, making decisions for 300 million people.
This is not a “plant”–there haven’t been any car plants in New England for quite a while. It is a distribution center. Which doesn’t mean GM shouldn’t close it if appropriate.
Using this logic, we can’t put drug dealers and street prostitution out of business, why they are providing thousands of Americans with jobs and a vital service that Americans want!
I think we all knew there would be political meddling, but over a parts dist center that employs 66 people? What next, is Barney going to have them reopen Framingham?
Taxman100, I’m with you. I love the G8, Camaro, Silverado, Vette……but no way I support this thing now.
…Keynesian, Marxist Democrats finish the job
You keep using those words. I do not think they mean what you think they mean.
On a serious note, you cannot be Keynesian and Marxist at the same time. I suppose if you’re far out enough in right field that they all look the same, but then I’d be valid in saying the same thing about everyone from Friedman to Reagan to Ayn Rand.
Yesterday’s pic of Sir Barney was WAY better than today’s!
This stinks.
“a parts dist center that employs 66 people?”
Why is the price of admission so low to do business with American politicians (b/c really there’s probably one guy making donations asking for this favor)? My officemate is Nigerian, and expresses amazement on a near weekly basis at the paltry “contributions” required to squeeze a little personal involvement out of our pols. We all know you’ll never get caught in an outright quid pro quo Barney, but at least do us the service of asking for enough money that you could retire if it did happen. At least pretend to be worried about it.
On a less dramatic note, I can’t imagine what he’s thinking here, as this seems designed to sap what little confidence voters have in the government’s plans for GM.
It’s not really clear what the problem is. It’s a Rep’s job to represent his or her constituents. One can complain about that reality, but that’s how our system works. If Rep. Frank weren’t standing up for his constituents, then he wouldn’t be doing his job. It’s completely normal for any politician to try and help their district.
The only thing we have to fear is what your government can do for you.
Holy crap.
Atlas has truly shrugged.
While blaming the Democrats, don’t forget to blame the Republicans too. Both parties were/are/will be spending us into a vast black hole. Remember the last party was sending out tax refunds to everyone, fighting wars without raising taxes, huge gov’t contracts to companies, contracts paid for vast amounts of money to deliver services to the military, etc. The current tax and spend politicians are just spending vast amounts of tax dollars on different projects.
Just want to make sure that we don’t forget what happened (was spent) just a few years ago.
Aren’t the current folks LOANING money to Detroit? That is supposedly the gov’t is repaid that money?
Say it, don’t spray it.
I once read that the press has to wear raincoats whenever they interview Barney Frank. And they still ask their questions from a distance…
Long126Mike – you are right of course, but I think in this case it has been pushed too far. The gov is taking over for the explicit purpose of cutting expenses and getting the business profitable again. And the first thing they do is sabotage themselves? I agree that Reps are supposed to help their districts, but it appears to be increasingly at the expense of everyone else, and eventually, even themselves.
@ long126mike :
“It’s not really clear what the problem is. It’s a Rep’s job to represent his or her constituents. One can complain about that reality, but that’s how our system works. If Rep. Frank weren’t standing up for his constituents, then he wouldn’t be doing his job. It’s completely normal for any politician to try and help their district.”
That is the problem. Now that the government owns GM all of the “rep’s” will represent the interests of their constituents, which unfortunately directly oppose those of a profitable automaker.
I’m with long126mike. Frank is just doing his job. And he’d probably try to delay closure of that place even if GM weren’t government owned. It’s what Representatives do.
So with this news and more to come is the New GM still worth $33B?
To the smart investor the new GM isn’t worth 33 POS’s.