Bailout Watch 428: Hit Me Baby One More Time

Robert Farago
by Robert Farago
bailout watch 428 hit me baby one more time

I’m not using the poker definition of the word “hit” here—despite the obvious metaphor of GM drawing on 20 in a game of 21. (Three decades ago.) I’m speaking here in the Britney Spears sense of the phrase. Well, actually, it’s not me. It’s none other than House Majority Leader Nancy Pelosi. According to The Detroit News, Nance told reporters today that she supports a strong manufacturing sector. “But this isn’t endless,” she said. “And there has to be a sign of viability and it has to come soon.” Spears fans will recognize Ms. Pelosi’s cry for a pistonhead portent as an echo of Ms. Spears lachrymose lament. So, what sign of viability does the D.C. politician want; you know, as GM has already submitted its official viability Powerpoint presentation? If she’s looking for some kind of sales turnaround, well, uh, anyway . . . “The White House’s top auto advisers will travel to Detroit next week to meet with all three domestic carmakers, Obama administration and auto industry sources said Thursday.” Huh?

The sources, who discussed the meetings on condition of anonymity, said [Presidential Task Force Members] Steve Rattner and Ronald Bloom will be in Detroit on Monday. Though their schedule remains unclear, they likely will meet with top executives of Ford Motor Co., Chrysler LLC and General Motors Corp. The companies are also expected to show off some of the advanced technology that is part of their restructuring plans.

Ha! A cart and pony show starring the Chevy Volt, Chrysler Envi vapor vehicles and some small Euro-Ford or limited edition hybrid somethingorother.

Actually, substitute “oy” for “ha.” For those who wish to see the end of Bailout Nation’s support for Zombie Detroit, it’s clear that the pols’ pandering is a set-up for more bailout bucks. In case you missed it (some of you people just about missed it):

“I don’t think it comes as a surprise to many that the auto industry is in crisis,” White House press secretary Robert Gibbs said Thursday, noting that sales figures released this week showed a severe downturn not just for GM and Chrysler, but for foreign companies as well.

Reiterating a commitment President Barack Obama has made several times, Gibbs said, “I don’t think there’s any doubt we need a strong auto industry in this country.”

Add “vey” to “oy” and we’re done. As if.

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2 of 15 comments
  • Br549 Br549 on Mar 06, 2009

    "Between garbage cars, mental midget managers, too broad a product line, redneck trucks, parasites called the UAW, and the fact Americans have woke to to the fact American cars suck, pretty well puts an end to the fiasco." Gee whiz, do I feel silly. All this time I thought the economy had a little something do do with it.

  • 06M3S54B32 06M3S54B32 on Mar 06, 2009

    "Gee whiz, do I feel silly. All this time I thought the economy had a little something do do with it." All auto companies are feeling the pinch (or crush if it's GM), but the other manufacturers are not bloated, outdated and cash strapped as good ole' GM. You are seeing Darwinism is action here, and GM is not fit to survive.

  • Dusterdude The "fire them all" is looking a little less unreasonable the longer the union sticks to the totally ridiculous demands ( or maybe the members should fire theit leadership ! )
  • Thehyundaigarage Yes, Canadian market vehicles have had immobilizers mandated by transport Canada since around 2001.In the US market, some key start Toyotas and Nissans still don’t have immobilizers. The US doesn’t mandate immobilizers or daytime running lights, but they mandate TPMS, yet canada mandates both, but couldn’t care less about TPMS. You’d think we’d have universal standards in North America.
  • Alan I think this vehicle is aimed more at the dedicated offroad traveller. It costs around the same a 300 Series, so its quite an investment. It would be a waste to own as a daily driver, unless you want to be seen in a 'wank' vehicle like many Wrangler and Can Hardly Davidson types.The diesel would be the choice for off roading as its quite torquey down low and would return far superior mileage than a petrol vehicle.I would think this is more reliable than the Land Rovers, BMW make good engines.
  • Lorenzo I'll go with Stellantis. Last into the folly, first to bail out. Their European business won't fly with the German market being squeezed on electricity. Anybody can see the loss of Russian natural gas and closing their nuclear plants means high cost electricity. They're now buying electrons from French nuclear plants, as are the British after shutting down their coal industry. As for the American market, the American grid isn't in great shape either, but the US has shale oil and natural gas. Stellantis has profits from ICE Ram trucks and Jeeps, and they won't give that up.
  • Inside Looking Out Chinese will take over EV market and Tesla will become the richest and largest car company in the world. Forget about Japanese.