VIDEO: Romney is Right About Jeep Production in China

NLPC Associate Fellow Mark Modica was a guest Wednesday night on Fox Business Network’s Willis Report. Here’s a transcript:

Gerri Willis: Tonight growing concerns that many US manufacturing jobs are at stake.  Take a look at this Romney campaign ad slamming President Obama.

Romney Ad:  Obama took GM and Chrysler into bankruptcy and sold Chrysler to Italians who are going to build Jeeps in China.  Mitt Romney will fight for every American job.

Gerri Willis:  And the left came out swinging today claiming that the ad is inaccurate including Joe Biden who today called it quote flagrantly dishonest.  But my next guest says Romney has it right. Here to explain is Mark Modica, Associate Fellow for the National Legal and Policy Center.  Great to have you back Mark.

Mark Modica:  Hi Gerri.

Gerri Willis:  Always a pleasure …

Fact Checking Romney and GM on Job Creation Claims

General Motors is criticizing Mitt Romney for running an ad that says GM cut 15,000 jobs under the Obama Administration. The Detroit Free Press reported that GM spokesman Greg Martin (speaking about the Romney ad) stated, “No amount of campaign politics at its cynical worst will diminish our record of creating jobs in the U.S. and repatriating profits back to this country.”

Leaving aside for a moment the bigger issue of a taxpayer-supported entity improperly inserting itself in an election, lets examine the facts. A look at GM’s annual SEC filings gives a clear picture of how many people were employed by the company both before and after the Obama Administration guided the company through a bankruptcy process.

At the beginning of 2009, GM employed 91,000 workers in the US. GM filed for bankruptcy in June of 2009 and received about $50 billion from taxpayers to help it through the …

AUTO BAILOUT BOMBSHELL: Fiat Says Chrysler, Jeep Production May Move to Italy

Obama Marchionne photoComing hot on the heels of speculation that some Jeep production may be moved to China comes a bombshell from a Bloomberg report. Fiat is now considering moving Chrysler and Jeep production to Italy.

According to the piece, “To counter the severe slump in European sales, (Fiat CEO Sergio) Marchionne is considering building Chrysler models in Italy, including Jeeps, for export to North America. The Italian government is evaluating tax rebates on export goods to help Fiat. Marchionne may announce details of his plan as soon as Oct. 30, the people said.”

So, let’s be real clear here, we are talking about vehicles that will be built in Italy and exported to America. The evidence is clear that Fiat is looking at ways to move production of vehicles from the US to elsewhere, whether it be China or Italy, costing American jobs. This is becoming indisputable, despite outcries from certain …

Romney is Right About Chrysler / Jeep China Outsourcing

Fiat Chrysler logosThere is nothing like having unbiased media coverage of the all-important presidential campaign leading up to next week’s election. And the media is nothing like unbiased. We see this playing out again as Mitt Romney is now being accused of misrepresenting a story that reported on Chrysler’s potential outsourcing of Jeep manufacturing to China. A look at the original comments from the article gives evidence as to how unfair the criticism is and just how right Romney was for pointing out the likely future outsourcing of Jeep manufacturing.

According to the Detroit Free Press, Romney stated during an Ohio rally, “I saw a story today that one of the great manufacturers in this state, Jeep, now owned by the Italians, is thinking of moving all production to China.” Governor Romney was referring to the Bloomberg (hardly a right-wing organization) piece which stated, “Fiat SpA (F), majority owner of Chrysler …

Obama’s GM Bailout Nothing to Brag About

Obama debate photoAs the presidential election nears we continue to hear about what a great job the Obama Administration did “saving” General Motors. The claims are that millions of jobs were saved and Mitt Romney wanted to let Detroit go bankrupt. A review of the facts reveals that the auto bailout process that cost taxpayers billions of dollars is hardly anything to brag about.

When President Obama says he “saved” GM, what he means is that his administration guided a bankruptcy process for the company, funded with taxpayer dollars. The repeated statements by Obama that Romney would have let the company go bankrupt are deceptive. Let’s be clear, GM DID go bankrupt.

The bankruptcy process for GM was mainly funded by American taxpayers. President Obama formed the Auto Task Force and chose an allegedly corrupt hedge fund guy in Steve Rattner to run the show. Bankruptcy experts and Wall Street types were …

More Green Energy Money Down the Drain

NLPC Associate Fellow Paul Chesser is interviewed on Fox Business Network’s Money With Melissa Francis. Here is a transcript:

Melissa Francis: So another day another $150 million of your taxpayer money up in smoke. Back in 2012 the Department of Energy gave $250 million bucks to a factory in Michigan to produce batteries for the Chevy Volt. President Obama touted this as a step in the right direction to bringing manufacturing jobs back to America. Here we are two years later and Compact Power has yet to produce a single battery.  Now it is forced to furlough all of its workers. Joining me now is Paul Chesser, an associate fellow at the National Legal and Policy Center. How in the world did this happen?

Paul Chesser: Well, it is just another in a long line of gifts that the Obama Administration handed out to electric vehicles, the batteries …

Ally Financial – Another Auto Bailout Bankruptcy

The Obama Administration has become quite the expert on bankruptcy filings. The Detroit Free Press reports that the third auto bailout partaker, Ally Financial, has filed bankruptcy for its mortgage subsidiary, ResCap. The government still owns 74% of Ally, and now has an 0 for 3 record on restructuring bailed out auto-related companies outside of bankruptcy.

Three years ago the Obama Administration, particularly the Auto Task Force, had a mission to restructure General Motors, Chrysler and GM’s lending arm, GMAC. The stated goal was to restructure the auto industry players outside of bankruptcy. This stated goal turned out to be a deception as plans were in place to orchestrate a bankruptcy procedure that would first see Chrysler go through a manipulated pilot process that went smoothly enough for GM to follow the same template.

GMAC, now Ally Financial, was the mostly-overlooked player in the game. GMAC made the poor decision …

Romney Must Clarify Positions on Auto Bailouts and Energy Subsidies

A couple of stories surfaced recently that should be of concern to voters that are analyzing how a Romney presidency would differ from the current administration. President Obama has a track record that can be examined to get a grasp of his agenda, but Governor Romney needs to further explain his positions on two key areas that many voters would expect to see a divergence with our present leader. The reports bring in to question whether or not Romney would be any different from the administrations over the past 12 years when it comes to dumping billions of taxpayer dollars into subsidies and bailouts.

The first of the issues revolves around the auto bailouts, which many of us feel were orchestrated with a goal of protecting favored political classes like the UAW rather than to assure that America’s auto industry returned to health with an eye on profitability and reduced …

White House First to Say Chevy Volt Not Ready For Prime Time

Steve Rattner photoMitt Romney has been criticized for stating that the Chevy Volt is an idea whose time has not come. We have gotten to a stage in the election cycle where even the slightest of criticisms against the Volt leads to outcries of a right wing, “wrong-headed” conspiracy to hurt sales of the vehicle. What has not been reported is the fact that the Obama White House was the first to say that the car was not ready for prime time.

A White House viability report from 2009 states that the Chevy Volt “holds promise” but is “projected to be much more expensive than its gasoline-fueled peers and will likely need substantial reductions in manufacturing cost in order to become commercially viable.” Now isn’t it interesting that the Obama Administration knew the limitations of the Chevy Volt (which has not changed since 2009) during the first year of the President’s term …

Lawyers Who Backed Obama Advised on Failed Loan Programs

Obama InvescoLast week NLPC reported that an international law firm, whose employees provided significant campaign support for President Obama, was paid $1.8 million from the stimulus to review and conduct “due diligence” for the Department of Energy’s suspended loan to Fisker Automotive, an electric vehicle start-up company. Fisker sent 65 workers to the unemployment lines.

Debevoise and Plimpton, which employs top Obama bundler and fundraiser David Rivkin, wasn’t the only largely Democratic law firm to reap such rewards. At least four other major law practices also analyzed DOE’s loan programs and its grantees – three of which gave large sums of money to the campaigns of President Obama and fellow Democrats.

Debevoise, on the heels of  $199,944 in donations to Sen. Barack Obama for his 2008 presidential campaign, was able to land the contract to analyze loans from DOE’s Advanced Technology Vehicles Manufacturing Loan Program to troubled Fisker

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