President Obama

Ask GM Bondholders and Delphi Retirees About Obama's 'Economic Patriotism'

Submitted by Mark Modica on Thu, 10/04/2012 - 10:45

Obama debate photo President Obama called for a "new economic patriotism" during last night's presidential debate. Well, hold on to your wallets as this new buzz phrase seems to be a euphemism for "wealth redistribution." Just ask old General Motors bondholders or non-unionized Delphi retirees about how Obama's so-called "shared sacrifices" are more about cronyism than patriotism.

Asthmatic Subjected to EPA Experiments; Inhofe Wants Hearing

Submitted by Paul Chesser on Tue, 10/02/2012 - 23:06

A former student at the University of North Carolina has come forward publicly to call attention to the disturbing experiments the Environmental Protection Agency has conducted – and is likely still performing – at its Human Studies Facility in Chapel Hill, N.C.

Meanwhile Sen. James Inhofe (pictured), ranking minority member on the Environment and Public Works Committee, has requested that Chairman Barbara Boxer conduct a hearing about EPA’s activities during the current lame-duck session.

Consumer Reports: Fisker Karma the Worst Luxury Sedan

Submitted by Paul Chesser on Wed, 09/26/2012 - 07:45

It’s been six months since the taxpayer-subsidized ($193 million) Fisker Karma broke down at the test facilities of Consumer Reports before the publication could even take it for a review spin, but now the researchers have finally been able to put the luxury electric car through its paces and their assessment is complete.

Verdict: fail.

Why did it take so long for the car loved by Leonardo DiCaprio, Justin Bieber and Al Gore to get the full evaluation? Consumer Reports explains:

Taxpayer-Funded EV Company Abandons IPO It Thought Would Save It

Submitted by Paul Chesser on Mon, 09/24/2012 - 08:01

Frito Lay Electric Truck The failing British electric vehicle company that pretended to become an American one in order to save its U.K. investors has scrapped its planned initial public offering that it hoped would save it in Kansas City.

Smith Electric Vehicles, recipient of $32 million in taxpayer stimulus, had reportedly fantasized it would raise $76 million (down from $125 million) via an IPO by selling roughly 4 ½ million shares at $16 to $18 each. CEO Bryan Hansel bowed to reality Thursday night and rescinded those plans.

Government Stimulus Can't Overcome 100 Years of EV Battery Shortcomings

Submitted by Paul Chesser on Thu, 09/20/2012 - 07:34

It’s the battery.

Contrary to the excuses that Nissan has supplied about the loss of capacity for owners of the all-electric Leaf in the desert Southwest – especially super-hot Phoenix – a tightly-controlled test of a dozen of the vehicles showed that all of them experienced reduced range. Even a month-old Leaf could not recharge to 100 percent.

SEC Issues Big Fines, Penalties Against Green-Tech Investment Firm

Submitted by Paul Chesser on Wed, 09/19/2012 - 09:30

A123 logo The venture capital redistributionist game that surrounds President Obama’s green energy stimulus doesn’t necessarily require the actual delivery of taxpayer cash to crony corporations. Sometimes the malfeasance appears simply based upon the false promise of government “investment.”

General Motors Makes Obama an Offer He Can’t Accept

Submitted by Mark Modica on Tue, 09/18/2012 - 17:01

Here we go again. Déjà vu all over again as General Motors spreads rumors that they are tired of being Government Motors and they are so cash rich that they offered to buy Treasury's taxpayer-funded stake in the company. In typical deceptive GM fashion, sources were not named and spokesman Jim Cain refused to confirm the rumors. This is not the first time GM played the rumor game, as I previously wrote about over a year ago.

Nissan Integrity at Stake in Leaf Owners' Battery Test

Submitted by Paul Chesser on Tue, 09/18/2012 - 09:26

Nissan Leaf photo In what looks like an attempt to avoid a potentially costly and disastrous recall of its taxpayer-funded electric vehicles, Nissan has dismissed the concerns of its Leaf customers in Arizona and other hot states by claiming the apparent loss of battery capacity is “normal.”

Owners of the company’s dismal selling plug-in have banded together to collectively test their vehicles and see just how “normal” their loss of “bars” on their power indicators are.

GM Admits There's No Market for Chevy Volt - Updated

Submitted by Mark Modica on Thu, 09/13/2012 - 09:44

Volt and Akerson A Reuters' article earlier this week created quite a buzz when it suggested that General Motors was losing $49,000 on every Chevy Volt sold. While many continue to debate just how much money GM loses on the politically-motivated car, a more important story on the Volt was reported by Automotive.com last week which explained the increase in August sales numbers for the vehicle. The piece exposes how GM (along with taxpayers) is heavily subsidizing leases and even gets an embarrassing admission from GM on the struggling Volt that, "The whole idea is we're creating a market." And this blockbuster, "There is no plug-in market."

Taxpayer-Funded Electric Vehicle Maker Needs IPO Cash to Survive

Submitted by Paul Chesser on Wed, 09/12/2012 - 09:35

Frito Lay Electric Truck Smith Electric Vehicles, which is using $32 million in taxpayer stimulus to practically give away its delivery trucks to corporations like Frito-Lay (owned by PepsiCo), Coca-Cola and Staples, is hemorrhaging money anyway and now is looking to an initial public offering to pay off debts and try to survive.

The Kansas City Star reported last week that Smith cut its production expectations and warning it is running low on cash, citing filings with the Securities and Exchange Commission. The company announced nearly a year ago it would seek $125 million through an IPO, but now says it hopes to raise about $76 million at a stock price of $16 to $18, according to a Kansas City Business Journal report.