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.
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.”
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.
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.
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."
We have heard the claims over and over again from the Obama campaign; the President "saved" General Motors and Mitt Romney said "let Detroit go bankrupt." The clear implication is that GM never went through the bankruptcy process that Romney suggested. Here's news for voters who didn't pay attention to how, exactly, Obama "saved" GM; $50 billion dollars of taxpayer money was given to GM to get them through a manipulated bankruptcy process. Replacing the word bankrupted with saved does not change the facts. And the fact is, GM DID go bankrupt.
Tonight, the Democratic National Convention will reportedly highlight the "success" of the auto bailout. Michelle Malkin comments in a column today, and quotes NLPC Associate Fellow Mark Modica:
The claims that GM paid back its taxpayer-funded loans "in full" - a story peddled in campaign ads narrated by Hollywood actor Tom Hanks - were debunked by the Treasury Department's TARP watchdog this summer. GM still owes nearly $30 billion of the $50 billion it received, and its lending arm still owes nearly $15 billion of the more than $17 billion it received. Bailout watchdog Mark Modica of the National Legal and Policy Center adds: "In addition to U.S. taxpayers anteing up, Canada put in over $10 billion, and GM was relieved of about $28 billion of bondholder obligations as UAW claims were protected. That's an improvement of almost $90 billion to the balance sheet, and the company still lags the competition."
Attentive NLPC readers were aware of the extent of Exelon Corporation’s activism to gain regulatory favor in support of “green” policies in which it reaped millions of dollars in government grants and mandates, but last week’s lengthy New York Timesarticle about the cronyism-tainted relationship between the Chicago-based utility and the Obama administration revealed a few nuggets.
The story told how Exelon, with top executives as “early and frequent” supporters of the president as his political career ascended, were able to gain more access to the White House than others thanks to their longstanding relationships. According to one Exelon lobbyist, his employer was considered “the president’s utility.”
USA Today reports that General Motors will be, once again, temporarily halting production of the Chevy Volt. According to GM, the halt is not due to low sales of the Volt. The article quotes a Chevy spokesman as saying, "We are not idling the plant due to poor Volt sales. We're gearing up for production of the new Impala."