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March 31st, 2009 8:03 PM

What The Car Czars Are Driving Might Shock You

by Eric Bolling

74 Comments »

Perfect Political Hypocrisy

A survey of West Executive Drive, where White House staffers park, found 18 of the 23 vehicles were imports. Only five were made by the “Big 3,” according to Politico’s Amie Parnes and Carol E. Lee.

Even more ridiculous is a look at what the auto task force members are driving.

Get this:
Tim Geithner — Acura
Larry Summers — Mazda
Peter Orszag — Honda

How about these:
White House Economist Jared Bernstein — Honda
White House Economic Advisor Austin Goolsbee — Toyota

If it weren’t so ridiculous, it would be funny.

Hey, Jesse Watters: How about an O’Reilly-style ambush interview of the car czar Steven Rattner? Wonder if we catch him getting out of a nice new BMW?

 

March 31st, 2009 7:03 AM

Hey Obama Administration: What About Ford?

by Eric Bolling

41 Comments »

Drastic times call for drastic measures.

With billions of TARP dollars being tossed to GM, interim CEO Fritz Henderson today said that they need to change big and change fast. My guess is that they will cut brands and “lines” (models within the brand). I would recommend that they keep Cadillac and Chevrolet and let the rest go to the junkyard in the sky. Bye, see ya later, alligator, sayonara… You cannot compete with so many different makes and models. The bailed-out auto maker should focus its marketing dollars and design talent toward the two relatively successful brands already within GM domestic.

Chrysler is majority owned by Cerberus Capital, a hedge fund. It still infuriates me that a hedge fund is the ultimate beneficiary of my tax dollars. Cerberus, for those who have forgotten, bought Chrysler in a move of financial bravado. They overpaid massively, but justified it by claiming Chrysler was an American brand that would thrive. Thrive it did not — and now our tax dollars are bailing out a hedge-fund bet gone bad.

What has been lost in all this? The fate of the one U.S. car manufacturer that has done things right: Ford. With billions of dollars of free money being thrown at GM and Chrysler, Ford has been placed at a competitive disadvantage. While Ford is still paying high fees to service its debt the old fashion way, its major competitors GM and Chrysler are receiving free cash to shore up their businesses.

Think of it as a neighborhood where homeowner Ford is making its high-rate mortgage payments on time while you and me are paying for neighbors GM’s and Chrysler’s mortgages. Ridiculous, isn’t it?

Where are you, Obama administration? Why aren’t you pointing out that Ford is doing things right? Why aren’t you arranging deals for Ford internationally?

I am doing this, will you join me to promote Ford as the one U.S. auto that is actually doing things right …

 

March 30th, 2009 1:03 PM

Since We Are Paying… WE Should Name Them!

by Eric Bolling

14 Comments »

I have written extensively here about auto bailouts and my distaste for spending hard earned taxpayer money on what are no more than fledgling-pension-funds-disguised-as-a-car companies. I have suggested that we cut the life support for the failed business plans in Detroit. Bailing out the ailing U.S. auto makers is like infusing precious blood into a body that is bleeding out faster than the blood going in. A good doc will stop the bleeding before blowing through the blood bank’s blood supply.

I even offered to buy a vehicle from any or all three Detroit car manufacturers if they avoided taking taxpayer money. GM and Chrysler failed miserably in that, while Ford remains a stand out. I will buy a Ford F-150 this summer if they don’t take government money. I am looking forward to a shiny new Ford proudly parked on my driveway.

Since Washington seems to be interested in providing more of our (blood) money, I suggest WE (add YOUR comments to this blog) re-name the cars coming off the assembly lines. Here are some that my twitter.com/ericbolling followers and I came up with so far:

Oldsmobile = “Obamabile”

GM Hummer = GM “Bummer”

Chrysler 300 = Chrysler “3 Billion”

Chevy Volt = Chevy “Re-Volt”

Chevy Avalanche … is appropriately named

Post YOURS in comments …

 

March 29th, 2009 5:03 PM

STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT GM AND CHRYSLER

by Eric Bolling

37 Comments »

Are they too big to fail, or too dumb to save?

I say: STOP THROWING HARD-EARNED TAXPAYER DOLLARS AT THESE FAILING BUSINESSES.

The Obama administration is expected to release a statement Monday regarding the future of bailout money to GM and Chrysler. After the last $17.3-billion round of bailout money was tossed to the failing auto makers in Detroit, we were supposed to get a plan which was to outline details of how these welfare-recipients would become profitable.

If GM and Chrysler were to release the promised plan, I would expect statements to read along these lines: “We are continually trying to cut costs but the recession continues to put pressure on our business … Yada yada yada … So we will need more money. Thank you, Mr. President.” 

Giving GM and Chrysler free money in the first place was a mistake. Giving them more money compounds that error. GIVING any business money kills a key component to its viability — innovation. 

In 1997, with its stock price near only $3, Apple Computer was forced to innovate. And, boy, did they.

On the verge of bankruptcy, Steve Jobs forced Apple to come up with groundbreaking and cutting-edge new products by giving the mandate: Innovate or die. The iPod, iMac and iPhone were then born and they have since revolutionized the way we listen to music, compute and communicate.

(I cannot imagine a world without those products).

Kudos to Ford (so far).

To date, Ford has found a way to stay “bailout free.” Those of you who follow me on FOX Business Network’s “Happy Hour,” FOX News Channel’s “Bulls and Bears” or Twitter know about my standing offer to Detroit. Last December, I offered to buy a vehicle from any (or all) of the Big 3 who did not take taxpayer money to survive.

So far, only Ford has not taken any government assistance. I am looking forward to a shiny, new Ford F-150 parked proudly in my driveway this summer.

Naming Rights?

If President Obama decides to hand out more of our money to GM and Chrysler, I have one request… Mr. President, do you mind if WE name the cars we are supporting?

I was thinking: the Chevy “Re-Volt.” Or,  how about renaming the Chrysler 300 the  “3 BILLION?”