Remember how obama keeps telling us how he saved GM, and how our economy is getting better, it seems the car company he bought is being saved by Govt employees using our tax money to buy new cars. 79% of GM’s sales last month was government purchased.
GM’s sales figures for last month were the best since 2008 , up 16% for the month of June. YIPPEE! Well, wait just a minute. It seems that those rosey sales figures are due primarily to a 79% increase in fleet sales to the U.S.government in June. That’s right. Our tax dollars are being used to pump up GM’s sales figures ahead of next month’s quarterly report so that Dear Leader can point to Government Motors as a huge success. The incestuous relationship between GM, the UAW and the Regime has never been more glaringly apparent. I’ve said it before and I’ll say it again. GM is unsustainable without government subsidies and will ultimately go bust again, taking billions of taxpayer dollars down with it.
We bailed out General Motors to the tune of $50 billion. $30 billion of this is effectively a loss, mostly sunk into fattening the United Auto Workers union—fierce Obama supporters—while the actual bondholders were shown the elevator shaft.
Meanwhile, as NewsBusters reports, “We the Taxpayers are still stuck holding 500+ million shares of GM stock. Which we need to sell at $53 per. Which debuted post-bankruptcy at $33 per. And which is currently trading at just over $20 per. Meaning we’ll lose about $15 billion.”
But it gets better. Despite the overwhelming negatives, the tiny bright spot of positive June sales numbers is being heralded by Obama and the leftist press as proof the auto bailout was a “success.”
Obama is now campaigning on the “success” of – the government buying cars from…the government’s car company. With our money.
Americanvision says That’s like you setting up a lemonade stand for your kids. You buy them the lemons, sugar, cups and pitchers – and then buy most of the lemonade yourself.
The pressure is on Government Motors to appear financially strong as this may be the last earnings report before November elections and sets the stage for how “successful” GM is. One of GM’s past tricks to help fudge earnings numbers has been to stuff truck inventory channels. Old habits die hard at GM. According to a Bloomberg report, “GM said inventory of its full-size pickups, which will be refreshed next year, climbed to 238,194 at the end of June, a 135 days supply, up from 116 days at the end of May.” 135 days supply is huge, the accepted norm is a 60 day supply. The trick here is that GM records revenue when vehicles go into dealership inventories, not when actually sold to consumers.
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http://www.snopes.com/politics/business/gmsales.asp
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I agree with Anonymous [citation needed]. As a researcher for truth, please give everyone your sources with verifiable documentation. You’ll make your facts more solid and won’t annoy your readers to discover your own data. Thank you.
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Derp Derp.
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Obviously a Karl Rove supported site. Truth is unimportant, just circulate the innuendo.
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Why do you publish these false stories? The whole web site is now in question, as you just make things up.
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Snopes just shot this down as bogus
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Arithmetic folks! 79% increase in purchases still doesn’t tell me anything. If fed gov buys 1 car in one month and 2 cars in the next, that’s a 100% increase from previous month. You’d have to do some more research if you want to claim that the reason why GM is doing better is because federal government is supporting its sales. First off, according to GM 2011 annual report, 73% of total sales were made overseas. Secondly, while report does not provide % of sales broken out by fleet versus retail, fleet includes rental companies, lease companies, etc… and yes government sales (which includes federal, state, county, city). According to CEO, fleet sales made up just 5% of total sales in 2011.
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O.K. where’s the link to Bloomberg news that is supposedly the source of this story?
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Even if this were true (and it’s not), it would still mean nothing. GM has to bid for the contracts and undercut Ford and Chrysler in order sell to the government. Sorry but no one was told to buy cars just to pump up numbers. The fiscal year ends for the government in October and none are even accepted in August and September for bid usually. All contracts have to be submitted in the June-July time frame for them to be bid and awarded on time, and all purchases on existing contracts, with year end money, are usually done around this time as well. Nice try.
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I got here because of a Facebook post that said “79% of GM’s sales last month were government purchased”. What a joke sites like this are, and the people who follow this crap are ignorant too.
GM’s FLEET SALES, not ALL SALES…FLEET SALES…INCREASED BY 79%. To translate for folks who care about the truth: some percentage of their sales go to “government fleet”. For the month, the number of sales to “government fleet” was 79% higher than the month before. People, this does NOT mean that 79% of their sales are government sales!!!! It means if they sold 1000 cars to the government the month before, then they sold 1790 cars that month, for a “79% increase in government fleet sales”. I am sure some government entity placed a large order. Check the numbers, and I bet the next month “fleet sales were down 40%”.
What a bunch of mis-information. This is exactly why the “right” has the perception of being a bunch of ignorant, destructive, lying wackos.
Ironically, the Facebook poster that put this up made some comment about how this is another example of “false talking points”. Definition of irony.
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And by the way, I don’t even know if these percentages are accurate…I am just pointing out the obvious disconnect in the title of the article and the actual content.
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Bloomberg article of July 3, 2012 actually says
Fleet Sales
GM’s sales to fleet customers, such as governments and rental-car companies, rose 36 percent last month, making up 32 percent of the company’s sales. Ford said its fleet sales accounted for 35 percent of its deliveries, down from 37 percent a year earlier.
“The retail numbers, even though better than last year, were not as stellar as the total numbers showed,” TrueCar’s Toprak said yesterday in a telephone interview.
GM’s inventory of its full-size pickups, which will be refreshed next year, climbed to 238,194 at the end of June, a 135 days supply, up from 116 days at the end of May, according to the company’s statement.
“They’re likely going to have a relatively high days supply of trucks moving forward and they’re already placing some pretty aggressive cash incentives on the hood,” Kelley Blue Book’s Gutierrez said. “It’s going to eat into their profit margins, but if you have to place a $3,000 or $5,000 incentive in their portfolio, you want it to be on full-size pickups, because those have the highest margin overall.”
GM rose 5.6 percent, the biggest gain since Feb. 16, to $20.67 at the close of trading yesterday. Ford advanced 2.2 percent to $9.60. U.S. markets are closed today for the Independence Day holiday.
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Where can I find GM’s sales figures as they are printed here?
Thank you.
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Wake up Americans !!! No, GM is not a really big problem. What is is borrowing
$30,000 A SECOND as the federal government does (yes,it works – “Do the math” as
Ross Perot would say).We CANNOT spend our way to prosperity.Trillion $ deficits are a very dangerous habit to get used to! And instituting ALL of the tax hikes even just talked about will only cure about 5% of the problem! There has to be serious cuts and damn soon or by 2030 we will be fortunate to be a first rate THIRD WORLD country !!!
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See the following link: http://www.businessweek.com/news/2012-07-03/auto-sales-in-june-provided-bright-spot-for-u-dot-s-dot-economy
If what the Businessweek states is true, the above article is a lie. Who do you believe???
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That’s because GM own local car manufacturers overseas – Opel in Germany, Vauxhall in the UK – or manufactures cars in other countries to suit those markets. The fact that GM has more employees overseas than in the US has nothing to do with Obama outsourcing. For instance, GM bought Vauxhall, and acquired its overseas employees, in 1925. Was that Obama’s fault? Actually, according to many of the posters on here, it probably was.
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An increase of 79% is not the same as the Government purchasing 79% of GM’s vehicles. The author of the propoganda is bad at math.
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An increase of 79% is not the same as the Government purchasing 79% of GM’s vehicles. You are bad at math.
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Remember Obama FIRED the CEO of GM & put HIS CEO INTO place, listen to Obama’s CEO speech in China, TOUGH TO WATCH. _Eye opening Videohttp://www.youtube.com/watch_popup?v=Lvl5Gan69Wo
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An increase of 79% is not the same as the Government purchasing 79% of GM’s vehicles. You are bad at math.
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This is a typical type of website that does no research and has no facts. It should be closed down just on the merit of this completely inaccurate article. No doubt it is so lopsided on all issues that it’s not worth reading. So the next time I see this oin my mailbox I’ll be hitting the DELETE buttom. Nuff said??????????
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Hard for me to judge this, but we have far bigger problems than GM, which threaten fiscal, political and social collapse. I will link to this from my Old Jarhead blog.
Robert A. Hall
Massachusetts Senate, 1973-83
Author: The Coming Collapse of the American Republic
All royalties go to help wounded veterans
For a free PDF of my 80-page book, write tartanmarine(at)gmail.com
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Anonymous says where do we want the government to buy its vehicles? Toyota? Kia? Nissan? If they bought from either of those 3 we wouldn’t be supporting China and the vehicles would last longere.
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Where would the conservatives want the government to buy its vehicles? – Hyundai, Toyota, Kia.
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Stop being sheep and do a little resurch.ok so 79% of gms fleet sales were from the government ….do you know the % of fleet sales in gms total sales?? I do!!! Its less than 3%. So what the government bought 79% of gms 3%???? People!!! Dont believe everything they tell you please!!!!!
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I”m no fan of Obama, but this article is fuzzy math. A 79% increase in fleet sales does not mean 79% of total sales are to the government.
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ok so maybe Snopes has nothing on the US government buying the majority of GM vehicles, but GM is not holding the best interest in this country or its people…. http://www.youtube.com/watch?v=Lvl5Gan69Wo
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Whether GM holds the best interests of the US and its citizens in mind or not is a matter for GM: that’s what happens in a capitalist system, companies chase profit over all else
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This story is so biased that I can’t find any reference to it on Snopes?
Hot debate. What do you think?
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I can’t stand Obama but making asinine claims is actually self defeating. 5 minutes on Google will tell you that GM’s U.S. sales in June were just under 249,000 and at the last figures I could find, for 2010, the government owned less than 700,000 vehicles. 79% would be almost 197,000 vehicles sold to the government. So in just June of this year the government replaced 29% of it’s fleet? Just from GM? There are very real issues that Obama fails miserably at but you cheapen them all by making up stupid claims such as this.
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I strongly agree with Todd.
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Wouldn’t it be really nice if the media would report on the REAL facts of what’s going on instead of blathering their socialist liberal jabber?
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Interesting. I would be curious to know how many fleet vehicles were sold to the government from Ford and Chrysler or other makers. Is it really as lopsided as the article makes it appear? In other words, was this the norm before Obama bailed out GM and Chrysler or was it a different arrangement? I like articles like this but it does us all a better service if we have the big picture. I hate it when a liberal comes back and points out something that makes the articles a mute point because of someting we failed to have knowledge about. Hopefully that makes sense.
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[citation needed]
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If we don’t all pull together in NOV. This country will not make it another 4 years…………
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