General Motors knew about faulty ignition switches that could cause vehicle engines to turn off, disabling air bags with deadly results. Federal government investigators with the National Highway Traffic Safety Administration knew about this problem but as this report notes the NHTSA “twice passed on investigating” the faulty switches that “led to at least…
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On December 9, the federal government dumped the rest of its 30 million shares in General Motors, which had become known as Government Motors, for good reason. In 2009, the federal government bailed out the bankrupt automaker to the tune of $49.5 billion and once held 60.8 percent ownership in the company. The loss…
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Christopher Jensen reports in the New York Times on yet another disaster from the massive U.S. corporate-welfare (i.e., pork) for “green” cars, this time luxury vehicles for the uber-rich: Fisker Automotive is recalling all 239 of its 2012 Karma luxury plug-in hybrid cars because of a fire hazard, according to a report filed with the…
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In a new article in the Washington Post, “Obama’s electric-car cult,” Charles Lane reveals how the massive subsidies for electric cars by the federal government “serve no particular purpose, environmental or economic”. The article cites: [A] new, 72-page report by J.D. Power and Associates, “Drive Green: The Global Automotive Industry Outlook” that confirmed, in…
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Independent Institute Senior Fellow Robert Higgs examines the serious problem of “regime uncertainty” being created by the feasting of federal spending programs starving (crowding out) the private investment needed for recovery from the recession: “Private saving and investment are the heart and soul of the dynamic market process. Together they provide and allocate the…
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The Associated Press reports that having received a $50 billion bailout in corporate welfare from the U.S. government, General Motors Corporation (GM) is giving its new CEO Daniel Akerson a $9-million pay package, the same deal received by his predecessor Edward Whitacre. Akerson is the fourth CEO in less than two years at Government…
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